Thanks so much for the kind words Fernando, it means a lot to us to have your support.
The Beethoven X team had a chance to talk to the Ballers earlier this week, and we believe that we’ve co-defined the initial terms of a collaboration that could be put to a BAL governance vote.
Before we dive into the details, we’d like to briefly introduce Beethoven X and the goals we hope to achieve.
Beethoven X is the latest symphonic composition from the undead master composer Ludwig van Beethoven. The music was formed over a 200 year reflection spent with a body decomposing in the nutritious soil and a heart and soul dancing among the stars and universes. The idea is simple; Build the best experience on Fantom, contribute to the entire ecosystem with everything we have in us, build creative highly effective edgy yield opportunities. When Beethoven lived the first time from 1770 - 1827 he was a rebellious creator of magnificent experiences that few people could follow. He was a true master, and now he is back; with his spiritually symphonic decentralised investment platform: Beethoven X. You can read more in this Fantom Spotlight article.
As a team, we strive to have well defined goals that drive our day to day efforts. As of now, those goals are clear:
- Become the #1 DEX on Fantom.
- Maximize the risk-adjusted return of more than 100.000 liquidity providers.
- Maximise protocol revenue through constant experimentation and optimisation in close collaboration with the community.
The team and community behind Beethoven X truly believe in our capacity to become the #1 DEX on Fantom. We believe the technology powering the Balancer V2 protocol is second to none, and our strategy is to showcase its potential in a developing ecosystem.
Additionally, we are strong believers in the Fantom network. We strongly believe that the technological innovation offered by the Lachesis consensus algorithm and the Fantom Foundation’s focus on both DeFi and advancing Solidity development through the Fantom Virtual Machine will allow Fantom to define itself as a premier destination for DeFi. Our goal is to position Beethoven X as a core liquidity source within this developing ecosystem.
Collaboration with Balancer
We believe that a portion of the Beethoven X protocol should be owned by both the BAL treasury and BAL holders, and so we’d propose that 5% of the total supply of BEETS should be allocated as follows:
- 4% provided to the BAL treasury, with a six month cliff.
- 1% provided as an airdrop to BAL holders as follows:
- A backdated snapshot will be taken for all BAL holders as of Nov 11, 2021.
- Only holders with a BAL value greater than $100 USD will be eligible
- A 2x multiplier will be assigned to BAL and BAL/ETH 80/20 BPT holders on ETH mainnet
- A 1x multiplier will be assigned to Arbitrum BAL and BAL/ETH 60/40 BPT holders
- A 1x multiplier will be assigned to Polygon BAL, USDC/MATIC/WETH/BAL 25/25/25/25 BPT holders and BAL held in the Qi Vault on polygon.
- To achieve a more equitable distribution of tokens, the tokens will be distributed based on the weights above, not based on the USD value of holdings.
- Any qualifying address will need to have at least $100 USD value staked in a Beethoven X incentivized farm on Fantom Opera. A cutoff date will be announced if the vote is passed.
- The distribution mechanism of the tokens will be defined collaboratively between the Beethoven X team and the Ballers.
If you review our tokenomics and emissions schedule, you will see that 5% of our maximum supply is a significant portion of our current circulating supply. It also equates to over 70% of our available partnership fund. This is how strongly we believe in creating a lasting collaborative relationship between both communities and teams. We know that you are what Mozart was to Beethoven; The greatest source of inspiration and the original creator of a foundation to create incredible music from.
As we launched our token prior to the definition of the Friendly Fork model, the Ballers have agreed to a one time exclusion for Beethoven X. The percentages above are not reflective of the requirements for future Friendly Forks.
In exchange for the BEETS, BAL governance will recognize Beethoven X as the approved Friendly Fork on Fantom, and we’d propose that we co-compose creative ways to communicate the relationship.
The Beethoven X team will continue to search for avenues of collaboration with Balancer Labs. We believe that we are uniquely positioned to create tools and enhancements that could be easily integrated into the Balancer experience.
We truly hope that this is the starting point of a long lasting collaborative relationship.