Firebird Treasury Usage #1 - Beets Gauge

Voting ended almost 3 years agoSucceeded

Once again, Firebird has been given a nice advantage on the latest Beets Gauge vote, having been one of the pools that contributed at least 2% of Beethovens' fees in the last month. As a result, we will have no cap on the BEETS rewards and will also have a protocol BEETS bounty placed on our FBA/USDC pool, this is continuation of the recent discord vote that we had two weeks ago since Beets.fi does a monthly snapshot and bimonthly gauge vote.

The first vote concluded in a 3000 USDC bribe which netted FBA/USDC pool 18.02% of the total emissions of the epoch resulting in approximately 182,900 BEETS (~12k USDC value as of this proposal).

What this actually means:

With Firebird ‘owns’ the majority of the liquidity hosted on BeethovenX, all BEETS emissions farmed as a part of this bribe will be sent to the Firebird treasury. (https://debank.com/profile/0x035c4ba5f00e40c9c3f0abec8f9ad2c756e47d37 ).
Since we already completed a massively positive ROI bribe and we are in the same position as last epoch, it makes sense to put the next Beets gauge to another community vote.

Advantages of this bribe are:

Last Vote was successful so it makes sense to try to replicate it
As the largest owner of the pool, majority of emissions will be directed toward the Firebird treasury and therefore owned by stakers
Beethoven have increased the emission from 30% to 50% for gauge giving us even more beets to send to the treasury
Expected ROI for bribes could be as high as 300% (based on current emissions that we collected/estimate we will collect by end of beets distribution)
Increased APR on pool may encourage more people to provide liquidity - lowering selling/increasing buying pressure as FBA is needed to provide liquidity

Risks of this bribe are:

Our allocation depends on amount of votes that we receive, ROI calculated is based on previous voting sessions and return isn’t guaranteed

Vote for an amount to be taken from the treasury or previous beets rewards and used for this bribe!

Off-Chain Vote

$1000 from previous beets reward

0 veFBA0%

$1000 from treasury (USDC)

0 veFBA0%

$2000 from previous beets reward

407.13 veFBA0.2%

$2000 from treasury (USDC)

0 veFBA0%

$3000 from previous beets reward

241.19K veFBA97.2%

$3000 from treasury (USDC)

6.65K veFBA2.7%

No bribe at all

0 veFBA0%

Download mobile app to vote

Timeline

Feb 16, 2023Proposal created

Feb 16, 2023Proposal vote started

Feb 17, 2023Proposal vote ended

Oct 26, 2023Proposal updated

What this actually means:

With Firebird ‘owns’ the majority of the liquidity hosted on BeethovenX, all BEETS emissions farmed as a part of this bribe will be sent to the Firebird treasury. (https://debank.com/profile/0x035c4ba5f00e40c9c3f0abec8f9ad2c756e47d37 ).

Since we already completed a massively positive ROI bribe and we are in the same position as last epoch, it makes sense to put the next Beets gauge to another community vote.

Advantages of this bribe are:

Last Vote was successful so it makes sense to try to replicate it

As the largest owner of the pool, majority of emissions will be directed toward the Firebird treasury and therefore owned by stakers

Beethoven have increased the emission from 30% to 50% for gauge giving us even more beets to send to the treasury

Expected ROI for bribes could be as high as 300% (based on current emissions that we collected/estimate we will collect by end of beets distribution)

Increased APR on pool may encourage more people to provide liquidity - lowering selling/increasing buying pressure as FBA is needed to provide liquidity