- Meeting Notes
- Why Use Bean With Peromia?
- Bean on Arbitrum
- Seaport and Tractor
- An upcoming MMO launching on Arbitrum Nova. Will be taking its first pre-alpha signups at ETH Denver.
- Being built in Unreal Engine. The focus is on ownership and usability, not decentralizing every aspect of the stack.
- The assets are always on-chain and you have the ability to cash in/out whenever you choose, but much of the game state will be handled like any other Unreal based MMO.
- On-chain governance will be used to allow players to suggest mods and content for the game.
- There will be a DEX in the game that the protocol earns fees from. Fushi wants Bean to be the LP token to pair items and game currencies with.
Why Use Bean With Peromia?
- The reason a lot of crypto focused MMOs have failed has been that the token was the product, and they essentially just created elaborate yield farms.
- Since we already have Bean which works great and is the only stablecoin with no maximum supply that can be minted and can meet any amount of demand, all of that work is already done.
- Four Ways to Create Demand for a Stablecoin
- Gas token for side chains
- Staking yield
- Institutional on-ramp like USDC
- Being used to create leveraged positions
- One of the best ways to create demand for Bean is to use it as a currency in more places
- The main engineering left is UX and to decide how to handle Bean on other chains.
Bean on Arbitrum
- Do we want to have an official version on Arbitrum or do we want an unofficial or wrapped version?
- You can just bridge Beans to Arbitrum, but what's the best way to ensure there's liquidity and that people can access it?
- Micro-Beans as an in game currency will represent tiny fractions of a Bean as a whole value. It is basically just a wrapper contract where you wrap a Bean into a million Micro-Beans.
- Would be great to have an official version that has the support of Beanstalk Farms or the DAO.
- It's helpful to have a different token rather than just a UI abstraction, so that users can use Micro-Beans on other platforms with some continuity.
- Fushi is very open to the idea of using Roots or some other way to participate in the Silo so that players of the game can earn seignorage.
- Suggestions from publius for how this would be done:
- There is a Beanstalk level upgrade where any beans that are trading against in-game assets can be whitelisted for deposit
- Bridge Bean deposits or Roots to Arbitrum
- The new Root token might be the best option for Peromia to implement. The wrapper would essentially make Micro-Beans a rebasing token.
- Using the standard Arbitrum native bridge might be the best solution for bridging.
Seaport and Tractor
- Seaport is a protocol created by OpenSea
- Tractor was in part inspired by Seaport
- Seaport allows users to exchange the three main token standards (erc-20, 1155, or 721)
- Tractor also allows access to Pipeline, which can enable virtually any action throughout DeFi. Example given is buying Pods with Beans when the user only has deposited Beans. Tractor and Pipeline can facilitate the sequence of actions necessary to withdraw Beans and purchase the Pods with those Beans.
- Tractor allows for certain kinds of dynamic pricing, such as if a user is willing to accept some value in grown stock according to some defined parameters. The user can encode some generalized pricing function to price different parts of a plot differently, as another example.
- The big problem with systems like Tractor and Seaport is that there's no on-chain order book solution. Seaport runs some sort of centralized order book that keeps orders in the form of EIP-712 signatures. But for both systems there needs to be some sort of order book which takes in all of the orders, determines their validity, and reports that back to the UI.
- The newest versions of Seaport may have some of the same functionality that Tractor achieves with Pipelines, using custom Zones with hooks.
- Some of the functionality that Seaport has been introducing is in the latest version which hasn't made it into the docs yet. It might be the case that some of the Seaport developments overlap with planned Tractor features, so there might be some redundancy. This might end up saving some work.