Approval proposal to optimism collective

We propose to authorize the draft for Balancer/BeethovenX's request for Optimism incentives: https://docs.google.com/document/d/1lTUOyY6FrsV3YragJbab6y7kEFO0eDAHq-GW2C725No/edit?usp=sharing

tldr

• BEETS allocates half our share of Optimism protocol fees (25% of total protocol fees) towards bribing veBAL for the pools that generated those fees.
• We ask for some amount of OP to use as veBAL bribes
• On a monthly basis, the 25% protocol fees would be matched 1:1 $ value with OP and put towards bribes on the pools that generated those fees over the next month.

The 3M BEETS we have already approved for veBAL bribing would be used early on to help bring protocol fees up to a meaningful level. From there, the above flywheel would be left to do its thing.

What you are voting for: To endorse this proposal and allocate half of BEETS share of Optimism revenue towards veBAL bribes until we vote to stop doing that. This would only take effect if our proposal to Optimism is approved by their governance.

Why Give Up Half of BEETS' Share of Fees: The only way we will earn fees on Optimism is by getting veBAL voters to direct BAL emissions to us. 3M BEETS and even OP will only make that happen for so long. Partners who bribe for their own pools is great and helpful but this will not get us to #1 on Optimism. We must have bribes on core pools that can generate strong fees and bring high TVL.

How do we fund these core pool bribes? I see three choices: share of protocol fees, treasury assets, or emissions from Fantom. By choosing a share of protocol fees, it ties the size of bribes with the usage of our Optimism deployment - as we gain market share we generate more fees which leads to higher bribes which leads to more BAL emissions which leads to more TVL which leads to more market share -> etc.

BEETS voluntarily making this choice also protects against Balancer deciding to adjust the rev split in the future, as this effectively turns the agreement into a 25%/75% split but on favorable terms for BEETS as our bribes are paid for. veBAL only gets those bribes if they give us their votes, and every vote for Optimism is money for fBEETS holders.

A final benefit is any project that parks liquidity with us gets "free" bribes if their pool is added to veBAL voting. This would be a very powerful market narrative in my opinion that no other Optimism exchange could match.

Can we ask veBAL to also give half their fees to bribes: The first impression many might have is this is unfair to BEETS if Balancer doesn't do the same. The key point to understand is that veBAL is funding Optimism emissions, not BEETS. Every vote to Optimism is money out of veBAL pocket and into BEETS pocket. If veBAL gave up their fees for bribes they are helping BEETS take more and more of their money.

A key tenet of our proposal to Balancer to do Optimism for them is that we take the role of driving growth on Optimism, meaning we spend money to get veBAL voters to direct emissions there. We cannot ask veBAL to spend money to do that.