this is the recording of the in stock protocol ama it's getting started any second now hello everyone just raise your hand if we can you can hear me we're just about to just do a quick sound check yep lots of hands lots of beans in the audience yeah so i guess we'll just straight up just introduce uglies just first a little bit about the a little bit before a little bit about the format so there's a questions channel which we could probably have open and you can write your questions in into that channel and we probably have that as the channel that would be open that you would have open while you're listening it's probably the best channel to turn into if that changes we'll let you know but for now we should we should get on to the first we should get on to the first question i think it's probably the best way to go just dive straight into the questions and if publius has any open remarks opening remarks they can they can start with that but for the questions i think we should just start with the first question that we had was actually an example question that's probably a good one to start with which is how was the performance of uh stork and just give me two seconds i'm just bringing up the questions document just come out of one meeting and into another one so okay so in your opinion how effective were the store concede mechanism during the first hit cycle all right isn't this clear great great so and if that changes and it's unclear please let us know the overall is talking to each mechanism are very effective during the first dead cycle and there's a couple things to keep in mind here one is that the effectiveness and the opportunity cost that creates that effectiveness should continue to increase over time and so what that means is if you look at and we're going to try to get some cars for you guys here potentially in a couple minutes but just to give you guys kind of the full information available but when you think about how the incentive actually works how every season that you stay in the silo the opportunity cost to leave the silo goes down over time her excuse me goes up over time what we've already seen just at the very beginning when the opportunity cost at an all-time low is very encouraging so if you consider the amount of liquidity that's stayed in the pool and the amount of beams that have stayed in the silo throughout the entire dead cycle the expectations and the reason we said that it was pretty successful was that even from heat to trough the amount of liquidity that stayed in the silo and stayed in the liquidity pool from the beginning of that first major pump where we saw the price run from the dollar to four dollars and the market cap go from two and a half million dollars to 40 million dollars uh even during that immense pump and then the eventual dump that followed because a lot of that capital was really just you know numbers the amount of liquidity that stayed in the pool ultimately doubled and the percentage of deposited beans that stayed in the silo was also very high and so even today we still have about 17 million beans deposited in the silo which is an indication that a very low percentage was ultimately withdrawn even during the entirety of that the dump you know and throughout the debt cycle that we're currently in the midst of so when we analyze both the effect on the liquidity and the beams on both sides of the silo it seems to have had a meaningful effect on people staying in silo and furthermore when you consider that effectiveness for that opportunity cost is expected to continue to increase over time that goes pretty well for the system going forward and just you know to wrap off this is the full answer for you if you think about it very short term not just the long term over the past few days as the system returns for a dollar and then it came back down below a dollar there was very very very little new withdrawals when you consider that there were two or three million withdrawn beans and beans and four or five days in a row during the beginning of the debt cycle and then you compare that with the past couple of days when the price did below one again there was a fraction and a small fraction of that of the withdrawals over the past few dead cycle days over time this does seem to work even in the short term and the you know the expectation is going forward the accidents that are still in the silo are you know most likely to stay in silo in the long run and that gives us an indication that the stock and seats are functioning as intended okay awesome awesome while you're on stalking seeds did you did you want to talk a little bit more generally about stalking seeds and what the roadmap how their how they play into the protocol moving forward certainly so this is one of the questions in the ama channel as well so just to restate the question do we plan to incentivize the beanstalk or dnc pools on uniswap so there is some one of the main reasons we haven't just quickly turned the stock and seats into the esc 20 tokens is that there is sort of one complication or additional complication to actually making that viable which is that if as the beanstalk contract is currently written if you deposit your stock or seeds in a liquidity pool a uniswap liquidity pool for example the protocol currently unlike beans and eath liquidity where the system does account for that and you can get stock and seeds on that if you have beans if you have star or seeds and you deposit them into another uniform pool the beanstalk contract will currently not give you credit for the strategies that you have under the liquidity people tokens and so in order to ensure that at the very least there isn't a cost that adding liquidity to the uniform pools for stalker disease uh that's kind of a major complication here which is going to take a little bit of additional development to do properly so that is just the reason it isn't so cut and dry when it comes to whether we intend to incentivize the stock and seed pools uh and the specific structure of them that is something that in general we are you know eager to discuss with the community and hear some interesting ideas but our general feeling is that stock and disease are much less important to incentivize directly through the protocol and instead people that are interested in providing liquidity are more likely to do so because of natural economic incentives and specifically this kind of won't be something that likely is occurring throughout this this day and has been and will be continuing to recur throughout our general communications with the community the number and structure of being stopped and how it's designed really the only problem that the protocol concerns itself with is returning the price of one bean to one dollar any complications on top of that that are built into the protocol greatly or at least potentially can greatly take away from the effectiveness of the mechanism so perhaps the only caveat to add here is that the system also cares about the debt level so it's not just concerned about returning the price to a dollar it's also concerned about over time lowering the debt level such that whenever the next decrease in demand for beans comes the system does have a low debt level and it can therefore protect itself by issuing debt and return the price of a bean to a peg so when it comes to long-term sustainability it's not just the price it's also the debt level that matters but when it comes to incentivizing additional behavior that is secondary at best to the price and the debt level we're generally more inclined to have have people act in their own interest and once we can figure out how to how to fairly you know just accurately account for the stock and seeds that you would be adding to the liquidity pool that's probably going to be the extent or at least as of now that's our thoughts on what will be the extent of the direct incorporation of the stock and seats pool into the beanstalk incentives and then when we talk about timing for when that's going to happen on the one hand it isn't that complex to do it and do it properly so it's not a labor issue but when it comes to strategy and what is the best time or the most effective time for the protocol to start to have liquidity pools for stock and seeds there there are a lot of benefits don't work when that happens the primary benefits being that it should increase and further increase the stability of the assets that are deposited in the silo because if you want you're in the silo and you want liquidity you can either immediately sell your stock and seeds at the market value or you can withdraw your assets wait 24 hours and by withdrawing your assets you have to burn your stock and seeds which have a market value so that actually introduces a real cost not just an opportunity cost to you know in addition to the opportunity cost we should say to withdrawn from the silo and so the benefits that that presents are significant and very attractive to the long-term stability of beans but frankly this is also something that can be a major catalyst for the growth of beanstalk and at the current moment as pennstop is going through his first debt cycle and in the next couple of weeks and the next couple of months once beanstalk is able to establish that the underlying mechanism works then like rolling out the stock and sees as drc 20s rolling out a little bit of equals and creating this sort of additional dampening effect on top of the original mechanism should be a really meaningful catalyst for for future growth but in the short term our our mindset you know we're happy to discuss this with the community and hear what everybody else thinks our mindset is that the best way to to roll out the stocking seeds is as a as a real bump as things are doing well and the system is in a healthy state and not necessarily during the first death cycle where things are already functioning as intended it doesn't necessarily make sense to use this card while things are going well okay awesome so there's been this isn't a specific question from from someone but there's been across telegram and discord just you know a few you know discussions about the length of the pod line so i think this is something that should be should be covered so the question would be so the pod line is currently around 16 million do you see that as you know some people might see that as quite you know quite a substantial like line before bends if they're sewing now how do you see that could you maybe map out a little bit about how you see that hotline clearing and practice maybe you know how i suppose you don't want to probably speculate on price movements per se but how do could you talk a little bit about how you see that pod line clearing and what that process would look like from from your point of view certainly so one of the questions we've been asked in direct messages that it's related is this 18 million you know excuse me since there's 16 million pods you double that to say that all the pods will get paid off just 32 million us dollars need to enter the system in order for all of the pods to get paid off and the answer is no so with regards to your specific question dunks on how quickly we expect the pot line to get paid off we're going to refrain from speculating on that front you know it's it's a little too close to investment advice or predictions on that front which we're going to refrain from but what we can do is talk a little bit about how we expect the pod line to clear and what that process actually looks like and how beanstalk should handle going from a high line and a high debt level that is significantly above the optimal debt level and how bean stock is designed to lower the debt level over time which in practice means paying off pods so currently in addition to the pods that are outstanding there are also still five million soil which is reflective of the fact that the price has been on average below one for an extended period of time what the outstanding soil means is that beanstalk is still willing to remove five bit million beans from the supply and so over the course of the next couple of weeks as the price does return to the peg and as the price oscillates closer to the peg meaning that we don't have multiple recurring longer drops below the peg like what we're seeing right now so more of a stable uh stable segment of time the expectation is that you know what that looks like in practice is some seasons the t-wop is greater than one and some seasons the t-wop is less than one and as as we have more seasons and it doesn't have to be every season it should be every other season in theory as we have more seasons that are uh greater than one the potline will start to get paid off and as people see that the pod line is being turned through and the front of the pod line is getting paid off and people start to have a sense of what the rate of pain looks like that in and of itself should start because the system is still going to issue more pods and people can burn more beans they can sell more beans you should have a natural positive feedback loop within the system where some of the pop keep in mind if the t-wop was the time-weighted average shortage of beans in the pool was a hundred thousand beans so for the past hour 50 000 beans are going to the silo so there's no liquidity there for at least 24 seasons so the other 50 000 beans are going to go to pom harvest and those can be sold immediately but let's assume that 100 of those pods are sold immediately if there are no other sales and there are no other buy so the only thing that happens to the price is that all of the pods they got harvested are all sold the next season there should be another 50 000 bean shortage in the pool and then the following season 25 000. so taking away the natural price movements from just natural supply and demand and changes in buyers and sellers the way that the ponds actually become harvested is meant to have a positive feedback loop there as well so once we get into the phase of the dead cycle where the pod line is is starting to get paid off we expect that that will in and of itself create additional demand for sowing beans and given that you know this is now if we digress and take a small step back and you think about how the people that are selling after on a calculus that is based on not just the weather but also the price because if you buy below a dollar when you when you sow you have an expectation that your pods will get harvested above a dollar so the expected return for a so doesn't just take into account the weather it also takes into account the price and therefore that as much as the weather has continued to rise linearly the actual return for selling pods has actually been much more volatile when you factor in the price and so what we expect to happen is as the weather continues to rise such that the weather is sufficiently high that there is still demand for soil when the price is at one right if we look at the run-up that happened over the past week where there was a slow build up from the low of 0.24 very slow and steady growth up until the price went from like 0.7 all the way to a dollar very quickly that jump from 0.7 to a dollar is almost a 50 bump on the weather so if you consider that the weather was very high already and then you put on top of it a 50 bump then in practice what what is what what we can view the current you know second dip below a dollar as is the weather is continuing to rise such that the weather and price when you factor in you know the weather and price to the total return that that is getting to an appropriate rate so the expectation is that the weather is going to continue to rise and over time the price will start to stable out and then it every time the sup the t-wop is still below a dollar the weather will rise again so the system when there is a high debt level plays itself incredibly aggressively and structures itself such that priority number one is getting the price back to a dollar but as soon as the price is back to a dollar the system is designed such that it will start to pay off pods at a sustainable rate but not just sustainable in a way such that there is a built-in positive feedback loop to pot harvest as well okay awesome awesome i've got a question here from uh hot pocket mark in the white paper pause is mentioned when in case of a particularly dangerous vulnerability to beanstalk the silo can pause or unpause beanstalk by a two-thirds two-thirds super majority vote at any time or as part of a normal vip can you explain further and maybe if you want to elaborate just a bit more on the vips as mentioned in the roadmap about how those vips can work more generally in the in the benstock protocol as well so can you just clarify what is the question about pauses so the question he just said can you explain further so sure yeah sure yeah so the the short answer is that the seasons are one of the main mechanisms by which the entire system functions so at the start of every season you know in the start of a season is triggered by a sunrise function call to the team stock contract the system takes the time weighted average price over the previous season the system mints beans the system pays the weather any withdrawn beans move forward one additional season until they can be claimed so it's sort of a full step forward in the system in many ways and the pause what it effectively does is prevents the see the sunrise function from being called so it wouldn't prevent beans for being bought or sold on uniswap per se but it would effectively stop any vulnerability that was being carried out directly through the beanstalk contract that was or or if it wasn't directly through the contract was dependent on the sunrise function and so for example if there was an incorrect amount of beans that were being minted or there there was something in the code that was a vulnerability that was dependent on the season function or the excuse me the sunrise function being called the ability to pause the system would basically allow for us to stop that from happening and then give us the opportunity as a community to fix whatever the vulnerability is without having been stuck march forward to you know off do a plank walk if you will so it's the opportunity to just pause the system and fix whatever is going on instead of you know the problem in real time which may not be available this is sort of the middle path forward such that the whole system doesn't shut down people can still withdraw people can still trade their beans but nothing is nothing is happening okay awesome did you want to just talk a little bit more about the bean improvement protocol i more generally and how that how the maybe how the proposal obviously the the first question is in the time of a vulnerability right so like this is this is something that it needs to happen fast like so did you cover that like how would that happen and and how like would in the case of vulnerability does there need to be a vip proposal and what and and would there need to be votes happening on that and what's the time frame like for example compound like there's a compound vulnerability right now which can't be can't be fixed for up to seven days in the case of being installed so we can expand on the way that the dips work in general and just to say you know historically we originally intended for the pause to be created and mainly used at the beginning if there were major problems around deployment that that needed to be fixed quickly it obviously still usable and built into the protocol and available into the future but going forward the that we're gonna have to use a pause uh is much less likely you know than it would have been in the first two months of the system let's say so in terms of how the actual improvement proposal so bits bips excuse me i just dropped a pencil our beanstalk improvement proposals and it's the decentralized uh way that anyone in the community can propose code improvements to the beanstalk protocol itself so one of them if we restate the goal of beans and the goal of beanstalk is to create a decentralized stable coin that can serve as money and specifically us dollars on the blockchain and part of fulfilling that goal is to be able to uh upgrade the beanstalk contract and upgrades can be to fix problems which we just talked a little bit about in the cases of a pause but they're also to just upgrade the protocol so earlier we were talking about making stock and seeds erc20 tokens and incorporating that directly into the protocol that would that would also happen through a bit and so when it comes to robust governance there is a couple of different things that that the system must have to balance on the one hand it's really important to be able to respond quickly to problems so dumps you just highlighted the compound vulnerability which is taking at least seven days to fix which is obviously a problem and on the other hand the goal to be decentralized and have decentralization in its in its in its entirety and that includes in the ability in the ability to operate so when someone proposes a bip it's not fair that the system would immediately incorporate it and their death needs to be some time for the community to have discourse so in practice how beanstalk goes about kind of juggling those two very different priorities is it has the ability for uh super majority votes that that can pass a bit as soon as 24 seasons after it is proposed and then the normal which is just a 50 majority a normal majority can pass a dip anytime up to a week after the bib is proposed so the way the system works is if nothing can be passed within 24-hour seasons in general that is you know it's not perfect in the sense that you'd like to be able to upgrade beanstalk immediately in the case of very serious vulnerabilities but that's why we introduced the pause mechanism such that you know in a worst case scenario you can at least prevent the system from advancing forward during during the time period that the system is is is considering a dip and it's important to note that when the system is paused the governance process can continue because the governance process doesn't use the seasons the governance process uses block time stamps on the period so in general there hasn't been any problems on this front at the moment and the governance mechanism continues to work as intended and we're very excited over the next week or two we intend to propose our first you know bits since the system has really blown up in a good way and attracted a much larger community where we're hoping to fund a couple of different budgets which we talk about in the road map a little bit which maybe we'll expand on here in response to a different question don't want to go on endlessly here but we're excited to test out how the community interacts with it with dips and votes for against them well you can't vote against them that you can vote for or exchange in the system and so that's that's kind of a high level overview on the bid process awesome i think we definitely nailed the pause question that makes a lot more sense to me now yeah awesome okay so the next question we've got is so after seeing the first hit song play out there are there any changes you'd want to make to the economic model in there and that that's the whole question but i'll just maybe and maybe just cover a little bit if there's anything like like you didn't like obviously those changes would go through a bit i assume so then there hasn't been you're not talking of proposing any bips in that in the next like in the short term but maybe just talk a little bit on that and like potentially like anything that you've got your eye on for maybe a little bit further out like yeah so there's two different ways we want to answer this one is it's going forward and then perhaps a different way to think about this is what we would have perhaps included in the original code could we go back and do it again so going and those are those are sort of two different things mainly because the right inputs for the system are are largely dependent on the size of the system so maybe to answer the second question first going back what would we have potentially done differently the only change to the model we would have potentially made knowing what happened and specifically what happened being in a short very short period of time less than a day the system went from a two and a half million dollar market cap to a 40 million dollar market cap the only thing that in hindsight could have been done better would have been to have the the timer for seasons of plenty be eight seasons instead of 24 8 or 12 seasons would have been better and the main reason for that is the price was so high for a short period of time and and this is where it gets to the only reason we would have done it before and it doesn't actually make sense to still make this change going forward and the liquidity will set a high percentage of the total protocol there came a time during that run up to four dollars where the expected inflation between now even if you bought above a dollar and deposited in silo there was a price point and beans were above that price point where there was an expected positive return just before like just from the bean supply increases before the season equality would return the price to a dollar so that certainly to some extent contributed to the scale of the price run up to four dollars and having a lower season of plenty time or perhaps could have prevented that or at least minimized it to some extent but going forward that doesn't necessarily make sense to incorporate into the protocol because the liquidity is now a much smaller percentage than the of the market cap than it was at the time and so this like the math on whether that would still happen becomes much much less likely uh to be true so that would have been the only thing that if we look back and say well what would we or could we have done differently we might have done and you know the benefit might have been there was slightly less supply increased which would have potentially decreased the extent of the this first debt cycle but the glass half full in us says that nonetheless you know putting the system through the ringer as they say and through such a significant first major debt cycle we believe will ultimately put the system in a much better position to succeed in the long run so we're not you know necessarily disappointed that this is how it's played out so when it comes to major changes or even somewhat substantive changes to the economic model in the future thus far and we've actually considered and deeply considered and worked through what they would look like and played with them in our minds a little bit a wide variety of different dips having now seen what the what the first debt cycle actually looked like in practice and just to give you a sense of a couple different ones we were thinking about changing the way that the weather adjusted where instead of moving linearly anytime the weather was already greater than 100 it would potentially move instead of plus or minus one or three percent but times like 101 times 103 percent times 99 or times 97 which would potentially make the weather change much faster and the reason we ultimately didn't decide to the reason we ultimately didn't decide to go with that new scheme for weather adjustments is that in practice a large part of the state of the system as it currently stands is inefficient but the inefficiency just comes from the fact that the community playing with beanstalk and interacting with the system is still small are still learning the rules of the road and are not not necessarily like behemoth financial institutions that understand what what is like the most efficient way to play every micro uh segment of the system and ultimately the way beanstalk is designed is to be reactive uh not proactive so at a high level what the system does is when the sunrise function is called it takes a snapshot of where the system is and says okay well based on where we are how can we how can we move the system closer to where we want to be being stock is not proactive and doesn't make any predictions as to where things are going you could make the argument that it does read the change in demand for soil which is some sort of not a snapshot it does actually take into account time and changes over time but in general the way beanstalk responds to things is slowly uh and methodically and so we don't necessarily feel like had we had the weather run in an exponential you know way or at least the ability to grow much much faster than than it currently does which is linearly the expectation would be that that wouldn't necessarily help the system return the price to its peg instead it might just cause the system to overpay for pods and for people to lend money to being stock so we you know that's just one example of something we considered you know for for to give you another one we thought about decoupling the rain from the season of plenty timer so just to refresh everyone's uh recollection be currently if it rains for 24 seasons then there is a season of plenty but we were thinking about especially given that it seems like the rain has really had when it comes to a behavioral uh perspective a real effect on people's behavior we considered changing it so that any time it was raining it didn't just affect the season of plenty that also affected the normal bean mints from being in the silo and we were thinking that this would potentially decrease excess demand when the price is above a dollar and prevent people from buying with the price too high but in practice if you take a step back the rain takes into account the debt level in addition to the price and that is really important here from this perspective in the sense that when the debt level is particularly high like it is right now and we were just talking about the importance of the system starting to pay off pods it doesn't make sense for the system to discourage buying above one to the maximum extent that it can and instead we only want beanstalk to start to you know really really disincentivize buying above one heavily in the cases where the the debt level is low and when the debt level is high like it is now we don't necessarily want to be so so strict with our uh with the rules that we were discouraged so that's just another example of like a change that would have been potentially substantive or really substantive in the case the second example and changed the way that people potentially interacted with the protocol but when we take a step back and think about the way that the system is functioning and the way that the peg the system has been responding during periods where it's below the peg and above the peg over the past couple days for example it's evident to us that we don't want it at this stage of the game further disincentivizing buying above a dollar so those are two slightly different examples but gives you a sense of you know that we really are seriously considering making significant alterations to the model but when we evaluate the options and we consider the way that the system seems to be functioning incredibly well you know and we we're trying not to oversell how happy we are with the function of the model but we're very very pleased it doesn't it doesn't make sense for us at this point in time to propose any significant changes okay so our next question is actually specifically about the weather and you have pretty extensively sort of talked about that but maybe if we just bring our focus just through the weather and changes so the question is what could be done differently in the calculation of weather is it concerning that weather can only move by plus or minus three percent which may grossly undercompensate or moves in the market during a given season sure so we we did talk a little bit about this but just to answer directly why we're comfortable with the system responding slowly it's there's two different ways to think about this one is what does the system actually look like at par at equilibrium at scale how does it function there and then secondly it's how does it look in the short term and while while currently being stuck it's very small and there's much more volatility than we expect in the future at this point in time the reason we don't want the weather to increase three percent every season during major debt cycles is that the main problem that beanstalk is solving during this first major debt cycle is attracting more farmers and attracting more sewers and bringing more eyes to the protocol and so the idea that the the problem is that the weather isn't responding fast enough right now is true in the sense that you know if if we put on our our marginal economics hat you know the hope would be that the weather can change fast enough such that the marginal demand for beans is changing and specifically growing faster than the marginal supply of beans is growing and by by changing the demand faster then the supply is changing the weather can quickly return beans to a dollar and that is what the system should do at scale when you think about three percent 24 seasons in a day you know the system can move 72 in a day at scale and when you consider you know 72 as a movement in just a 24-hour time period that's incredibly quick and the expectation is that the system will at scale be able to do that which is to increase marginal demand faster than marginal supply is decreasing because the price is at the pack excuse me marginal supply is increasing because the price is below its pack so at scale uh three percent an hour is significant and in its current state while three percent an hour or a season is probably not significant enough at the marginal level the system is playing a slightly different game at this stage of at this stage of the game and therefore isn't necessarily interested in being as aggressive as possible with the weather and is instead comfortable being reactive and potentially reactive on the slightly slower end because because of the what it actually will will look like to get beams back to the peg at this stage of the game is primarily attracting more sellers and that is something that that is going to be more likely influenced by a wide variety of factors in addition to just changing the weather three percent or some some marginal percent got it got it our next question is well firstly if anyone wants to ask a supplementary question about any of these just please do raise your hand so if there's yeah if there's any in fact if there's if there was anything else that you wanted to ask about any of the previous questions just raise your hand and i'll keep an eye on the on the audience the next next question was in order for there to be rain can you confirm the debt level needs to be below 15 and in order for there to be a season of plenty deep level in order for there to be a season of plenty debt level needs to be below 5 and 24 consecutive seasons of rain so uh the short answer is that's not exactly correct it only is raining when the debt is less than five percent and then to answer the second question if it's raining for 24 consecutive seasons meaning that debt is less than five percent and the price is greater time weighted average price is greater than a dollar then there is a season of plenty so rain and the season of plenty are only triggered when the debt level is below 5 not 15 okay okay now just looping back looping back into this whole idea of there being other in question six there's other factors that would help to move the price back to pig from or to encourage sowers other than just just that we're the percentage in a given season so you've talked a little bit about in the about marketing and there has been some marketing related questions so and i'm assuming that one of the one of the one of the attracting new sellers should be related to bring bringing in new people which probably generally associated with people sharing the protocol with friends and and sharing it publicly and also with just general marketing efforts so did you want to talk a little bit about what's in the road map in terms of marketing related and community related stuff specifically sort of like in relation to bringing it bringing in new people into the protocol certainly so to answer the first part of your question on how do the incentives work to encourage people to sell so economically just to start and then we'll address your marketing questions specifically the first in first out payment mechanism or model or pods basically presents to any prospective seller or any prospective farmer the question if the price the total return based on the price and the weather is sufficiently high for you right now then you're encouraged to sew as soon as possible because the longer you wait someone else may so before you and then your expected return or your expected time to get paid or both go down so economically the incentive is there such that we can have efficient price discovery and if the price is still too low assuming that we have efficient price discovery and the weather can respond appropriately so that's just to answer your your first question now on the marketing front this is something that we've been asked about a fair amount and we must say it's also an area we would really appreciate lots of additional input and assistance from our community you know we say this as a disclaimer we are not marketing people and don't have any natural background in marketing and furthermore due to the fact that we are anonymous uh and trying to do everything the right way and not chill this thing in any capacity and not attract chillers which seem to be one of the problems that happened during the first major pump was that a large portion of the people that were pumping were really pumping dumpers so on the marketing side we tend to think about things really broken down in terms of like content and what types of content we want to create and then on separately how we can create community engagement so the bean fps was really unique in our opinion a way to create some community engagement and seeing all of the bnft profile pics in this ama chat has is an indication to us that that was a success and fostering community but to talk about a little bit what the road map looks like going forward and you know we say this that this is really subject to change when we get feedback from our community we'd love to have more of a discussion on how best to bring more eyes uh and ears to to beanstalk we want to continue to put out high quality content in a variety of different areas so one that we're intending to do shortly is we just got approved to post on reddit we included that in our roadmap but we we've also been having some conversations with various community members you know and none of it seems to have uh been done yet so if anyone here wants to step up and you know help out we're trying to have short form clear and concise videos created that will explain the actual functioning of the system uh and how things work and then we think that that's a real way to bring simple explainers to a more diverse set of people we're interested in bringing beanstalk to asia and sharing this with the asian crypto community in some capacity currently we haven't created any content that is in non-english languages and all of the all of the content that has been created is 100 in english so bringing the content more eyes and ears in part means expanding our reach on that front as well and in general we're really looking to get our community more actively involved in marketing beanstalk so one of the things that will consist of this we intend to propose similar to the dev pips that we we talked a little bit about in the roadmap we intend to propose a marketing budget which will mean beans and then hopefully pay people who want to contribute to the marketing campaign in various capacities in beans and we're really hoping to source a wide variety of different of different content from different people but it's important to note that we're really hoping that a large portion of this is if not directed by the community at this stage of the game we understand that at this point in time there does still need to be you know a lot of coordination on our part specifically and so that's one of the reasons we're saying you know we're happy to to figure this out directly and we can talk to people about what this actually looks like and we want people to feel very included in growing beanstalk together so all of this is to say there should be an open invitation for anyone that has ideas uh or wants to actually help on the marketing side you know to come talk to us awesome awesome okay now there's been a there's a question about what is the team's perspective on mim spells stablecoin and how how can bean get similar or better partnerships with projects like yearn so obviously spou is a coin that uh mim is a coin that has been pretty widely like discussed lately and has got having a massive growth i think they're coming up close on flipping die so i guess the question is yeah what's the team's perspective on mim spell stable coin and how can ben get similar or better partnership so i guess we've talked about marketing so but on the partnership side we haven't talked about so yeah perspective on mim and if you can hit on some stuff related to integrations and partnerships sure so sorry i forgot i was muted there for a second so with regards to men we're not going to make any specific critiques of their model we did take a a a look at this a couple weeks ago when this was first brought to our attention that's something we should look at or we were asked about how we compare and they're doing some very unique things so we definitely don't want to poo that but at the same time being stock is fundamentally different from any collateralized stable coin so mim is collateralized and in practice the big problem that beanstalk is solving is that currently there isn't enough supply of assets that people are willing to lock up to create stable assets in order to meet demand for stable assets and that problem mainly can be seen in the very high borrowing rates on various stable points and anytime you have a collateralized model you're basically not trying to solve that problem and in our mind that is the problem to solve and so that problem and the reason it's such a meaningful problem to solve and this is an example we've used in the past which is auger which is really awesome technology and the starting point of augur is basically anyone can make in a decentralized fashion a betting market on almost any anything that they can imagine and there are obviously some technical problems on the oracle side to resolving the actual betting markets but in general the main reason why auger in our opinion hasn't taken off is because any time you need to denominate your bets in a coin that has an underlying opportunity cost just to use it of double digit percent because you know if you want to make your bet in the only way that there's a positive expected value on your bet isn't just if it's 50 plus a little bit it has to be 50 plus a little bit after you account for the opportunity costs you could have gotten for lending out your stable coin which is often double digit percents so that makes what is an a cost effective bet or a betting market to create on auger really limits that so anytime you have a stable point that is trying to solve you know create a new stable coin but in a collateralized fashion in our minds you're not really solving the main problem so now this actually leads sort of naturally into how we expect beanstalk partnerships and integrations to work in the future because the main goal is as we've said to have beans incorporated across d5 and to become ubiquitous in every protocol as a us dollar and as the decentralized us dollar state we're going to use in general we think that there's a real benefit just to the protocols themselves like auger for example adding beans to the protocol and incorporating the being erc20 into auger that's the type of integration we'd love to see at some point in the future but when it comes to the short term and partnerships with yearn in up and and similar protocols that are primarily landing based we have a slightly different philosophy which is in the short term our main focus and the focus of the beamstock community should primarily be on encouraging demand for beanstalk native uh like debt and the silo and the real short-term priority of ourselves and our community should really be on cultivating a strong beanstalk native community and as great as it is to have integrations with various other protocols and to some extent that does create utility before beings are stable or at least a lot more stable than they are right now any incorporation if something like urine would basically create the effect of what we what we would call easy come easy go where you don't actually have any increase in demand for beans or bean stock and it's debt and instead you just have uh like a raw short-term demand because the interest rate was sufficiently high or the the price is sufficiently high that you're paying for gentlemen in the silo might go up but that's not that's not as meaningful to creating long-term stability for beanstalk and creating long-term stability is what will ultimately create meaning and utility in all of these partnerships so while incorporating into something like urine is interesting and it's not something we would say no to it's also not something that we think is a good use of our time energy and resources given that the number one thing that beanstalk has to do in the short term is establish that it can reliably return the price of one bean to one dollar which we think is going very well and we think beanstalk is on the way to establishing that and once that happens it will provide a much more meaningful opportunity for for incorporations and and partnerships of that sort okay awesome awesome so in a future stable coin phase do you see the withdrawal period 24 seasons growing shorter yes definitely so in the short term as the system you know and we're not even talking about in the near term this is something that can really be gradually lowered over time but the current state of the system is still one of infancy and when you're caring for an infant they need a lot of neck support you know you can't let their head bob everywhere so the 24 season lock on withdrawals is really neck support for the system and the back can certainly be lowered it probably can't be lowered to zero but it can be lowered significantly and what this would have to likely go in tandem with is also lowering the stop timer or the rain stop time or whatever you want to call it mainly because one of the main incentives or reasons why you wouldn't be able to pump and dump beans and one of the comments sorry we don't remember who said it so we can't shout them out but in the discord was all of the apes left as soon as they realized they couldn't exploit the protocol that means feel pretty good frankly the restriction for withdrawals coupled with the season of plenty timer is what creates that or what prevents the the ability to take advantage of the system so it could certainly be lowered in the future it might be able to go you know it's easy to see it going as low as eight seasons below it beyond that it's a little bit harder to envision exactly what that looks like but lowering the subtimer and the withdrawal time to eat seasons you know not any time in the short term but in the distant futures is totally realistic okay awesome awesome we just had a question come through about so we've talked a little bit about getting the community more involved in this and in the road map in different capacities um is there plans to create a discord or create channels in there within the discord that are specifically sort of stood up to for more of a work related kind of process as opposed to just chilling in and chatting the short answer is yes and this is something you can expect to see starting to happen in the next week or two this will go hand in hand with some of our first budget proposals in form of bits and you know just to restate anyone who's interested in working with us you know either as a member of the community or interested in working directly through the protocol and being funded through biffs we encourage everyone to come out and talk to us you know and then reach out through pm and we can figure out how to work together but there are certainly going to be more channels being created for those specific you know closer-to-work-oriented things awesome just a reminder that you guys can raise your hands i'm not just checking to see if any hands raised for uh supplementary questions and then yeah but so in in the meantime this is one from me so in terms of sort of market makers liquidity providers kind of suppose you could think of you know whales or funds in terms of attracting those kind of players is what are your just generally what are your thoughts on there is there any talks going on like with you know how do you see market make like if someone wanted to come in and kind of i guess in the sense the protocol kind of is the market maker but does this question make sense to you and could could you kind of give an answer there sure sure so the market making and you know attracting larger what we would call high quality capital is very important but they're two separate things so and they may be somewhat related so let's start with the market making so in in theory at least it hasn't happened in practice obviously as we're still in the first major death cycle as beanstalk really makes its case that the there is a reasonable expectation that the price of beans will return to one at some point in the future that creates the starting point for a market-making opportunity or an arbitrage opportunity where there can be a lot more volume handled at at or around a dollar and in practice what that would look like is having larger pools of capital that are interested in you know either pages profiting off the short-term arbitrage opportunity or b and this is really what we're hoping for as we start to attract this type of participant are you know pools of capital that understand what the opportunity here is and there's sort of a symbiotic nature between them performing the arbitrage and their benefit you know by profiting directly from the arbitrage and the benefits that come to keen stock so in the short term priority number one is returning the price to a tag but the expectation is that that really should attract the type of capital that will perform that arbitrage when it comes to larger high quality capital and what we mean by that is funds crypto funds or similar venture style pools of capital that see stable quantities specifically a non-collateralized decentralized stablecoin as one of the main asymmetric opportune return opportunities in the world right now and those types of investors are not interested in putting in a million dollars and then cashing out you know before the next debt cycle or triggering the next debt cycle which is fine and you know anyone just wants to lend beans up by all means the system is happy to lend to you if you have beans it's a free market but when it comes to our own focus in attracting capital the capital that we want to attract is capital that sees the bigger picture here and isn't going to put in 100 of their investment this debt cycle and isn't gonna um just going capital he's going to be really interested in bringing more eyes to this thing and more capital to this thing and you know all we can say is that we've been having uh really high quality conversations with a wide variety of funds and the like that would check a lot of those boxes and we're generally really thrilled with the response we've been getting from them and it remains to be seen in what exact capacity many of these larger pools of capital will want to get involved some of them already have obviously there was a lot of chatter in one of the channels in discord a few days ago when it seemed like a very large wallet started to soak beans so the expectation is that you know the expectation the community should have with uh of us is that we are we're working hard to attract the right kind of capital to this thing and not the type of capital that is interested in a quick flip or a short-term return opportunity we are we're actively creating you know a community of investors around this thing that are really interested in seeing beanstalk grow in the long run just the sort of supplementary question on that so when you're taught when you're talking to these you know when you're talking with these various like funds or you know people that have that are interested in the protocol people who could you know interested in you know actually more of like a long-term outlook what is the value proposition from your perspective how would you say like say let's say that you were running a fund and you'd you're looking at you're looking at ben stork from the perspective of a fund manager what is the value proposition from your perspective so we're gonna tread lightly here as we're not we don't want to pitch in the ama necessarily you know in a general we're not really trying to pitch anyone we're more trying to welcome uh with open arms you know investors into the community and walk them through a lot of the technical you know structures that are in place here to create stability but and this actually goes into you know we're mainly looking to attract capital that sees the opportunity here so if anything you know we're really not we're really not selling any of them on on the opportunity here we're really talking to people that see the opportunity and realize that stable coins and specifically a decentralized non-collateralized stablecoin is a massive opportunity and more of the conversations that we're having with them is why beanstalk is going to work and explaining to them why beanstalk isn't like esd and doesn't have the same shortcomings that similar temps do and walking them through at the detailed level why we have a reasonable expectation that beanstalk is working very well is in a very healthy state and at this point in time you know the name of the game is basically surrounding beanstalk with a high quality community of farmers uh and a high quality community of investors and the short answers we're having i mean we haven't had a bad call yet we've only had really uh really great phone calls and we've been honestly amazed at the reception beanstalk has had with high quality capital and that excites us for what is to come awesome awesome okay now i'm at the there's a there's a few there's a few probably quick fire community there's a there's a few probably rapid fire questions that we could just kind of go through maybe quickly all right awesome so about the nft so what is the plan after season up after c 1800 was the original was the original sort of end point but i think that that's based on tin in effect yes i'll let you to cover that yeah so the structure of the pnft uh launch and how you could earn one is such that if there are not 10 pnfts minted in a season then the rest of those bnfts that were not minted will never be mended so when we think about rarity the general philosophy here is not that we want to have all six thousand minted but instead the fact that some of them may never be minted will ultimately create more rarity around the pnfts so that is to say at the end of season 1800 there will be no more pnfts that you can mint now if you've earned a pnft and have minted it you will still be able to mint it after season 1800 but there will be no opportunity to create new beans by selling bean fts by selling after season 1800 and what what will continue to happen with the bean ft's potentially future editions what to do with the fees from the sales on openc all of those things are uh available for discussion in the pnft club room which any holder of a pnft can join and participate in the discussion there and you know we are interested in doing future collections of bfts but at the moment you know there are no plans in place to do anything uh additional with the bnfts other than continuing to grow the bnft community as it you know hasn't currently exist but the goal isn't at this point in time to do more bnfts got it got it so in a similar sense that we're looking to attract more contributors towards um proposal like vips and more contributors towards a community that same philosophy applies to the the bfts as well there's a there's a chat group for being nft holders where they can make suggestions and discuss like kind of the governance basically of the being the being nfts right i don't really understand the question i'm sorry so so like the direct like that for example you mentioned like fees though like the it could be possible for like there's fees that are generated from from the market and well maybe we could actually just talk a little bit about fees like generally like trading well we haven't we haven't actually had trading fees on the ben nfts up to this point everyone's holding but potentially they've been nfts holders do you foresee that they'll be kind of governing that those those governing like things like for example the fees on on open sea or just the g the general direction of you know how the ban nft project will kind of develop yeah so you know in the spirit of keeping these questions shorter you know we'd say anyone who wants to discuss distribution of fees what they should be used for all of that is currently being discussed and the way to participate in that discussion is in the b fte club room got it awesome okay are you thinking of incentivizing community initiatives with stalk and not just fans yes so one of the things we would love is to have the people that are in line for the payments basically elect to deposit or sell their beans so the payment will come in the form of beans but anyone who is interested in the long-term success of the protocol will obviously have the opportunity to do with their beams what they want and use the protocol as normal okay okay i've i'm just scrolling through to see if there's any little little quickfire questions that that we can cover does adding lp to the silo increase being priced could we talk a little bit more about siloing and how siloing like as as the price crosses as the price crosses over a dollar and and obviously the the pod line starts clearing and then how do you see siloing playing into the playing into this play playing into like the the what's going to play out over the next week weeks and months like as we're clearing out this hotline yeah and also just specifically could you just could you just kind of maybe just clarify a little bit on just how the system um is designed so how how the split goes between odd line clearing and siloing so and also obviously with like you've got single siloing and lping could you just kind of talk a little bit more about yeah as as things play out over the next weeks and months how do you cease just generally like talking about siloing sure and how it works so and we also see someone asked thoughts on extending the silo to like one to four years to incentivize higher quality capital so this is all related to uh dumpster questioner the question you you re asked of what is the the structure of the silo at a high level and how do we expect it to work as the price returns to one so if we all take a step back and think about what what a stable coin protocol should look like at scale and by at scale we mean widely use a real diverse set of users and use cases one of the first maybe the the single foremost use case is simply earning interest on your dollars so you know in a land before the current monetary policy regime where we basically have no interest rates on u.s dollars in the real world there used to be the opportunity to take your dollars deposit them in a bank and earn passive interest on your on your dollars and fundamentally beanstalk offers that same thing that same risk return profile effectively as just a normal us dollar deposit so that is what it means to deposit one bean in the silo you put it in you earn passive interest in the form of more dollars more beans and at some point in the future you can withdraw your assets from the bank from the silo and use your beans for whatever you want so when we think about what the what using beans actually looks like one of the main use cases is just earning more beans by depositing them in the silo and so the second asset that you've been deposit in the silo is liquidity pool tokens so in addition to offering passive return for just holding and depositing beans in the silo the system also wants to encourage high quality meaning consistent uh liquidity in the liquidity pool and so by offering the opportunity to deposit not just beans but lp tokens for the being liquidity pool in the silo that encourages liquidity as well and it's important to note that if you deposited you know if you took one eath and deposited it as beans in the silos so you bought beans and deposited those beans in the silo or you use that yeast to buy half beans match those beans with the other half of the eave and then create an lp token and then deposit the lp token in the silo you get the same amount of stock so it's equal in terms of your initial ownership of the system but you do get twice as many seeds and so over time the liquidity providers will earn more stock over time and the opportunity cost for withdrawing your liquidity from the silo goes up faster over time so you have these two different uh opportunities to participate in the silo and earn passive interest from beanstalk and like they exist for two different reasons and they're incentivized in slightly different ways but their structure is generally similar now when it comes to how we expect activity in the silo to look over the next weeks and months already it seems to us that the capital that was going to withdraw from the silo after that first major growth cycle has already left so in general and we've been following the withdrawal data pretty closely and it seems in line with our expectations our expectations are that the assets that are in the silo or the vast majority of them will remain in the silo through the next growth cycle or at least through the end of this debt cycle and may leave the silo during the growth cycle but are here to stay for the time being and so once the price goes above a dollar or returns to about a dollar your question about whether we expect there to be more demand for the silo or more demand for sowing beans in the field it's very tough to say uh because there will still be outstanding soil and the pod line will start to get paid off you know which with much more regularity our expectations that will there will still be demand for sowing beans in the field but frankly that shouldn't affect even if they're directly related that shouldn't uh dissuade people from depositing in the silo and in fact the price being above one means that silo members are earning immediate interest every season and so we expect that there will also be demand for adding assets to the silo but at the same time our expectation is that there will continue to also be demand for the field so part of what makes beanstalk able to have more efficient price discovery as as compared to something like basis which basis just for reference only wanted to allow people to issue you know have the system issue debt when the price was below one beanstalk is willing to issue debt every season so the specific distribution of demand for stock and seeds by depositing in the silo versus the demand for pods by sowing beans in the field that is something that is always going to be interdependent and always changing in real time but it's not something that we necessarily have a predetermined expectation for the distribution of demand between the field and the silo okay that makes that make sense maybe the last thing we would add is that for the foreseeable future until the weather comes down significantly the return for sowing beans will continue to be higher than the return first depositing beans in the silo so the the raw expected return is going to be more in the field but the liquidity is obviously only 24 hours of illiquidity in the silo whereas illiquidity for an undefined period of time in the field and obviously part of part of the part of what you've got on your roadmap for the next few weeks is to produce more detailed analysis and dashboards about about how the protocol is performing and how that how that's all playing out right did you want to talk a little bit more about about that data and about those dashboards that you're working on we're going to publish in the next couple of days the next week or so a thorough and a full analysis mainly from an economics perspective so an economic analysis of but the functioning of the system thus far the functioning of the incentive structures thus far both with price greater than one and less than one you know and that will obviously be uh published for everyone to read um or refrain from expanding more on some of that as we've already covered a large portion of our economic analysis throughout the ama and don't want to repeat ourselves here but with regards to the question about analytics and adding more content to the website one of the things that is on the roadmap for the short term is that we're working to deploy the first beanstalk sub graph and this will effectively allow for the website i mean it will greatly improve the performance of the website itself but it will also allow us to easily easily start to add more sophisticated uh analytical tools to understanding what's going on in the system so if i believe we posted throughout this ama just two examples of graphs are much easier to create on top of the sub graph in the ama questions channel you can see that these are two different charts they're not not the prettiest charts um but we're just putting them here for for examples where basically you can see for example the second chart that the amount of deposited lp significantly significantly higher after the end of the first major pump cycle than it was at the beginning of the pump cycle and data like that the goal is to make that more available to everyone so that everyone can see the high quality functioning of the system makes sense i've got a question that's just come in so you touched on decoupling rain from sops given the current get level being at around 80 percent do you anticipate it ever dropping back below five percent yeah so the short answer is absolutely it's almost hard to envision a scenario where the debt level doesn't return to less than five percent the expectation is that the market cap for beans will be uh significantly higher than it is right now because the only way that the debt level will get to that level is from significant growth in beanstalk over time but the way that the mechanism is designed to function where the system will stop issuing new soil as the price is over one at some point when all of the existing soil has been used and all of the pods created from that soil have been paid off yes absolutely the expectation is that the debt level will return below 5 could you just just put clarity here so the current debt level at around 80 could you just explain what that actually means or rephrase that true sure so that the debt level is is a ratio between the outstanding pods and the total supply of beans so there's a little over 16 million pods and a little over 21 million beans so the 80 comes from 16 and change over 21. got it and when we're looking for that are we looking in the pig maintenance section we if we're looking at that or is that calcula is that calculation available on in the interface currently or is it just uh so if you wanted to do the calculation for yourself if you want to check out the length of the pot line as listed in the field 16.69 million then the uh total supply of beans is going to be in the analytics section and you can see that the total supply beams actually just went below 21 million as we've been talking here so people have been so in the soil as we've been talking here so the debt level is the pod line 16.69 million divided by the total bean supplies that's that level is also available the payment maintenance section label is defined labeled as the hardware the primary all right okay got it got it okay this is this is this is really cool okay awesome does anyone is is there if there's any if there is any questions on anything related to the to the interface to just the general functioning of this of the system how it does actually function anything like that just drop them in and we can do those rapid fire as well we've got a question thoughts on an extended lock silo one to four years okay so we've i think we've had that one extended lock solo one to four years for higher seed rewards to incentivize higher quality capital further so well we cited it but then didn't necessarily respond to it directly yeah so the reason for that is just to clarify if you envision what what we want beings to be used as in the future making such a long withdrawal time would really remove the use case of just a deposit account that you can easily put money into and take money out of when you're not using your beans earned interest on but the hope is by keeping this low we will be able to you know instead of one to four years using 24 seasons and hopefully less seasons over time the hope is that we will be able to create that use case to just use beanstalk and the silo as a deposit account got it okay awesome awesome makes sense okay i'm just scanning scanning the the various places where we could have more questions coming through sort of feels like we've been running here for a fair while is there any other things that you wanted to cover that um you feel haven't been covered no but we will use this opportunity to thank everyone i mean speaking candidly we've been amazed and really thrilled at the response from the community and the amount of people that have taken real genuine interest in the success of beanstalk and we think that this tight-knit community that is getting started here really bodes well for the future success of beanstalk so we're really grateful to have everyone here i mean we've kept 20 to 30 people in this ama for almost two hours and that makes us feel very good that there's a ever-growing community of uh interested bean farmers that want to see beanstalk succeed so thank you guys nice nice okay well that might be a that might be a good uh a good place to to wrap it up then oh thank you ducks for uh modding this this whole thing and and coordinating it you know it's community members like yourself that that are really going to bring people into the future so thank you as well all right also maybe going forward if people do have more questions that um come up feel free to ask them in the ama questions channel we'll keep that channel open for any you know new questions that we haven't answered yet later yeah cool um yeah people are typing in there in the ama questions now so yeah i guess we'll get kind of soft like stop wrap it up and if the yeah i guess i guess publius is going to be around a little bit more this is our first time using the ama stage so i'm not 100 sure actually how we do wrap it up i guess we can just people can yeah if you want them answered in written form shoot them in the community questions channel and if not you know the next time we do an ama i will definitely circle back you know and try to answer everyone else that has more questions so going forward and as we've been doing this our goal has been to try to answer everyone's uh questions as you know honestly and fully and relatively quickly as possible and you know we'll continue to do that going forward and just to note that this has been recorded and i will i will process it and i will add the recording in in discord yeah i'll send it through to publius and they can add it in in discord awesome wonderful okay thank you everyone for coming and and we look forward to working together in the future thank you everyone thank you you