🛣️

Beanstalk - The Path Forward #3

Date
April 24, 2022
Timestamps
0:00 Intro • 0:15 Beanstalk Farms team dynamics • 3:19 Decision and vote on when to unpause Beanstalk • 4:52 Checking prior Bean balances • 7:01 Multisig management and security priorities • 9:05 Can the vote on unpausing happen before the Barn Raise? • 10:18 Will there be multiple options presented for the Barn Raise? • 11:13 Timeline for the Halborn audit • 12:56 Vesting schedule and depositing into the Silo • 16:45 Outside interest in Beanstalk • 18:14 Uses for vesting Beans • 20:36 Transition between old and new Bean tokens • 22:32 Is the unpause dependent on capital raised? • 23:48 Marketing engagements with Luna and Serotonin • 25:22 Bonus for early participation in the Barn Raise • 27:35 Conversations with actively managed treasuries • 28:55 When will the Barn Raise bonus be finalized? • 29:44 Sharing detail on investor conversations • 32:03 Marketing for the Barn Raise • 35:09 Voting weight on Snapshot • 36:00 Expectations for community vs outside funding • 37:43 Investment strategy for the Barn Raise • 40:40 NFT or POAP for the Barn Raise • 41:54 Impact on the minting pool on restart • 43:47 Minimum target on the fundraise? • 44:54 Communication with exchanges about lost funds • 46:53 Proposing a new Curve gauge • 49:45 Oracles and pricing of Bean pools • 52:03 Insurance for Beanstalk • 53:15 Why participate in the Barn Raise? • 55:48 Using Juicebox to measure Barn Raise interest? • 56:32 Closing thoughts from Publius
Type
The Path Forward

Recordings

Notes

Beanstalk Farms team dynamics

  • Amazing to see all the contributors rally together over the past week.
  • Incredible thing to witness the quality of output, communication, and organization.

Decision and vote on when to unpause Beanstalk

  • The vote to unpause should probably be a separate Snapshot than the Barn Raise vote.
  • Decision on when to unpause will probably be dependent on how fund raising goes.
  • Ultimately up to the DAO to decide.

Checking prior Bean balances

  • Shouldn’t be too hard for Silo assets, but might be harder for circulating Beans.

Multisig management and security priorities

  • Hope to publish best practices for Beanstalk keyholders by the time Beanstalk is restarted.

Will there be multiple options presented for the Barn Raise?

  • One proposal is being worked on, and the expectation is it will be presented as a single option.

Timeline for the Halborn audit

  • They quoted around 8 weeks.

Vesting schedule and depositing into the Silo

  • Circulating assets will be subject to the ripening process or vesting over time. They can be deposited to the Silo.

Outside interest in Beanstalk

  • It’s hard to speculate, but there are some encouraging signs

Uses for vesting Beans

  • Probably should not be used to sow in the field or buy pods on the marketplace.

Transition between old and new Bean tokens

  • Unfortunately the other token will always be out there. The best thing to do is just deprecate it in any of the places that might cite it, such as Etherscan. Otherwise, there’s not much you can do.

Is the unpause dependent on capital raised?

  • It’s up to the DAO, and there should be ongoing discussion about when the restart should happen with regards to audits being done and capital being raised.

Marketing engagements with Luna and Serotonin

  • Still engaged with both until the end of the month.

Bonus for early participation in the Barn Raise

  • There has been discussion about weather that decreases every day, but nothing final.

When will the Barn Raise bonus be finalized?

  • When the Snapshot goes live.

Sharing detail on investor conversations

  • Until there is something on the table for the DAO to vote on, conversations are just speculative and it’s counterproductive to make the details of these conversations public.

Marketing for the Barn Raise

  • There is a lot of interest from the media. Had an interview with the Wall Street Journal, and they will cover it.
  • Main focus will be on the value proposition of the Barn Raise, so we’re not relying on gimmicks or hype.

Voting weight on Snapshot

  • Should be the same as for the Halborn audit, which was based on the block prior to the attack.

NFT or POAP for the Barn Raise

  • There are people working on it, and it’s a great idea.

Impact on the minting pool on restart

  • What pool is ultimately deployed and the A parameter of the pool is up for discussion.

Minimum target on the fundraise?

  • No minimum, and from a theoretical perspective the protocol could restart and function without anything raised.

Communication with exchanges about lost funds

  • Nothing to do until or unless those funds hit the exchanges. There are on-chain analysis firms looking into it.

Proposing a new Curve gauge

  • Short answer is yes. How soon is unclear, but the idea of proposing another gauge is high priority, or at least we think it should be.

Oracles and pricing of Bean pools

  • The structure of the oracle will not change, but the intermediary asset will change whether that’s 3CRV or some other decentralized asset.
  • You can derive the dollar value or Bean Denominated Value of assets in a pool on Curve thanks to the virtual price.

Insurance for Beanstalk

  • At a protocol level, it doesn’t make sense because at scale Beanstalk will likely be larger than any insurance plan. However an idea presented to us over the past week was for some sort of special deposit account or contract that facilitates deposits but takes a portion of the Bean seignorage and allocates it towards some sort of insurance plan. That’s a compelling idea at the individual level and an example of one of the many things that will hopefully be built on Beanstalk in the not too distant future.

Why participate in the Barn Raise?

  • It’s up to the individual, but if you are a supporter of Beanstalk and have conviction in its potential, this is a very interesting way to accumulate some exposure to Beanstalk in the long run at a price that certainly wasn’t available last week.