BIP-78: Sonic Expansion – Deployment of maBEETS on Sonic

Objective

This proposal seeks to formalize the deployment of maBEETS on Sonic by outlining its initial implementation, governance structure, and future roadmap. The approach prioritizes continuity with the proven system on Fantom while laying the groundwork for adaptation to the unique opportunities within the Sonic ecosystem. This ensures relevance for maBEETS holders and strategic alignment with Sonic’s evolving DeFi landscape.

Key Proposal Elements

1. 80/20 Pool with Wrapped $S

Rationale: The foundational design for maBEETS on Sonic will utilize an 80/20 pool pairing BEETS with wrapped S.

• This approach leverages the deep liquidity of wrapped S, ensuring efficient swaps and reduced slippage.
• Launching without an LST pairing mitigates risks associated with:
  • Limited initial liquidity for LSTs on Sonic.
  • Potential delays in LST deployment.
  • Safety concerns surrounding a new token. Future Considerations: Once the LST ecosystem matures on Sonic, we can potentially revisit opportunities to integrate an LST into the maBEETs liquidity position.

2. Maturity Curve

Retention of Current Design: The maBEETS maturity curve will remain unchanged, with maximum maturity reached after 11 weeks.

• This design has demonstrated effectiveness in balancing rewards and governance participation.
• Decoding the BEETronix Maturity Curve: https://medium.com/beethoven-x/decoding-the-beetronix-maturity-curve-a51c8dee09fb

3. Identical Contract Code

Reliability and Proven Security: The maBEETS deployment on Sonic will use the existing Reliquary contract code, which has been live and stable for nearly two years.

• While Reliquary v2 introduces additional features, they are not currently required for this deployment.
• Retaining the current code ensures continuity and minimizes potential deployment risks.

4. Starting Fresh and Rewarding OGs

New Beginnings on Sonic: All participants will start at Level 0, fostering inclusivity and providing a fair opportunity for newcomers to join the ecosystem.

• This approach incentivizes early migration and engagement, promoting growth across the Sonic network.

OG Incentives: To reward loyal maBEETS holders who migrate their positions to Sonic:

• Each migrated position will be awarded a unique NFT. These NFTs may serve as a mechanism to recognize and reward long-term holders in the future.

5. Adjusted Quorum for Governance Votes

Proportional Voting Power: As all participants begin at Level 0, initial voting power will be reduced. To maintain effective governance:

• Quorum requirements will be adjusted proportionally to the maturity curve:
  • Week 1: 160,000 votes (4% of the usual quorum).
  • Week 5: 1,760,000 votes (44% of the usual quorum).
  • Week 11: 4,000,000 votes (restoring the standard quorum).
• This adjustment ensures governance remains functional throughout the early stages of the deployment.

6. Future Plans

Two potential advancements will be evaluated based on feasibility and community input:

• Integration of LST Pools: Once Sonic’s LST ecosystem is established, we will explore creating a new 80/20 pool pairing $BEETS with a chosen LST. This could enhance liquidity opportunities and align with the broader Sonic ecosystem.
• Migration to Reliquary v2: If Reliquary v2 demonstrates sufficient maturity and utility, we will assess its deployment to further enhance the maBEETS experience.

Conclusion

This proposal outlines a clear and actionable plan for deploying maBEETS on Sonic, ensuring a seamless transition for users and alignment with the Sonic ecosystem. By leveraging proven designs and considering future opportunities, we aim to create a robust and scalable framework that benefits both the Beethoven X and Sonic communities.

The outlined steps ensure security, inclusivity, and growth potential, setting the stage for maBEETS to thrive in its new environment.