BIP-100: Closure of Fantom-to-Sonic BEETS Bridge and Handling of Remaining Legacy BEETS

Proposal

This proposal seeks DAO approval for the following actions:

1. Permanently close the bridge from Fantom to Sonic for BEETS tokens by the end of this year.
2. Handle the remaining ~47 million BEETS tokens that remain on Fantom after the bridge closure.
3. Establish a late migration path for users who did not bridge in time, under strict eligibility conditions.
4. Allocate 4.6 million BEETS to the contributor multisig via a one-year linear vesting schedule, resolving a historic technical lock-up error.
5. Reimburse the DAO Treasury with 2.85 million BEETS, corresponding to the amount sent to Optimism to facilitate multiBEETS migration.
6. Officially mark the Optimism legacy multiBEETS migration path as closed, preventing any future redemptions after two years.

## Motivation

Close the Sonic to Fantom bridge and handle remainder

When Sonic launched in December, a bridge was enabled to migrate BEETS tokens from Fantom. In spring, the Sonic-to-Fantom return bridge was closed to consolidate liquidity. Now, we propose closing the final bridging path from Fantom to Sonic by end of year, completing the transition to Sonic-native BEETS as the sole supported version.

However, this leaves ~47 million BEETS stranded on Fantom. The DAO must determine how to handle these tokens, as they cannot be burned due to BEETS contract limitations on Sonic. Sending them to address(1) renders them unusable but does not reduce protocol supply.

This BIP recommends keeping unclaimed BEETS in the current Beets Holding Multisig for use in future incentives and budgets—thereby reducing the need for future minting and better aligning supply with actual usage. At current spending, this would mean no minting for over 1 year.

The DAO recognizes that some users may have missed the one year migration window. To address this, the proposal establishes a manual governance path for late migration requests. This strikes a balance between decisively closing down the old infrastructure and retaining fairness for legacy users. By requiring evidence of BEETS ownership before the cutoff, and leveraging third-party tools such as DeBank for verification, the DAO can ensure late migrations remain secure, limited, and accountable.

Retroactive Correction: Contributor LP Lockup

During the original deployment on Fantom, ~4.6 million BEETS allocated to contributors were intended to be paired in LP and locked for one year. Due to a technical misconfiguration, these tokens became permanently inaccessible. With the bridge now closing, we propose correcting this oversight by allocating 4.6 million BEETS from the unmigrated pool to the contributor multisig on a 1-year linear vesting schedule.

### Reimbursement of Optimism Migration Reserve In 2023, the DAO approved a plan to migrate BEETS from the Multichain bridge on Optimism to a new LayerZero-based OFT token (l0BEETS). To support this, the DAO sent 2.85 million BEETS from Fantom to Optimism. These BEETS should now be reimbursed to the DAO Treasury from the pool of unmigrated Fantom BEETS, as the bridging was temporary and served only to support users during the Multichain hack fallout.

Additionally, with the final bridge closure and completion of this migration effort, the multiBEETS → l0BEETS migration contract will be deprecated and officially marked as closed. No further migrations will be allowed after passage of this BIP.

Specification

1. Bridge Closure

• The BEETS bridge from Fantom to Sonic will be permanently closed by January 1, 2026.
• After this date, no automated bridging will be possible.

2. Handling of Remaining BEETS

• Unmigrated BEETS will remain in the Beets Holder Multisig Safe.
• These may be used for future budgets, incentives, or other DAO-approved purposes.
• This avoids unnecessary inflation and maintains long-term supply discipline.

3. Late Bridging Requests

• Users who missed the bridge deadline may submit a manual bridging request.
• Minimum request size: 100 BEETS.
• Users must provide evidence (e.g., DeBank) that BEETS were held prior to bridge closure.
• Music Directors will be empowered to approve or deny requests.
• This pathway will remain open until June 30, 2026, or as long as DeBank supports Fantom.

4. Resolution of Contributor LP Lockup

• Allocate 4.6 million BEETS from the unmigrated pool to the contributor multisig.
• Vesting: 1 year, linear schedule, starting from execution of this BIP.

5. Optimism Migration Reimbursement

• Allocate 2.85 million BEETS from the unmigrated pool back to the DAO Treasury.
• These BEETS were sent to Optimism in 2023 to enable migration from multiBEETS to l0BEETS, in response to the Multichain bridge hack.
• Since the migration effort is complete, the Treasury should be reimbursed.

6. Closure of multiBEETS Migration

• Officially terminate the multiBEETS-to-l0BEETS migration contract.
• No further redemptions of multiBEETS will be permitted following the passage of this BIP.

## Impacts / Risk Assessment ### Benefits:

• Finalizes BEETS as a Sonic-native token.
• Repurposes unused tokens to strengthen treasury reserves and reduce future minting needs.
• Resolves multiple historical oversights with responsible governance (LP lockup, Optimism bridging).
• Clarifies and sunsets outdated migration paths.

Risks:

• DeBank support for Fantom may cease before June 2026, limiting late bridge verification options.
• Some users may be unaware of the final migration window and require governance intervention.
• Unused Fantom BEETS remain technically in existence, though they will be in DAO custody and excluded from circulating supply metrics.

Execution Plan

1. Immediately communicate bridge closure plans to the community.
2. Close Fantom-to-Sonic bridge on January 1, 2026.
3. Enable manual bridging requests through June 30, 2026, with required verification.
4. Transfer:

• Unmigrated BEETS to the DAO Treasury
• 4.6M BEETS to the contributor multisig (linear vesting, 1 year)
• 2.85M BEETS to reimburse the DAO Treasury for the Optimism migration

5. Officially close the multiBEETS migration contract.