DAO Weekly Meeting #20

May 5, 2022

00:00 Intro • 00:36 Fundraising Updates • 08:41 Q & A on The Path Forward

DAO Meeting


Updates and Questions



awesome got a pretty good crowd now we can go ahead and get started um so typically these meetings are for updates from Beanstalk Farms about what's going on um with respect to development but I think this time we're going to spend most of the meeting uh focused on the path forward and how things are going with respect to OT and OTC deal uh happy to answer questions on any of the goings-on of Beanstalk Farms towards the end as you know as well as stuff that we talked about last week but uh for now I would love to hand it over to Publius to kind of hop in with respect to uh to fundraising thanks Chad so there's a lot of there's a lot of of updates uh uh in short over the past week particularly since uh the announcement that there was OTC interest in that an OTC deal was being considered there's been a significant amount of interest in the OTC deal there isn't any any and there certainly isn't any pen to paper and uh you know therefore it's hard to to have a sense of exactly how much uh confidence to have in in the overall success of the OTC strategy when it's all said and done but at the moment it's very encouraging to us the response and reception on the OTC front so the the the issue however there's a couple of issues and they're all related obviously uh the first issue is that while there's discussion about an OTC deal there aren't really any official terms and the Dow certainly hasn't approved any terms so whereas we have been discussing uh potential terms it would be really good for the Dow to ultimately ratify that they're comfortable doing an OTC deal at specific terms uh a la the 500 weather on a fungible token instead of PODS but uh that would receive a third of bean mints until paid out and in in short well what we think it makes sense to do in order to facilitate the maximum likelihood of maximal fund uh recapitalization is effectively to have the Dow vote to approve these potential terms uh postpone the barn raise indefinitely and then start to try to take in capital over the next couple of weeks and there's no reason why the barn race can't happen at any time before now and whenever Beanstalk has restarted and then the question obviously becomes well when is Beanstalk going to restart and it's very important to note that one of the main pieces of feedback from a lot of the OTC interest is they're very focused on security and are uh you know they the short answers a lot of them are very focused on the audits and are much more comfortable lending to Beanstalk potentially uh after the completion of both trail of bits and omniscia and so in addition to voting to approve the the OTC terms and uh pushing back the barn raise indefinitely we also uh think that as part of the OTC terms it needs to be stipulated that Beanstalk will restart uh after the completion of the halborn and trail of bits audits which are both scheduled to be completed uh at the end of June and so that would put be in stock in a position to restart uh beginning of July God willing so that would be those would be kind of the the three line items that are all complementary that uh we are you know we think are are a reasonable set of next steps for the Dow to continue on this OTC path if the Dow thinks that this is the right path forward and obviously the question on whether it is the right path forward is dependent on interest and it again it's very hard to say how much ultimate demand there will be and whether the full 77 will fill but it is important to note that at the moment that's very possible and think that it would be in the interest of the Dow to have the time to see if if that can play out over the next couple of weeks so that's that's in short the the summary or the response to what's been going on on the past week with our attempts to attract interest here to the Dow and those attempts are going pretty pretty well I would argue but now we need the Dow to actually ratify a deal so that we can over the next couple weeks try to actually bring in some Capital so that's that's the long and the short of it and uh you know that's where we're at awesome thanks for that explainer um would love to get some questions going here so I'm keeping an eye on Town Hall Chad if anybody would like to throw a question in there but also feel free to raise your hand and come up on stage no this is certainly uh you know another you know the next big step in the path forward um but yeah happy to answer any of the specifics or speak to specifics here okay cool question from Alex uh do the VCS understand that a quicker launch also improves chance of protocol success [Music] I would I would turn around and and maybe welcome you up here to discuss that Alex but the question would be why is that but wait I I would push back on the concept of momentum which is what they typed in the chat which is that the momentum primarily an economic momentum right this the state of the system was very strong and so if Beanstalk is able to recapitalize significantly or all the way you know from our perspective it's hard to believe that that momentum wouldn't be restored uh you know that's that's I it'd be hard to believe that the the once Beanstalk has restarted the momentum won't come back [Music] [Music] one other thing that's worth noting here um with respect to timelines so I think you know from where we're standing now talking about Beanstalk relaunching at the end of June or in July seems pretty far down the road but once you account for the time to perform the barn raise as well as for the time to complete the necessary engineering um to get Beanstalk back online correctly and safely even if the the audits weren't completed before this we're still looking at something like the beginning of June uh for being stuck to to relaunch and so you know there's a question here as well of you know that marginal four weeks to allow us to to work with more OTC capital and then also to get both audits done um I think it's uh you know that trade-off seems to be in in favor of waiting Carrie Smith why is the focus of VC money now versus open market Barn raise well there's a couple things to be said the focus over the past couple of days has been pursuing the OTC interest and it's very high and so now the question is just does the Dow want to continue on the OTC path which the main benefit of is minimizing the the chances that Beanstalk isn't fully recapitalized or another way of looking at it is maximizing the amount of capital that Beanstalk is likely to attract so the foreign the analysis from our perspective now there's no there's no right answer and ultimately the Dow needs to decide the Dow needs to decide what to what to prioritize right does the Dow want to just move forward cut off a leg say well maybe 25 maybe 30 maybe 40 maybe 50 maybe all of it is raised in the barn raise and just move on or does the Dow want to try to recoup as much of the capital as possible at the marginal cost of as Chad was saying a couple of weeks and so that's really the question and there's no right answer right uh but ultimately that's really the trade-off it's probably for four weeks that the margin would be our best guess uh on the restart time and there is something to be said for there probably is a difference in capital the Beanstalk will be able to raise in total uh unless the barn rate is fully successful which goes without saying question from the bean DeLorean um could we start the barn raise then if it doesn't fill allow VCS to enter in June if it does feel start start without BC can you repeat that I missed that one yeah so the question from the bean DeLorean is could we start the barn raise and then if it doesn't fill allow VCS to enter in June ah yes so anything is possible ultimately think that would be a mistake from a negotiation perspective the opportunity to always turn around and do the barn raise and fill the rest that's an ace up the Dow sleeve and to play that in advance of them trying to fill the rest with OTC Capital when it's like look all the demand has been exhausted that's probably not the right the right move here foreign given the current conversations what is the estimated in the bag commitment with contingencies Etc the s is that probably 15 of it is is in the bag if you will uh nothing signed so it's it's not like there's actually yeah Commandments but would say off the bat like like that would be the bare minimum assuming the Dow ratified this there would be probably 15 mil to come into this I'm sorry 15 which would be like 7.7 times 1.5 is like 12 mil so maybe you could get up to 15 but 15 would be I guess closer to 20 so I think 15 would be a more conservative estimate for what's in the bag but what's potentially in the bag you know I think the bag could be fully filled when this is all said and done uh that that will be uh you know that will will become evident or not over the next couple of weeks but think it's possible there's a lot of there's a lot of people circling and taking a look at this and significant capitalist looking so it's you know maybe none of them bite maybe multiple bite and then the whole thing fails so we'll see but uh think I think there's there's already some some interest here that's that's substantive and you know awesome gonna move from the chat for a second to invite uh Pharaoh on stage American Pharaoh uh just invited you so come on up Chad Hubli how are you guys doing tonight good how are you good good thanks thanks for for taking the time to chat with all of us um just given the sort of topic of conversation that's been going on in the community and the town hall chat wanted to just bring up another topic that I've been working on with a few of the devs So currently we're in the progress process of creating a uh Juice Box based raise process that would allow any Community member so say we do approve the Dow approves allowing anyone to participate at the sort of 500 weather in an OTC deal what we'd love to do is structure a way for the community to participate at those same favorable rates so essentially anything it would be better than anything you could get the board raise and what we would do is open up a juice box people could contribute over you know a sort of one two three three week period depending on what makes the most sense um and then just wonder if that allows us to allow Community involvement allow us to get upfront commits for what the community would like to do and then put that alongside strategic Capital sources like BC and potentially you know trading funds High net worth individuals who whomever might come in in that interest that Publius has sort of talked about so you know we've been chatting about that a bit in the general chat um but I think this is the first time we might be talking about it on stage and just want to hear your initial reactions how that might fit into what you're envisioning is the best path forward to restoring liquidity well that's very cool American Pharaoh very cool uh hopefully we'll we'll be able to talk more about that on the Twitter spaces later that you're hosting that's really awesome so from our perspective the you know this I guess would be something similar to the Constitution Dow thing where there would be some element for you guys would set up a community process to contribute to this thing and then this this wallet or address or contract I guess would would then contribute to the to this would negotiate you know a cut of the OTC deal effectively I mean there's there's nothing in principle that's wrong with that uh as far as we can tell so you know that's really awesome that you want to do that sir amazing well I think in some sense it sort of provides sorry to repeat the phrase just Best of Both Worlds right because theoretically the this will be higher than any weather rate that would happen from a Fallout Barn sale it allows us to as a community come in alongside VC and trading firms and allows you the optionality as a corn leadership team to bring in the right capital structure to restore as much of the liquidity that was lost in the exploit as possible um so I I guess I'd be curious to hear a little bit more from the community how they would feel about instead of for example doing a barn raise uh it alongside you know for example some of the OTC or private investment deals we're pursuing for saying all right let's get this up and running and by the way we had an intro call with the juice box team today to run through the process for it but we get that up and running we can put our commits in see how much is going to come from sort of that grasp movement and then at the same time you know keep those conversations going with the committed Capital you again already as well as other you know VCS and private investment funds that might be even more bolstered seeing the Groundswell that comes from this fantastic Community supporting the protocol it's dope as as far as I'm concerned so uh yeah let us you know this is great let us know how we can help yeah I mean I think once part of what's important is like you said knowing the terms matters and so we need the community to sign off on this idea that you know they want to have defined terms that we can take out to Market we can then mimic those via Syndicate and then uh maybe what I would just say is you know it it probably has let me know if this is the right right forum for this but if there are Community questions about how a Syndicate like that might work I.E how like Constitution Dow did that or how we've seen some of these similar you know Community funds play out uh I wonder if it might be helpful to answer some questions about how that might function or or what the best form would be to to field some of those questions speaking to the um to the term side so we expect the snapshot with these terms to go out uh this evening so the Dow will be able to vote on that and and move that forward um and of course if that moves forward then you know that can help inform how the the juice box works great um well look if anyone has any questions concerns wants to help out um right now you know sort of pioneering the charge with a great Community team from Beanstalk and uh we're pretty close I think I think once that is in place and we feel like we have terms so we can put the paper we'll need to figure out some logistics for how it might work but honestly if we can allow the community to participate at 500 weather it's going to be I mean that's better than anything you get out of the barn race so as far as I can tell maybe this is a way for us to get more of what we want less of what we don't want yeah and certainly uh appreciate all you do for the community American Pharaoh so thank you and um always uh appreciate having you on stage great I just had one last note here and then please bump me off uh one question was just how to follow along I've tried to post regular updates in the general chat just about where we are where the progress is uh I will continue to do that I think I'm pretty active you know a few messages a day and uh if anything comes up just at me and I'll try to just be pretty transparent I mean a big portion of what makes a community arrays like this work is the Community Trust what's going on we're fully transparent we're all on board and we see this as an option that we all want undertake so um yeah let me know if I'm not doing that but I'll try to be pretty active in doing so and then if anyone has suggestions just drop them the 10-hole chat I'll read through and uh can keep that form as well awesome thanks so much all right I'm going to jump back uh to the town hall Chad let's see what we got here [Music] all right next up from IPO and chill what are the major pushbacks from VC doesn't it uh doesn't seem like their decision would be materially different now versus later trying to understand what's keeping them from committing now uh don't don't think that there are within the capital that's considering this any material issues other than time you know it's just hard to get 20 million dollar checks in three days frankly and furthermore one practical thing is some Capital has dollars they don't have cryptocurrency so that's another pressure point where people may want to put five million dollars 10 million dollars at work but they can't without the time so that's another friction point expanding on the timeline a little bit um is there is there a timeline for Capital commitments that we're presenting to um you know potential investors so the short answer is after the Dow approves this the Capital commitments could start coming in uh in theory immediately now one thing that does still remain kind of unclear is what those commitments will actually consist of because again some some Capital may want to use dollars or commit dollars but then need to convert it to cryptocurrency others may have cryptocurrency being stock isn't on right now so it can't necessarily uh facilitate the distribution of the tokens in real time so honestly that part is a little bit unclear at the moment uh but that that'll be one of the next things to figure out uh and you know hopefully that'll be [Music] after the Dow Bruce that that'll be kind of the next thing to tackle if you will awesome uh from dumpling after the first 15 will the next commitments be easier uh everything is easier after the first 15 for sure so uh in theory there's there's some benefit in that there now uh one of the questions again is what does a commitment look like so if there's an entity being put together and put together a negotiate with the doubt or uh you know a chunk and that entity has contracts for investment but that entity isn't ready to contract with the Dow because they may raise more money like how does that all work at this point in time so it's a little bit unclear again there is going to be some friction there and that needs to be figured out but the short answer is uh yeah don't have a great answer on that one just yet that is a friction point but uh if the if the Dow moves forward with this direction we'll figure something out shortly I'm sure [Music] cool um Alex asks uh I know we're about to post a snapshot about this but um what are the exact terms we'll be proposing so the terms are 500 weather up to 77 million dollars can be led to the protocol and instead of pause you'd receive a fungible token uh for X percent of the total of the token Supply based on the percentage of the 77 million you contribute to the to the sale or to the to the protocol I guess and those tokens would be entitled to a pro radish share of one-third of all Bean mints until the until they've been paid back the the principal plus the weather so that actually does leave a nice room for the barn race right because any unsold fungible tokens could then get repackaged as pods and it doesn't actually compromise the Integrity of the sale whatsoever so that's one of the elegant things here but uh it's really the same terms that have been discussed uh openly with the Dow for a couple of uh days at this point foreign [Music] you've mentioned there's no actual deals or contractual commitment from VCS what's to stop a VC from using a delay strategy to launch their own project or similar giving they can restart you know and launch their own Beanstalk in two months good luck that's all I can say like there's a Herculean effort going on on the Beanstalk Farm side to to get everything ready for the halborn audit uh click I mean it's just the idea that people that previously weren't working on Beanstalk uh would be able to spin it up before being stuck uh can be turned back on uh that seems highly unlikely and furthermore the from our perspective the main value add the Beanstalk has at this point is its community and its credit history and Beanstalk should welcome any competition and will be better off from any competition from Forks in the long run so uh that doesn't scare me personally certainly okay from Jake Smith if there's confidence that the round will fill is there thought to offering reduced weather towards the end probably not the hope would be to just lock in some Capital not have it overfill and then you know start to play everyone against each other that's that's probably a little dirty awesome I'm uh scanning for more questions feel free to tag me let's see if we got one from from Hammer what would the beans mint split look like if there are both OTC tokens and barn raised pods would be Pro rather right you can just imagine if 30 of the funds remain unraised after the OTC deals then the remaining 30 of the one third of mints that would have been allocated there would go to the barn raised pots when a first and first out basis awesome all right well I've gotten to the bottom of town hall chat um just want to remind everybody that they can raise their hand and I'll bring you up on stage I happen to answer any questions up here as well or feel free to drop and chat and I'll we'll keep an eye on them from jams is the plan to Escrow all capital at once or have Capital come in as it's committed probably uh probably the latter but the the 15 committed I'm not sure if it'll be escrowed now because our understanding is that it's committed to an entity that is trying to raise more money and so uh not sure if that entity will make a current commitment and then try to raise their commitment that may happen uh if that commitment happens again not sure if they'll send the funds immediately because the funds are being raised partially in cryptocurrency and partially in uh in in in dollars and so it may take time to get all of that in the hands of a contract if that makes sense so uh on again that that process will be one of the things that need to be ironed out [Music] awesome uh from sync to clarify this is not wholly in the hands of VCS and outside sources of capital um Dows Etc are welcome to commit to oh certainly and in fact uh that that is uh one of the coolest Concepts is having other dads participate in this and uh there's been some chatter with a variety of other Dows not sure if we can shout them out just yet uh who seem interested in participating in this as well so uh this would be a great way to raise relationships with other doubts at this point in time as well [Music] I'd also just note that we have an opportunity from this Dao to Rally behind the barn raise at more favorable terms than we had before and that'll come via the sort of crowd Syndicate that will release via juice box hey guys oh hey dumpling what's up yeah so it sounds like thanks for uh thanks for hosting um so yeah the question I had was how do we how do we kind of keep pressure on the on the VCS in this I wouldn't want them to hear this call and be like oh okay so we don't have to commit until June you know is there a way that I know that with the the barn raise and the the early bidding we had like a bonus that would decline over time is there any kind of advantage to being first if I was you know if I was a VC is there any advantage to me being first versus being last because it seems like there's less risk as you're filling out the round correct however the point is I think the beginning of the round has already more or less been filled so now the the point is filling the rest [Music] yeah it also may be worth noting that um in in VC World rounds tend to unfold this way like it's much more Uncommon for example to pith a venture investor against another venture investor and sort of put them in a line during a round so this is not atypical or anything for for raising as far as I understand JDP asks what's the beginning of the round 5 Milli or 15 Milli I think this was answered earlier but do this well it's it's uh probably closer to to 15 of the total so not 15 million [Music] all right a question about dates um and where important dates are posted I guess it depends on what important dates you're referring to uh sspdt but uh we will post events here in Discord for things that are happening um all hands like this as well as any Twitter spaces and Etc so definitely keep an eye on that and then in terms of fundraising and relaunch related items will keep the website up to date the website will be updated tonight once the proposal goes out to reflect um the fact that the pro the proposed all about this these terms is live so keep an eye out for that okay who's next up on stage I'll go next to a question from from tur boy uh how will the VCS get their money back if the race is a pool like pods were first in First Step maybe just explain sort of how the um the mechanic works now people is so there would be a fungible token issued by Beanstalk that would be entitled to a third of all being mints until it's been paid back so in mimic pods but it would not it would be Parts it would be some other token and just to expand on that can you briefly elaborate why fungible token makes more sense in this context sure because all of the participants in this round would be equal and so the fungible token represents that whereas normally pods are first in first out because in stock needs to create an efficient market to lend to it on a minute to minute basis or second to Second basis foreign asks if people sell their tokens before it returns that uh 500 weather do the remaining mints go to the remaining tokens uh the short answer is in theory certainly don't know what the liquidity would look like there uh but yeah in theory certainly foreign [Music] has their hand raised oh awesome what's up guys brother um previous can you just give everyone and myself a sense for what any potential least strategic advantages there are to having some Venture Capital with skin in Beanstalk and how that might look down the road once Beanstalk gets a bit more traction has more commercial applications [Music] so this is a great question e-real and it's important to note that to date the fact that Beanstalk has had basically no institutional support whatsoever uh has been awesome in forming this incredibly uh strong community that all own significant portions of being stuck and wants it to succeed however uh that does put be in stock at a slight disadvantage when it comes to trying to uh Pro like basically benefit from institutional networks let's call it and the concept here is and there's lots of different examples one is there are some bigger D5 protocols that uh like lending protocols like operator compound that are very hard to uh get into at this point in time and let's say for example and we're making this up for example one of the participants in the raise was a big uh owner of Ave or comp uh they may be able to help uh expedite Beanstalk or beans being whitelisted uh for barwon uh that's just one example or uh if the uh someone participated and was a you know had had relationships with uh sports franchises for example yeah that might greatly expedite the ability for beans to be used for payment to buy hot dogs at games right so this is a great chance given the diverse set of eyes looking at Beanstalk at the moment to potentially make a colossal jump forward on that front so if particularly if there's a significant amount of Interest which at the moment there is and being stuck is able to attract really high quality Capital that can benefit it long term not just short-term with capital that would be the ideal situation uh so that's that's the best case scenario from using uh uh the OTC uh route from our perspective I think that's super exciting thanks for just kind of giving us a sense for for what that might look like awesome thanks so much Ariel all right headed back to the chat uh question from from Bean Dolph what is uh what is Beanstalk view as the major risks that might prevent filling out the round what is Beanstalk View uh I suppose yeah it says BS so I interpreted that as big stuff I I wouldn't know yeah I I don't very hard to answer something like that question from Six Sigma um it's critical that The Syndicate model is created in close communication with the Beanstalk Farms team who in the team is willing to assist in coordinating the necessary smart contracts required to trade Juice Box tokens for VC tokens um Six Sigma I'd say that like uh you know as as American pharaoh and the community sort of like lead that process just um you know rope in Beanstalk farms and we'll figure out how to how to move forward from there the role of Beanstalk Farms has always been designed to be uh complementary and supportive to community-run initiatives like this and so you know that's how it should work [Music] from Leo V why not change the public Barn raise into 500 with fungible tokens foreign T doesn't really help with the problem of some of the capital being in dollars [Music] from from being money about the punchable tokens uh so these fungible tokens will be a depreciating asset meaning once they have earned their holders 500 returns they will no longer have any value what happens to the tokens I'm just useless [Music] awesome I've hit the bottom of town hall chat again so feel free to keep hitting me with your questions or hop up on stage uh one porridge I don't know that we can answer this question but I'll ask it to people this anyway could you give us your your gut feel and percentage confidence in raising the full Target amount to restart the protocol well my gut feel is awesome I mean this is uh I can't believe the conversations that we're having and the people that are showing interest it's nuts like it's literally nuts it's mind-blowing does any of that turn into actual demand who the knows but there's a lot of opportunity here and regardless think that in the long run these conversations will manifest a lot of interest for being stuck in the long run whether or not these OTC deals happen or not this is incredible What's Happening Now percentage chance of it filling all the way probably by it's probably like 50 50. I'd say it's a coin flip right now uh but you know feeling excited about the prospects excited about the prospects in the 50 it doesn't feel it's a you know probably a probably a uh like a constant distribution basically across across somewhere between like a third of it filling to the 100 filling something like that I guess there's there's probably some dip in the distribution around 50 million because it if it fills 55 50 you know 60 it's probably likely to fill all the way but who knows who knows I'm making this up foreign is there a date set for when people start the bond race regardless of VC involvement um so notorious and boobies feel free to chime in here as well it depends on how the OTC Investments unfold over the next couple of weeks it'll take some time to to iron those out uh if you know at this time the fundraise would be postponed until we understand how those are going to unfold next question asking why um from from the Black Knight regarding VCS having USD and not crypto can you advise why this is a challenge well Beanstalk just can't like take in the barn raise non-prypto and it's you can't just take the dollars and buy crypto if you don't have an on-ramp already so if there's interest from Capital that doesn't have an on-ramp for their money that's you know that's a friction point [Music] got it a question from Bean money says why not keep it open until it fills I assume you're you're referring to the barn raise if you want to clarify your question please feel free I'm not sure I follow um some questions from NASDAQ and a couple others about the mechanics of this fungible token um so maybe we should just spend a few more minutes clarifying exactly how that works so the question revolves around uh so NASDAQ asks let me find the exact text um did the tokens get burned as people sell or or claim from them uh yeah maybe purpose you want to speak sort of like exhaustively no so the token it'll be a token right so it'll be a call it an erc20 token you can if if that token trades in an amm you can either buy and sell that that token in the amm you could buy and sell at OTC you can transfer it it'll be an erc20 token so there there wouldn't be any reason for anyone to Forfeit their rights on the future payments whatsoever in this case like unlike the vesting in the in The Silo that or or with circulating beans uh this would be there'd be no reason for people to ever burn their token if that makes sense and just holding the asset will be what entitles you to the being senior age hopefully right until each token is paid paid back at you know at a 500 weather correct at which time it's just uh in the rc20 token that doesn't do anything correct cool okay uh Black Knight you mentioned that I missed a part of your question this is the second sentence seemed like you know an extension of the first but the the second part of the question is uh can you expand on why this is being communicated as a potential blocker I think I think public has addressed that but let me know if I'm if I'm missing something there from neltar can you comment on the working relationship leads have with the root Finance team and how they have contributed to or can contribute to the growth of Beanstalk on the what of root Finance can you comment on the working relationship leads have with the root Finance team who are leads I'd assume they're referring to uh to yourselves and perhaps Beanstalk Farms but in altar feel free to uh elaborate I wasn't sure if they meant like lead investors or yeah [Music] foreign [Music] again so please feel free to raise your hand or or tag me in a question we get all these changes to the capital raise in writing RG absolutely snapshots getting posted soon after this call ends um and we'll be around to answer any questions and update that in the past the way we've done this is we'll you know we'll post a snapshot once the snapshot is posted we'll lock it in we currently have an FAQ on the bean.money website which we will uh you know update to reflect the results of that snapshot as well as you know have it contain any key dates or pieces of information as we move forward so we try to keep those FAQs updated as quickly as we can obviously things are moving pretty fast so if you missed something or we miss something and you you spot it please let us know and be happy to uh you know have anybody from Beanstalk Farms to the broader Community you know be willing to answer that in Discord foreign stock Farms devs be focused on over the coming weeks uh I'm glad you asked Bean Dolph um all sorts of of existing things going on with Beanstalk Farms so while um you know we continue to figure out the details of the the barn race or of the OTC deal on the Beanstalk Farms front we've got a lot going on so on on the back end side Publius is working hard to prepare the Beanstalk contract for auditing and for um it's like the whole back-end solidity team everyone's like we're grinding their ass off so don't give us that much credit that's right we're working towards um preparing the contract for audit so the first audit with halborn begins on Monday uh in terms of what it means to prepare for the audit so we're cleaning up the contract removing some of the governance related stuff um and just getting it ready to go for them to look at we've already had a couple calls with them to kind of get that process kicked off we'll also have the same for how or for our travel bids excuse me starting in in June so uh we'll be preparing for that as well and as the halborn audit goes forward we'll be receiving continuous feedback from them and implementing that um as for the rest of the team so our main goal is to to move forward getting the website relaunched so there's a lot that goes into that both on the back end and front end side and the design side so we'll be making some design updates to the website um sort of reworking how it fetches data amongst other things to make it faster and and more uh you know prepared to open source um and yeah just generally the the ship is moving forward basically so we're not stopping over the next uh the next month or two that's for sure question from Hammer about the OTC syndication setup is there are there additional risks or costs associated with the syndication that we could avoid by dealing directly with Beanstalk for these pods um to clarify the hammer the pods will be this fungible token if this snapshot is approved by by the Dell foreign [Music] I think it's mainly a functional issue because Beanstalk is not on right now and the code to to do that on chain it's just you know it's still it's not it's not there at the moment so one of the beauties of using something like Juice Box uh is a that it would be someone independent from the Dow uh given that being stock is not uh live at the moment uh and B there's no additional complexity but uh our understanding is that uh the you know juice box was what was used for a constitution Dao and it's pretty you know it's it's it's somewhat well known I do think they do charge like a a two and a half percent fee which kind of sucks uh so but honestly I have no idea about this honestly so I haven't haven't other than than very brief conversation I have not I have no idea really any of the details about that [Music] cool uh RG asks can we make these make sure these contracts with a new token uh are gas efficient don't want it to end up like the other side other side land mint uh don't worry we're not going to end up like like the other side land mint and so we've got that taken care of uh LOL that's all I can say to that LOL from beanology do halborn and trailer bits audits include Consulting on beans proposed multi-sig practices or an existing or just the existing code base um so a couple clarifications there being ology first so the code base is staying close to the same um though there are some of the new features that we had been working on that hadn't been released to mainnet which will be included in the audit as well as the removal of the governance facet um and and Publius if you're in the audience uh and want to hop up and speak to any of those specifics feel free um so basically like Beanstalk will be in a sort of a a stable State uh when we hand the code off with respect to multi-sig practices we will we will share with them what we're what we're thinking about and the points at which the multi-sig can interact with with the contract and so we expect both hellborn and trail of bits to look into like you know how for example the contract could be updated and how the multi-sig can be used for those purposes so in short yes question from jams uh is the Trail of bits audit feedback continuous or uh similar to hellborn uh unsure at this time James but we'll we'll keep you posted on that but but how borns will be continuous [Music] are there issues with two Auditors working on audits at the same time from Harry uh Harry I I don't think so uh we actually think it's a a very good thing to have Beanstalk looked at uh from many different angles from from different audit firms so uh yeah I mean we're we're super excited to get that process kicked off and if I area sorry if I missed one of your questions feel free to tag me from RG any thoughts on how the new governance model would work are we going to think about this after we launch again [Music] it's such an abstract question right so many parts of the governance will likely remain the same hopefully it's flash loan resistant going forward but generally the the structure of governance at a high level should remain should remain somewhat similar now how that relates to the gauge system uh unclear at the moment so who knows [Music] Harry asks if Nick Mudge is involved in security um Nick is a great guy and has generously offered his um his advice to the the back end team so we've been we've been chatting with him um thank you Nick for all of your um your your advice so far there's there's no like uh official you know sort of designation here but definitely want to you know continue working with him to uh take a look at everything that that goes uh through Beanstalk so it's been super helpful and just a great supporter of Beanstalk foreign inventing diamonds which have helped make being stuck what it is today I know uh we're big fans of of uh of diamonds Margie asks how would it referring to the governance set of things be flat loan resistant so RG um in in the current governance changes we're moving the uh ownership of the Beanstalk contract to a multi-sig and so uh previously the reason the flash loan exploit worked was because um governance was done on chain and so uh that was what allowed the um the the the malicious bip to get to get pushed through but at this time now only the multi-sig can commit new code to Beanstalk and so that will prevent you know that sort of vector of draining funds foreign just as a reminder we start in about three minutes with uh with moonshot Research on Twitter um jdubs if you're if you're here please if you could drop the link to the event or the Twitter space and in chat so we can have everybody hop over awesome thank you uh but yeah any last questions um feel free to raise your hand or drop me a note in the town hall chat for the audits only the new Bean token or for every contracted Beanstalk it's the last all of it all of it the whole the whole thing the whole enchilada from uh warm porridge has the journalists or media been engaged with regards to follow-up news articles on the barn raise yes there continues to be significant conversations and interviews with journalists is Elon buying beans or not you know go foil if you can pull that one off well I turn that around on the Twitter Army what are you guys doing that's that's up to that's up to the casino but I I believe in you go foil awesome well um thanks everybody for coming we'll we'll call it here so that we can give Publius some time to get set up on Twitter but uh thank you for for taking the time to ask all these questions some really thoughtful discussion this evening uh we will post the snapshot imminently so keep your your eyes peeled for that we'll announce it on Twitter as well as imminently don't don't oversell sir don't over sell it it will it will come out this evening so cotton willing God willing and so um 24 hours within 24 hours the under South well uh thanks everyone for coming and we'll see you on the Twitter spaces