🛣️

Beanstalk - The Path Forward #4

Date
May 8, 2022
Timestamps
0:00 Intro • 0:38 Opening thoughts from Publius and overview of proposed NFT fundraiser • 5:18 Is there time to make art for NFTs? • 6:24 Update on OTC commitments • 7:39 Difference between NFT sale and previous Barn Raise / OTC • 9:47 Are NFTs adding more complexity? • 11:25 Sale period for NFTs • 11:53 Does the NFT sale replace the previous Barn Raise? • 13:30 Update on OTC fundraising and concept of yield-bearing NFTs • 16:00 Fixed 500% Weather compared to variable Weather • 17:23 How does OTC capital participate? • 18:14 Long-term utility for the NFT • 18:35 Impact of NFT sale on OTC negotiations and timing • 21:14 What token will be used to purchase the NFT? • 21:36 Walkthrough of economics for NFT holders • 23:00 Impact of current market conditions • 23:30 Will the NFT contract be audited? • 24:56 When to start the NFT sale in relation to the audits • 25:41 Commissions to the NFT artist • 27:11 Should the NFT sale be called the Barn Raise? • 27:48 Will the NFT sale need a new Snapshot? • 29:21 Incoming OTC capital and conversations • 31:07 Percentage of funding committed • 31:38 Diversifying participation in the NFT sale • 32:45 Transparency in OTC conversations • 35:50 Impact of NFT sale on OTC negotiations and timing • 37:45 Allocation of NFTs to OTC investors • 38:34 Interface for the NFT sale • 39:45 Beanstalk Farms compensation Snapshot • 42:29 Next steps to formalize the NFT sale • 43:29 Whitelist for existing Bean investors • 44:44 Trading and value of the NFTs • 46:54 How will Beans be earned by holding the NFT? • 47:25 General Farm functionality • 48:49 Can new mints be automatically deposited into the Silo? • 49:45 What happens to Beans currently in circulation? • 50:40 Theme for the NFT collection • 53:41 Restarting Beanstalk on a L2 • 55:30 Finding a NFT artist • 56:55 Secondary NFT sale commissions
Type
The Path Forward

Recordings

Notes

Overview of proposed NFT fundraiser

  • The idea that was suggested was to sell 10,000 NFTs at $7,700 each and have them be worth 46k pods each. If they were to sell out, Beanstalk would be fully recapitalized and it would still facilitate an OTC structure because the terms are the same for everyone and and it shouldn’t preclude raising capital from larger private investors.
  • The DAO just passed a proposal to mint 77 million fungible tokens, and the idea would be to package those tokens with the same terms into an NFT by adding artwork on top of them, but they would still have the same economic properties as the fungible token.

Is there time to make art for NFTs?

  • Trying to track down high quality artists to do this. No reason the artwork needs to be finalized when the sale starts.

Difference between NFT sale and previous Barn Raise / OTC

  • The economics of it would be more in line with the OTC structure passed by the DAO, rather than the Barn Raise idea that had a new pod line. There would be no priority, and all holders would be considered the same.

Are NFTs adding more complexity?

  • It would expedite the timeline, rather than add a delay.
  • The minimum size of $7.7k could be considered added complexity. Other than that the economics are the same.

Sale period for NFTs

  • Similar to the OTC deal, there would be a cutoff period after which people would take a haircut.

Does the NFT sale replace the previous Barn Raise?

  • You could do both. That might add too much complexity, but it could in theory.

Update on OTC fundraising and concept of yield-bearing NFTs

  • Capital is starting to come in OTC.
  • The economics of having a yield bearing NFT don’t change the approved terms. It just makes it a little more fun.

Fixed 500% Weather compared to variable Weather

  • It’s true that if pods are sold at a lower interest rate it will cost Beanstalk less, but we think the difference is marginal when you consider that even at 500% it would bring the pod rate to where it was just a few weeks before the attack.

How does OTC capital participate?

  • Still unclear on the process for accepting non-crypto payments.

Long-term utility for the NFT

  • No idea, hopefully you can use it in the Bean metaverse.

Impact of NFT sale on OTC negotiations and timing

  • It would be symbiotic because it would allow investors in with smaller investments and potentially demonstrate some community support while not interfering with attempts to raise from larger investors.

What token will be used to purchase the NFT?

  • TBD

Walkthrough of economics for NFT holders

  • One third of mints will go to the NFTS, which you will claim just like harvestable Beans.

Will the NFT contract be audited?

  • The yield bearing portion won’t have anything to do with the NFT contract. That will be part of Beanstalk and will be a part of the ongoing audits. The NFT contract itself will be a standard NFT contract with the exception that it will claim whatever balance there is upon transferring.

When to start the NFT sale in relation to the audits

  • The sale can start right away because the yield is what needs to be audited.

Commissions to the NFT artist

  • It’s a great idea, to compensate the artists for secondary market sales.

Should the NFT sale be called the Barn Raise?

  • Yeah, why not?

Will the NFT sale need a new Snapshot?

  • We always tend to err on the side of more approval is better than less approval, but don’t think there’s anything under this plan that contradicts what was approved in the last plan. There probably is something to be said for another proposal to greenlight this official NFT Barn Raise.

Incoming OTC capital and conversations

  • New commitments in the form of USD and USDC are coming in and we are having conversations as well.

Percentage of funding committed

  • Roughly still around 15%.

Transparency in OTC conversations

  • Hard to give substantive updates without discussing specifics. There are many conversations happening along various points in the process all the time.

Beanstalk Farms compensation Snapshot

  • The timing of a vote on compensation is unclear, but it is very important that all of the contributors who are working to get Beanstalk up and running again get paid.

Trading and value of the NFTs

  • They will be tradeable on Opensea. The value will be determined by buyers and sellers.

How will Beans be earned by holding the NFT?

  • They will effectively be harvestable Beans or the equivalent, where you will have to claim them and deposit them if you wish.

What happens to Beans currently in circulation?

  • If you had them prior to the attack, they will be vesting.

Theme for the NFT collection

  • Won’t know until after we bring in NFT artists.

Restarting Beanstalk on a L2

  • In theory, but that wouldn’t make much sense to us for a lot of different reasons. Beanstalk development on Ethereum mainnet is the priority. L2 development has always been something to focus on in the future.

Transcript

cool uh i think we have relative critical mass although uh no questions in the channel just yet we figured it'd be appropriate to have this one since you know the last time we had an anime with pubes was right before the previous snapshot to approve the approve the otc terms was up and it was going to be a few days before class on tuesday so i wanted to have this session to uh surface any questions suggestions that community members may have had over the last couple days but i see there's no questions in the chat at the moment uh publius is there anything you wanted to open up with sure so while we certainly haven't been able to participate in written form in the discord chats as much as we would normally like to we do still read as much of it as possible and have been quite enthused by some of the ideas around the otc structure that have been discussed in particular the concept of like an nft series uh think uh i forget who it was i want to make sure i give credit to them because it's really their idea um hold on i'm going to try to find it to give credit to the right person because i wrote it down but someone in the discord chat cited the man i'm not going to be able to oh here it crucible is i think crucible class said why not do something like ten thousand tokens for seventy seven hundred dollars per pod uh each token is worth 46 200 pods tokens are numbered yadda yadda but the concept is to to facilitate the distribution and participation of this by everyone such that anyone can buy an nft anyone can participate if all 10 000 nfts go uh that's fabulous and then beanstalk will be fully recapitalized this still facilitates an otc structure because there's the same terms for everyone and uh shouldn't necessarily preclude the uh raising of capital from uh you know larger uh private investors if you will so the long and the short of it is that uh you know over the past day or two since the last conversations we've had with the community uh you know we're very interested in the nft idea and feel like there's no reason not to go forward with that so uh very curious for what people have to say about that but that's you know that's what's been kind of top of mind over the past 24 hours let's call it anyways could you maybe expand on what the idea is exactly and practice a bit more for those who weren't able to to read the message or if you have the link you drop it as well uh don't have the link but so the concept is uh the otc terms that were just approved by the dao were for the issuance of a fungible token where uh for your percentage of the 77 million dollars contributed to the recapitalization you will receive a percentage of the total fungible token supply so if you contribute 7.7 million dollars you'd receive 10 percent of the total functional token supply and those fungible tokens uh as a whole will receive one-third of all bean mints until the 500 weather has been paid back and so in short the this idea is to package those fungible tokens uh effectively as non-fungible tokens by adding artwork on top of them but they will still have the same economic properties as the fungible token so to some extent this will be a yield bearing nft where the the nft will be entitled to be mints for a period of time so i think it's kind of cool as an innovation on the nft front in and of itself uh that you'll have something native to the protocol earning interest that is an nft but in addition just think it's a cool way to get the community much more directly involved which has been very clearly a main piece of feedback awesome and do you imagine those nfts being able to be like claimed through a ui on the bean.money site is that what you're imagining this looking like hopefully right so the concept would be and again this is all still very much in the idea phase but uh let's call it two weeks from tomorrow uh you know the nft sale could launch and at that point people can just start buying the nfts and the nfts will be on sale for a couple of weeks and maybe it's a way to encourage earlier participation there's some increase in the rarity of the nfts or something like that so there's some additional bonus you can add that's not necessarily economic but more nft based but to make it fun but i feel like this is a cool way to do it makes sense now jack's asking the real questions in the chat asking uh if we really have time to make art for 10 000 nfts short answers we're trying to track down very high quality artists to work on this so a couple different uh doors being knocked on there but if you or anyone in the community listening to this has a strong connection to a great nft artist that wants to grind for the next couple weeks uh you know let us know and try to connect us and we would just also say there's no reason necessarily that the artwork needs to be fully done at the time that the sale launches uh you know you probably need previews or something but you don't need [Music] you don't necessarily need all the artwork to be done so there is a little bit of time maybe the nfts all become claimable whenever beanstalk relaunches right there's a couple different ways to do it all right question coming in from just a bean have we gotten closer to newer commitments on the otc side now that the snapshot has been approved so the short answer is closer to newer commitments so everything that's relative would definitely stay closer but nothing additional but there is one of the things that we highlighted was the complexity around bridging the gap between capital that doesn't have crypto and uh you know that wants to participate in this and think that there has been some progress on structure and stuff there and on-ramp so you know everything is marginal but one of the nice things about this extra time and particularly now doing this nft sale is unless it sells out there's no real uh rush to get things in over the next week or two weeks right so there's gonna be hopefully some initial commitment up front as we said uh you know but otherwise this will just basically be a you know anyone can participate sages asks um how's this different from doing our barn raise in the first iteration people could buy as little as much as they wanted it seems like adding more layers of complexity with an nft so generally this is well there's a couple things this is much closer to the second iteration of the bar and raised if you will that was just approved the otc version that was just approved by the dow this is a very similar version of that but with i guess you could say a minimum in the form of one nft uh so one ten thousandth of the total amount uh but economically it's the same as the otc structure that was just approved and then how it's different from the barn races you know effectively how the otc deal is different from the barn race which is that instead of having a new pod line you would have uh everyone be holding this fungible token that would be in the same class and so even though there would be this non-functional aspect to the token uh the economics of it are the same as the otc deal makes sense yeah and in my mind one of the main differences is you know a pod line has an inherent priority whereas these fundable tokens wouldn't um jams asks would we structure and have a sell period for the nft if we go this route not quite sure what james means by that but uh there's no reason to have a sell period right like the i don't know what that means either but you know i guess i don't know what that means so fair uh jams if you want to follow up in the chat uh feel free to and we can resurface your question i think i'm at the bottom of the town hall chat but uh you know feel free to tag me if you feel like i've missed anything and uh i see several people typing so well there's a technology now adding layers of complexity and more delays i would argue this is not a delay whatsoever this is uh expediting the timeline significantly and saying two weeks from now uh everyone is gonna be able to participate in this so i think that's a very substantive change from the last conversation in the positive the opposite of a delay uh it's been expedited i would say uh and so a two-week timeline to me is that seems like it should be a a positive change in information and in terms of layers of complexity you could make the argument that the complexity is that now there's a minimum size to participate uh you know which i guess would be seventy seven hundred dollars for one nft but that's the only complexity really being added here in reality uh you could say there's some additional technical complexity but it's truly minimal particularly given that beanstalk has supported nfts before so uh yeah it's all relative but think this is a fun it is a fun layer to add on top of this with the same economics right and you had just mentioned i think two week timeline in there uh somewhere what are you referring to uh exactly well the thought is through the timeline for what actually be bought when can people start buying their nfts right like why not why not have people be able to start the to buy their nfts sooner rather than later definitely all right uh looks like james had an amendment to his question uh he says cell period as in a start and stop time period of which the nfts will be for sale i.e will let nfts be for sale be set for sale for two weeks if they don't sell out during that time period everyone takes a haircut um yeah that's an interesting question i guess when would it cut off it would still have to be a cut off at call it june uh you know middle of june something similar to the otc deal makes sense and i assume in this case uh would the barn rays be kind of abandoned as a concept given that this this format is open to everyone you know there is something to be said for and i mean this doing the barn rays as well right like you could say [Music] have the bar and raise have the nft sale and you can do them simultaneously i think at some point now the the argument that there's too much complexity at some point that actually does hold true uh you know so i don't necessarily think you know we would advocate for that but that's possible so it's not to say you can't do the part and raise uh but it's probably better to keep it simple so this would be in lieu of the barn rays but again the dow has already approved this in lieu of the burners this is just a slight re-packaging of it uh this is a slight repackaging of it for to make it a little bit more friendly to everybody yeah and and i imagine if we if we did continue with the barn rays afterward we'd have to think about kind of the one-third beam mint distribution going to the fungible tokens versus the br pod line and things like that i imagine well i think that's actually pretty simple right let's say 50 of it sells out in this otc version or the nft sale half of the fungible tokens that would have gotten minted would get minted and then the other half can get repackaged to support the barn race so there's no problem with that got it got it hey manifold what's up economically at least hey hey guys what's going on i just wanted to add a couple comments here so nasdaq brought up an awesome point um you know since you know the snapshot has approved you know capital can now start coming in and trust the terms so just wanted to publicly say you know there is capital starting to come in um so you know that's just something i'm willing to say publicly um but also um in regards to this kind of nft concept um you know just to kind of clarify here effectively what it is is it's it's a yield bearing nft right so let's say we have this is just an idea this is nothing concrete but i'm just trying to clarify the idea a bit let's say we have 10 000 nfts right and we need to raise 77 million dollars so that price is each nft at 7.7 k's seven seven thousand seven hundred dollars like let's call it two and a half feet um and and that nft is effectively yield bearing right so um it it it entitles you to up to 500 weather right so the nft's value is let's call like 45 46 000 in total in the future um now that's effectively what we're doing anyways but i think what publius is kind of referring to is hey there's a way to make this a little bit more fun um and do an nft like an actual nft collection that's marketed to a different audience as well and get people excited as far as i know there's not really a yield bearing nft on the market right now um so you know there's just a lot of fun stuff you can do with that again nothing's final but i think just the spirit of the idea is kind of interesting but it ultimately doesn't change anything that was approved with the dallas snapshot it's still the same otc terms and whatnot it's just hey if we want to make this a little bit more fun and opening up to different audience you know theoretically that could happen uh under under something like this yeah and to parrot that a lot of the main questions uh that were voiced over the past couple days seem to have been around who can participate what is the minimum size and things like that and felt like this is a very elegant solution to all of that awesome i think uh sages has a question about uh the current structure versus the barn raise it says don't you think we could get all the pods sold at less long-term cost if lots of folks would pay for pods in the 21 interest uh in the barnary's case to get into the front of the line rather than having a fixed 500 percent interest maybe publish you could talk about some of the the trade-offs there well it is tautological right if pods are sold at less cost then de facto they're sold at less cost uh but with that said we we continue to be advocates for the theory that it doesn't really matter what interest rate beanstalk has to pay now that that only applies to some extent right you can't pay a million percent interest rate but uh whether it's a 500 600 200 400 uh it's all marginal and when you consider what the issuance of 462 million pods i think would be uh 462 million pods uh that would that would increase the pod rate to where it was like two or three weeks prior to the attack or less maybe a week prior to the attack so it's all marginal makes sense yeah i think the the pod rate math came out to something like eleven hundred percent but uh don't quote me on that all right uh neltar has a question uh the rationale for the otc deal was to get as much external capital before needing to do a barn raise will the nft route also carve out nft supply against the amount of otc capital raised and sell only the rest of the nfts yes now this goes back to the question of how does capital actually participate so the short answer is this is something that's being figured out is if there's a bank wire received somewhere should that be bookmarked or should that just you know does it have to be converted into crypto and then sent to the contract to count uh that that part actually hasn't really been figured out more inclined to say until you've sent the money to the contract it doesn't count but unclear all right uh triggs asks any long-term utility for the nft after the 500 weather has been repaid uh i mean no idea hopefully you can use it in the bean metaverse exactly a piece of uh memorabilia all right uh just a bean asks does the community-wide nft sale reduce our ability to negotiate seem to remember that community-driven raise was being kept in the back pocket for otc negotiations uh the short answer is think that this the structure of this is likely to be symbiotic uh as opposed to the barn raised which was like a 10-day thing quick and dirty uh the fact that this is going to be more of a month-long thing month-long thing to happen uh over time as capital starts to come in both chain and off chain think it's more likely to be symbiotic that is just an opinion though so do you think it's mostly symbiotic due to the nature of this uh this version having a longer sale period or is there any anything else to it well there's a couple things it's like multiple people reached out and we're like you know we we are interested in participating otc but at smaller sizes than you know the five to 15 million dollar trenches the dow would probably book directly and so the question is then you know trying to get them to organize themselves into larger tranches there's a lot of friction there and so while there's clearly demand from the community in addition to demand from venture the thought is to put them both out there and start to not necessarily compete against one another but demonstrate at similar times that there's interest from both parties think that will go a long way and then the month-long period or maybe even more maybe you can get the the opening period even started this monday that may be too soon not not tomorrow but a week from tomorrow uh you know it's it's a little bit of game theory but uh more of a behavioral side of things but uh i think it'll be fun and and just want to want to clarify one point cause somebody just asked me in the dm um so this also has no delay in terms of calling capital like you know if there's there's capital being committed like we're we're calling that capital um we're not we're not waiting for you know an nft scale sale two weeks down the line there's no delay in the process this is just kind of this you know fun idea that could that could be launched in a few weeks or something like that but in terms of the logistics of calling capital and the timeline like that's that's full of green light now since the uh the snapshots passed awesome thanks for sharing let's see uh rg asks what crypto would be used to buy the nft possibly usdc i imagine the answer that is to be determined but i'll defer to you publish tbd cool all right from jw so the fungible token would be a way to lock in 500 weather and would be paid off evenly across all nft holders please walk through what it would will be like for nft holders each nft will yield you know 7.7 k times 500 weather pods and those pods will mature at one third mint going to nfcs uh i imagine pods are kind of out of the equation that the so you hold this nft let's say you hold one of these 10 000 nfts and beanstalk mints a million beans you're gonna be entitled to one ten thousandth of that so you're gonna get a hundred beans now those beans will be just like when your pods harvest their claimable beans and you can either deposit them you can sell them you can do whatever you want with them that will be the case for those hundred beans and that will happen uh for all of the beans that will be minted under your nft which is 7700 times six uh so again i think that's like 46 46 200 or something makes sense all right i see a comment about um or maybe uh not a question directly but maybe pulis you can uh comment on if you feel like current market conditions are affecting uh the fundraising anyway definitely i mean total show across tradify and crypto markets at the moment and it'd be hard to hard to argue that that isn't hurting things uh you know but such is life indeed all right uh from jams if we're opening a pandora's box with an esoteric yield bearing nft is the nft code going to be audited prior to distribution so uh you know just to jump in here the um the yield bearing portion actually doesn't have anything to do with the nft contract itself the yield bearing portion is a part of beanstalk that is already written and will be a part of the ongoing audits um you know whether we use a fungible or non-fungible token it really doesn't matter as far as the yield bearing goes it just you know needs a way to determine your balance of the token and that's the same for an erc 20 or an erc 721 um you know in terms of uh the nft contract itself um you know it'll be a very standard nfd contract will likely use the contract azuki used and you know just work that with minor modifications such that when you transfer an nft um it you know goes ahead and claims your share of beans so that you know you don't essentially lose any unclaimed beans when you transfer but other than that on the nft side there'll be very little custom code very helpful thanks for bliss jdubs just commenting it's a great solution that brings together both otc demands with community requests and ensuring involvement and uh i would just echo that sentiment i'm excited about this path see rg asks why do you mention two weeks from tomorrow to start the sale why not after all the audits are complete well so ultimately this is just capital being raised this has nothing to do with the audits themselves right so the distribution of the yield as publius was saying will the structure around that will be audited uh but the the nft sale or the capital raise the barn rates whatever that that was always going to happen before the audit so that nothing there has changed all right triggs has a comment on the uh the artwork i'm just uh reading through to the bottom is this a priority in the discussions around bringing an artist to submit their work particularly the commission the details of commissions on trades of the nfts are critical to get set up first before launching the nfts if we are hiring artists to create artwork they should be able to be rewarded financially if a viable secondary market is created for their artwork that's a great idea who could argue with that um don't have really any thoughts on that uh don't have a lot of experience with nfts uh so yeah great thought would be curious for what other people then and you know kind of one beauty of the nfd portion is you know there will by default be an opportunity to you know buy and sell these nfts on openc without having for us to you know find a way to create a liquidity pool so that'll create liquidity for the tokens which will allow you know some commission if desired by the community to be taken at the point of sale on open seat um you know we're also exploring building our own native nft market but you know kind of uh you know that might be a more long-term plan um but you know the dow will have permission to vote on a commission at the point of sale on the open c platform if we want yeah that's a great point uh the nft marketplace infrastructure is already there uh warthog asks should we call this nft sale the barn raise we're still uh raising the barn just using an nft selling pods i'd say yes why not sounds good to me that's up to y'all you know i just work here uh fun stuff guys we're all just trying to figure this out together you know these are just ideas but think it's a pretty cool idea yeah is there anything in this idea that you've proposed today that you think would have to be uh like run through and approved by the davia snapshot again or do you think uh the last one was i don't know sufficiently covers that ground i mean we we always tend to err on the side of more approval is better than less approval but don't think that there's anything under this plan that contradicts what was approved in the last plan i think there's probably something to be said for another proposal to green light this official nft bar and race but yeah like yeah let's document it why not why not get the dow's approval wait yeah it should be a pretty brief one i think i'm at the bottom of town hall chat again uh let me know if i missed anything i see a few folks typing but yeah also by participating in the you know for calling it the barn raise now i guess you are getting you know upside in the speculative future of the bean metaverse uh whenever whenever that comes around all right uh manifold this might be one for you uh what is capital coming in mean exactly are they referring to commitments coming in or new conversations anything in between uh both so you know usd and or usdc coming in um and lots of new conversations i mean guys like we're we're talking like family offices like all sorts of funds across the globe at this point um it's pretty remarkable um how word of this raise has spread throughout like so many networks um so we're still like having conversations with a new set of deep pocketed investors like every day and we have that continuing all week so um to answer the question uh yes we do have capital uh coming in and then we also have new capital conversations uh coming um so great thanks for clarin fine and as usual folks are also welcome to uh you know raise their hand and come up to the stage if they want to ask live all right it looks like you have another one manifold are we still at the 15 committed mark or has that increased um i think roughly the same right now i mean that number was thrown out on friday right [Music] yes it's uh it's only been a few days yeah roughly the same uh hopefully that number goes up this week then obviously all right rg asks how do you ensure that the majority of the nft sale won't go to a single entity well you can't necessarily insure it uh those are good problems to have you can probably put a limit on the number of nfts a single wallet can purchase but that obviously doesn't really help you uh so don't have a good answer for that one to piggyback off that though like we we are actively um seeking a diverse group of capital and participants um so you know like we would prefer you know five parties that invest 10 million dollars each then one party that that's 50 million if that makes sense so um you know while we can't like kind of explicitly guarantee that i guess like i think we're all making a conscious effort to keep the capital uh the cap table as as diversified as possible definitely all right uh just bean asks could you talk a little bit about the number of conversations uh being had hey let's see uh they're curious about a couple things like i guess awareness of the fundraise you know uh folks considering the fundraise and uh you know where in the process some of these investors are they say just looking for a little more transparency on where in the funnel these conversations are it's hard to i mean this is just my opinion and this may sound crass it's hard to imagine being more transparent other than telling you like who we're talking to on a daily basis you know like there's endless conversations some people are saying no some people are pop up and or re-enter the funnel there's an endless stream of people at different stages of the funnel at this point so it's very hard to to give give anything more substantive than than that you know it's like it's a revolving door of interest basically people go go between one two and three and then back to two and then back to three i mean it's crazy what's going on so very hard to to be more specific and don't mean that in a way of like it's just like other than telling you oh we spoke to so and so today we spoke to someone so yesterday it's like you know haven't spoken to them again since thursday it's like how much more information can there can we provide someone someone just some big capital just texted me to call them right now and i'm like i'm on the call with the dow right now so is that helpful like you know we're trying here we're trying all i do all i think manifold myself all we do is work on this so it's like we're on calls all day who are we on calls with endless different people all right i see a few a few questions rolling in but uh i think i see sync up on the stage how's it going sync hey hey do you hear me okay yep sounds good great yeah i just wanted to say um you know i would encourage everybody to listen to the recent twitter spaces that uh osvi coordinated between pubes and manny uh personally i love this idea of yield bearing nfts kind of representing the capital raised through this otc arrangement that the dow agreed to and i think it really builds on the um economic ideas that manny was talking about with respect to metaverse and uh that publius uh was engaging with him on so uh just check that twitter spaces out um really interesting as far as the possibilities i think this really opens up a lot of interesting uh you know creative opportunities for being stopped moving forward agreed that one was a fun lesson we should uh set up more of those or as many as we can all right jams asks how would the nft sale work logistically in congruence with otc conversations would we earmark otc committed capital prior to the public nft sale i imagine that these otc conversations would need to end prior to the public nft sale for this to work correct they would have to end prior to the oh wait no they would have to end prior to the end of the public nft so not the beginning of the public nft stuff so think these can happen uh simultaneously in short and there can be nfts that are bookmarked when capital that is committed in some capacity but isn't necessarily on chain yet uh we can figure that out but that'll be something that'll be figured out those are details that hopefully will be figured out over the next couple days now that this idea is coming into form and and maybe this is something you're still thinking about but how long did you think that nft sale period would last well whenever it starts until mid mid-june let's call it maybe so sorry uh yeah so almost a month if it needs that i don't know i don't know anything about nfts so maybe you guys would have better ideas about that yeah something to uh to think about yeah this is not our expertise like how to how to drum up the most hype for the nft sale that the community should we we we can learn a lot from you guys on this one but the the economics of it that we feel pretty good about let's see i'm looking at warthog's question uh if you have committed capital from various investors you could allocate nfts to those parties prior to release of nfts for general purpose right hopefully some of those deals would be in writing prior to the nft sale um so you sort of touched on that but perhaps uh expensive yeah again not exactly sure on the details there but we'll hopefully get more clarity on that over the next day or so what earmarking would look like if there's a written agreement or something even if it may take a couple weeks for the capital to come through yeah unclear unclear that's more of the nitty-gritty question from uh max so will it be an interface to watch nft sales and otc commitments in real time could be a useful marketing tool as capital rolls in now the otc commitments are harder to know what's like in right pen to paper in theory is in but um yeah definitely there will be an interface to do the nft stuff are you all excited or what ever since this yeah this idea was like how could you not do this idea it's just so intuitive once you read it it's like oh my god lots of good energy uh in the chat for those listen on spotify later oh this is a an interesting one justabean asks should the dow pass any snapshots to ensure folks who are working through this period are paid for their efforts once beanstalk restarts that's a great question just to be and honestly don't know the right answer here there have been a lot of contributors that have continued to work on beanstalk after the hack and with no real expectation of being paid because the beans are worthless and it's like yeah you know the amount of people that showed up and have continued to show up even after all the money was gone it's been amazing now there has been some money returned from the ukraine uh which is amazing so there was already a dow snapshot as far as i'm aware to allocate the 300 000 beans that beanstalk had or excuse me 300 000 usdc that beanstalk farms had to be used for expenses and stuff but as far as we're aware uh you know it would it would make sense to us for there to be required additional snapshots for people to get paid for the work they're doing now uh whether that's payment upon the restart of beans in the form of new beings whether that's a portion of the very limited usdc that being stock farms has you know as for that's something we haven't really spent much time thinking about to be honest uh although it's very important that all of the contributors are you know able to able to sustain themselves during this period of time even if even if the beans that they were going to get paid in are kind of worthless so just it's a difficult thing to navigate but ultimately think that the yeah the the dow should definitely vote on something like that because people are working you know and in particular there's some people that are i mean it's amazing the work that's going on we've been blown away by it like i can't believe how how hard people are working with no guarantee of any any sort of anything given the circumstances agreed and would just uh echo back the same sentiment to you guys uh if you suggest adding a share to twitter feature as part of the mint ui that sounds like a great idea i love it at silochat add cool beats exactly the jams asks what are our next steps to memorialize the nft route i think someone mentioned a snapshot vote and if a vote is actually necessary to go this route um i think we're saying we probably want to get this in writing in some capacity um in which case if the writing is there we might as well uh put a stamp on it by the dow but you have anything to add there publish yeah i mean from our perspective again more more more is is better in this case so maybe there should be something short written up and voted on uh just to get the the total green light but from our perspective there's no reason there's no reason not to do this or to assume that this hasn't already been approved given the current snapshot but yeah might be good to have another one but it's you know good better best right all right idea from the black knight uh an idea could be a wallet white list for existing bean investors who could be part of the nft launch but would have an opportunity to gain an nft with specific traits or rewards now we're talking now we are talking gotta collect these somewhere i'll uh i'll note them down and you know share them with the team uh focus on be at beanstalk farms working on the nfts i mean what was the floor on the nfts before that attack you know like we're not even talking about that much of a premium on just the nfts now you're talking about yield on top of it it's pretty cool yeah great and the one of the things that made it click for me is when uh other police mentioned how we uh you know have access to marketplace infrastructure already to make it tradable which is awesome of cool stuff lots of cool stuff uh well the nfts be tradable uh yes uh well openc will already do that for us but perhaps it uh you know makes sense eventually to one day have our own beanstalk native zero fee marketplace if anyone's interested in working on that you know feel free to reach out to us um and then the sages also asked a way to figure out the value of them imagine you know us leaning on that marketplace to determine that but uh publish if you want to take the buyers and sellers that we can't comment on but the buyers and sellers will determine the value right also yeah we just want to give a stinky bit a big shout out this is like their they've been harassing uh everyone everyone knows think uh it's been on our tail for a long time about the concept of uh an nft as as a yield bearing instrument now i think their their long-term vision is to have a permanent deposit but this is we're 90 percent of the way there so uh want to give them a shout out for this uh as well in addition to uh to crucibleclat and thanks beanbankman refried for shouting them out as well in the chat they deserve hey this the cool thing the cool thing about this guys is every part of this has ultimately been in response to and a result of community feedback across the board so uh you know we're just uh we're all trying to do our best here i would say and uh it's a team effort yeah it's pretty amazing um first it was uh the lusd pool next it was the yield bearing nfts and i was skeptical of the permaloft deposits but but who knows uh looks like sync is building a pretty good track record the idea man strikes again exactly exactly as sages asks um just by holding the nft i will somehow get beans deposited into my account or uh your wallet address i imagine the answer is not deposited into your account but your wallet address yes uh so not into the silo but you know they'll effectively be harvestable beans or the equivalent of will you have to claim them yes got it and when you claim them you can immediately deposit them or do whatever you want with them and the the general farm functionality should be live you should be live be able to do somewhat arbitrary things with them at the time uh what would be an example of that uh when you say arbitrary things take your bean yields sell them into eath deposit that eath into an l usd trove or a liquidy trove mint lusd you know add lusd to the an l usd bean pool if it's relaunched and then you know maybe even deposit that l usd being lp in convex before you deposit the convex cell usdb in in the silo that would be that's our favorite example to always throw out there but uh that could be live uh the the liquidy trove probably won't be live upon relaunch but uh you know that's one example of the type of thing that should be uh possible through the farm functionality so uh maybe the short term example is just taking your beans and depositing them in various lp tokens or something like that i guess there would be one lp token upon relaunch but you get what we're saying all right uh sages also asks seems better uh would it would it be better to have those new bean mints from the nfts deposited into the silo so there's less cell pressure probably less gas intensive for the protocol also imagine sending beans to wallet addresses daily sounds expensive well so in particular they won't be sending the beans to the wallet addresses daily they'll just be claimable beans right so they'll be the same state as like a harvestable bean so when your pods harvest they become harvestable which is effectively a circulating bean but they're not in your wallet unless you claim them does that make sense it does well yeah sages also says yes all right uh let's see wilco lacpul i probably butchered that one uh asks perhaps a dumb question what happens to being currently in circulation i think they're subject to the same investing schedule well currently in circulation is different than in circulation at the in the block prior to the attack right so currently in circulation nothing happens to them but if you had beans in circulation in the block prior to the attack then you upon restart will receive some pro rata portion based on the percentage of the system that's recapitalized uh some vesting beans that are circulating and then you can deposit them in the silo while they're vesting or not but you'll have you'll have vesting beans wait um let's see deez asks are we making a new nft collection from the one we prepared for the barn race or can we build upon the one we were finalizing last week uh is the theme still rebuild slash rebirth etc honestly don't know on this one i think there's been some conversations to get some serious nft artists involved in this uh but don't really have have any real answer there yet mod i'm not sure what your uh question is in response to if you want to expand on it okay so he's referring to the newly minted beans from the nft uh i guess the same question is the sages why not deposit them automatically versus uh having to claim them i suppose you already answered that one but well it's debt right it's debt so in the in the in the system the way debt is repaid is is in the same structure right not everyone might want to make there's no compounding interest on debt repayment you know all right uh yeah i think we should call this new fundraiser as the barn raise instead i'm all for that all right well uh we have a few minutes left before the end of the hour but don't see anyone typing in the chat uh perhaps i'll pause just for a moment if anyone wants to raise their hand or type anything else out and then we can we can wrap up or not if there's a many more questions all right quite a question from nps is it possible to restart bean on another l2 in theory but that that would make much sense to us for a lot of different reasons beanstalk is uh beanstalk development on ethmainet is the priority for a lot of different reasons at the moment you know l2 development has always been something to focus on in the future all right well uh as well pause for just another moment see if uh mod finishes his thought all right mods doubling down uh so regarding the the new bean mints for the nfts he asks why do we have to pay debt that way wouldn't it be the same if the user keeps claiming the beans again anything is possible this just wasn't how it was implemented and the code has at this point been prepared for the auditors very practical answer all right james asks is finding an nft artist a significant barrier here if beanstalk farms has nfts going already should we use those it's definitely not a barrier and you know that's a conversation that will be had over the next day or two as well probably awesome well uh all right a couple more folks typing i'll just plug as we wrap up here i think dumpling and ipo and chill are hosting a uh social hour of sorts a couple hours from now uh in the construction site i'm not sure if they're gonna have hop over to to gather town like they did last time but uh we'll have to defer to them there but you can find them in the construction site in a couple hours and then we should have class scheduled as usual uh on tuesday all right why don't we do this last one and then we'll wrap up uh hammer asks secondary sales of nfts typically generate a commission back to the originator should we assume those funds will go to the recapitalization as well i think we commented on this a little bit earlier it could be possible to uh incentivize the artist with a you know secondary sales fee but do you want to add anything there publish nothing really to add you know these are the finer details but don't think that's i mean i don't know is the short answer probably not all right well unless anyone haven't has any objections we can go ahead and wrap up there as mentioned happy hour in a couple hours otherwise uh we'll see you all in class on tuesday thanks for coming everyone i hope i did okay as host austin you crushed it all right see y'all you