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BeetsBeetsby0xa182dD254f6d72294D650c57d9B035660fB13a1E0xa182…3a1E

BIP-46: Restructure the Joint Balancer BeethovenX Deployment on Optimism

Voting ended over 2 years agoSucceeded

This proposal is just posted on balancer forum https://forum.balancer.fi/t/bip-xxx-restructure-the-joint-balancer-beethoven-x-deployment-on-optimism/4948 which is authored by several Composers and Music Directors

In addition to the Balancer forum post, some specific details for the Beethoven X side.

Modify the fee distribution for Beethoven X

Currently we allocate our 50% share of the fees as: 25% to match voting incentives, 17.5% to treasury to buy veBAL, vlAURA or auraBAL and 7.5% to maBeets gauges.

With this proposal, we only get 17.5% instead of 50%. We propose to allocate 10% to the treasury to buy veBAL, vlAURA or auraBAL and 7.5% to maBeets gauges.

This allocation will decrease our monthly spend for veBAL, vlAURA or auraBAL but on the other hand keep the incentives for the maBeets gauges at the same level. This poses no down side for maBeets holders and the treasury already accumulated the minimum vlAura amount (>0.2%) to be able to direct votes to pools.

Dependencies on other BIPs

Adapt BIP-28 (https://snapshot.org/#/beets.eth/proposal/0x3d6e0373f0f1c041a82e6108a01aee2e00a21be43667259126b70e5fd2a5f93a) as we change the allocation vlAURA bought Adapt BIP-21 (https://snapshot.org/#/beets.eth/proposal/0x94ca4387a061af6df49ce3fefd9439e7399e7af152c59b56b370a43705eed4c1) as we change the allocation of fees to be matched with voting incentives

Discord Discussion https://discordapp.com/channels/885764705526882335/1126157302873997432

Off-Chain Vote

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5.05M maBEETS100%
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0 maBEETS0%
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Timeline

Jul 11, 2023Proposal created
Jul 12, 2023Proposal vote started
Jul 15, 2023Proposal vote ended
Oct 26, 2023Proposal updated