DAO Weekly Meeting #26

June 30, 2022
00:00 Intro/Agenda • 00:36 Copy Updates • 04:37 Bean Sprout Updates • 06:56 Audit Update • 08:22 Engineering Updates • 09:23 Silo Assets & BIP-20 Discussion • 15:53 Misc. Updates • 19:24 Open Floor
DAO Meeting




  • BFP-77 and BFP-78 are currently live, with voting ending tomorrow.
  • BFP-77 will determine the A parameter of the Curve pool
  • BFP-78 will set the initial minting schedule to allow Bean to price itself post-exploit
  • Draft of BFP-79 has been shared, with a handful of terminology updates being considered
  • Aloceros has been working on disclosures, especially important after the Terra collapse.
  • Work on the gitbook continues
  • Working with the front end team regarding tooltips and copy in the UI

Bean Sprout

  • Continuing to raise capital. Had an interesting call, and a call with a fund this afternoon. High probability that we can continue to reign in funds.
  • Announcement coming from Root in the next few weeks should draw attention to Beanstalk and the Barn Raise


  • Halborn should wrap up by the end of the week. Trail of Bits should finish next week, and then they have 10 days to issue their final report.
  • No major issues that will push back the Replant


  • Working a lot on the new Silo page with a focus on deposits.
  • Users will be able to deposit with a wider set of assets.

Silo Assets & BIP-20

  • Doesn’t seem fair for users to miss out on earned Stalk until they claim their assets, since the Silo is meant to be passive.
  • There might need to be another BIP to fix this, because it will cost around $20k worth of gas to execute a migration that deposits assets into the new Silo.


uh we've known these in the past for those of you that are new I'm not sure if I see anyone that's new uh as we'll just bring up a couple of different contributors from throughout the community and uh have them kind of give pretty brief updates um historically we weren't really adding on Q and A's to this uh but since we have published here and police if you've got the bandwidth for it maybe we can just toss up uh another couple questions either in the town hall chat or people want to jump up and ask the questions we can do that as well but we won't aim to take up the full hour we can keep it shorter and a little bit tighter um so often since you've got you up here I do want to start off with an update on copy sure uh hey everyone so let's see uh on the governance front I know a lot of folks here uh are regulars but I'll just go ahead and give an update there anyway so bfp 77 and 78 are currently live and the voting periods will end tomorrow 77 is to uh pick the amplification parameter for the curve pool uh the replant liquidity pool the beans will be traded in initially and 78 is to set an initial minting schedule to allow the bean uh to Bean to price itself post exploit I've also shared a draft of a bfp 79 which has a handful of terminology updates we're considering making to the the Beanstalk verbiage would encourage folks to hop into that channel and share their thoughts and what else uh brain showed an interesting uh tweet thread in the governance channel the other day from haasu about maker Dao and we've been doing some thinking about how Beanstalk Farms itself should be structured perhaps it made sense early on for down members to vote on every single hire to Beanstalk Farms probably doesn't make sense for that to continue indefinitely but we're thinking through some things there and hopefully we'll have an update to share with the Dow in the next couple weeks uh definitely before anything any Q3 budget of sorts so that's an update on the governance front uh on Purely copy stuff uh allocaris has been working on a disclosures statement of sorts particularly you know in the wake of the the terror collapse we think it's really important to be upfront about all the risks that are involved in participating in Beanstalk and there are many so you know things like there's no lender of Last Resort we assume the security uh and risks of any assets that beans trade against etc etc so hopefully going to be able to share that uh before before the replant otherwise uh get book is you know tracking well for for finishing that up pre-replant that'll be great to have a centralized place for official Beanstalk documentation and uh lastly just you know working with Chad and red beans on on tool tips and copying the UI that'll be that'll be an ongoing effort so that's it uh that's it on the copy front awesome thanks awesome and Austin can you uh just because I think the get book itself is going to be pretty pretty helpful for the for the um Beanstalk members as a whole like for Dow members Etc do you mind uh just a high level like what are some of the key points that are going to be included in that yeah primarily uh just the different mechanics of Beanstalk and then guides for interacting with the website among other things so you know nothing uh nothing out of left field should be pretty pretty self-explanatory but we haven't yet had a single place for Farmers to go and learn about Beanstalk so we think that'll be be helpful great yeah I think between the uh the the get book and the Beanstalk Learning Center I think there's just going to be a wealth of resources out there that um people can get up to speed on being stuck with so that's really great to hear and then as you were talking through the bfps for those of you that weren't able to attend class um Publius had some really good conversation with Mod about a parameters and those bfps as well so I highly recommend we can drop a link for that in the town hall chat but I highly recommend having a listen on last week's class if you want to get more details on that outside of kind of freaking what was listed in both the snapshot and what's in the uh in the threads as well in the Town Square uh so Mr manifold since we have you up here do you mind giving an update sure uh Hey guys um so you know not too much that's that's different um from sorry someone's just at the same background cool yeah it sounds like he's in a jungle um so you know continuing on the capital race front we actually just had a a pretty uh interesting conversation this morning we have another call with a fun this afternoon so you know continuing those calls and um you know just just uh you know spreading awareness but also you know um I do think that you know there's there's still um you know high probability that we can continue to rein in some additional Capital here from you know uh either you know sophisticated Capital funds Angel Investors that are more prominent um you know crypto um you know the crypto crowd in general if you will um continue to build build out route we've made some really exciting progress um and on that front you know we're aiming to get you know some sort of an announcement out publicly um regarding root hopefully the next let's call it two to three weeks um so so that's exciting and we expect that to also kind of spur um additional interest um in Beanstalk and into the barn race specifically and the economics of The Barbers um so yeah those are my key T updates but yeah all good stuff you know things are looking good that's great thanks Mr manifold um so I think this question will keep probably coming up uh if you're in position to do it can you talk any more about um this is a question from Alex in the chat uh we said what size are we talking here which I'm assuming he's talking about the people that we're looking at bringing in um if there's anything and then you can disclose if not that's understandable yeah just can't comment on that right now uh apologies great thank you um solo I see you in the audience if you want to pop up or and or probably just talk about engineering that'd be great um Publius is there anything on your front as you're up here uh that you want to talk through I know you're tackling a bunch so on the audit fronts nothing really substantive uh the expectation is that the halborn audit is wrapping up I think end of this week and trail of bits is supposed to end up uh wrap up middle of next week and then on the trail of bits front there's a 10-day 10 business days to get their final report then there may be some additional changes to be made we don't know exactly on timing there but they're you know so far there haven't been any major issues raised that would cause a significant pushback of replant which is so far so good but obviously until it's all done is there's uh no guarantees that they don't find something so that that's on the audit front uh otherwise depending a significant amount of time working on updated documentation particularly the white paper to try to document and describe all of the updates particularly the barn race which is you know it's a duty to write up given all of the the rules in the latest implementation of the barn right so spending a lot of time to try to make sure that the quality of the white paper is retained despite all the changes and uh you know there's there's a lot of different stuff going on uh with regards to the website that perhaps uh Silo chat wants to hop up here and talk about as well perfect uh yeah perfect hey silo um yeah if you want to give an update on the engineering front that'd be fantastic yeah for sure what's up guys um I mean more or less the same as last week we're just steaming as quickly as we can on front end stuff so in the past week we've been working a lot on the new Silo page uh making sure that all the deposit modes are are wired up so for for context there will be some different mechanisms used to to actually execute deposit transactions now but more or less the way to think about it is like uh you know previously on the website you could deposit from eth or beans or sometimes a combination of beef and Ethan beans but now you'll be able to use a lot more assets uh like dye usdc tether Etc so uh got all that working this week and beyond that just uh just steaming ahead okay great um I said I'll give a couple of other updates I don't see velcro out here so I'll give a quick up so sorry to cut your update up so one thing to just mention uh which frankly not sure the best way to go about this but uh the the bip bip 20 laid out the one of the the unripe assets that would be issued if you had farmable beans bib20 said that you would receive uh unripe uh beans that would be circulated meaning not in The Silo and you know there's there's something to be said for the fact that the silo is really meant to be passive and the fact that you'd be effectively losing all of the earned stock for those earned beans that were previously named farmable beans uh until you interacted with Beanstalk and deposited those assets you know don't think that's that's really fair and so the question is whether you know there'll there'll likely be at least one other dip that has to be voted on to replant the protocol uh the question is should there be another bip between that bip uh to rectify or change what was laid out in bib20 which you know there will be some cost associated with uh doing that in terms of gas uh as part of that migration it's probably going to cost you know like twenty thousand dollars but you know think that think that it would be wrong to put the onus on Silo members to act and therefore you know we are inclined to try to figure out a path forward to make that make that no longer the case so curious for what people think on whether there should be another bip uh whether whether it can be attached to to another bit that happens yeah I agree with the commonality that there's too many bits and it's it you know the the comment that it's a useless ceremony to some extent you're right but on the other hand and this is what really needs to be thought about is we are in this weird phase where the bips aren't aren't code yet right the bib20 there was no code associated with it and so it what you really want to do is honor the language in the bip even if the language might not have been exactly what was intended or what what you know so it's it's definitely a funky situation we're in it not the most comfortable place on you know it's a little ridiculous so it's all uh yeah it's tough to know what the right thing to do is here but frankly think that at the very least it's worth worth getting it right and and you know the the cost aside which I think Beanstalk Farms can can bear uh given the current budget situation uh it it would feel wrong to at least in my opinion it would feel incorrect to sort of take these assets that were in The Silo and now move them out of The Silo uh so it's yeah it's it's tough so that's just one thing on my mind that I wanted to present to the Dow uh still not from exactly how to proceed on this front what would would appreciate some discussion uh which is coming in or starting to come in in the chat which is great but would appreciate more discussion and people's thoughts on this front and regardless you know I think we're all on the same page that the goal is to replant as soon as possible as safely as possible uh and as as fairly as possible and you know this this isn't there is time that needs to be considered here and this isn't a perfect situation so the compromises do need to be made and this is just one additional consideration so throwing it out there for people's consideration and comment and obviously we uh we remain at the will of the Dow uh well first please thank you again for putting the transparency out there with your thinking I think it's something that's always been really appreciated um even before we start to have anything formalized like on a Discord Channel um I guess two things one does it make sense uh maybe would just be like in the governance channel that we feel this thinking out there and kind of progress with it that's one uh and then two so with the the bip itself would just be a reflection of uh getting using Beanstalk funds to to pay for that migration well it would really the only reason that you need a bip would be to approve the change in the language from bib20 where bib20 said one thing and now we'd be doing something ever so slightly different so that would be the thing that in a in a perfect world or in theory you'd like a bib to approve as opposed to a a beanstalk Farms proposal per se Which is less Beanstalk protocol related if that makes sense but on the other hand you probably could get away with doing it as a bfp because beamstock Farms is doing the migration so you know this is we're in a sticky situation and we I I appreciate the love in the chat uh but kind of the whole point is that what the right thing to do is unclear to us so we just we want to make sure that what we're doing is is the right thing and therefore we we're trying to be as open and transparent about the stuff we're uncertain about so uh appreciate people's guidance on on on what what is necessary to get the approval to change change that one one part of the replant yeah that's great and I think this is something else um you know we'll probably continue to spell out like in the get book and stuff like that of like when it's very clear that it needs to be uh pushed through as via bip versus something that's a bfp I think um beliefs today you've been uh the team in general has been pretty conservative about when we're pushing out bips um versus bfps obviously we've been a bit more liberal uh but I think that um maybe just having a conversation in the governing this channel if it's needed but um I see some people chiming in with thoughts already which is great news foreign [Music] Hall chat or raise your hand and jump up to the stage um I will give a quick update in terms of Ops and marketing and some Community pieces as well so in terms of The Upside uh there have been conversations that we've been having about uh what legal Frameworks would look like for the Dao and nor Beanstalk farms uh the necessity of it uh as of now we're still just progressing those conversations they're very nascent but we'll share those with the community as they progress as needed um a big Focus was on uh the budget for the remainder of Q3 um kind of starting to get a feel for uh what's going to be needed from both the budget and the head count perspective uh which is then transitioning as well into uh not just a beanstalk Farms handbook but uh the way in which we would actually bring on new members so for example in the past and Austin alluded to this previously when we brought on anyone to Beanstalk Farms or being Sprout typically it was all done through a bfp and so we're working through what the mechanics would look like in terms of recruiting new members and then with the onboarding process itself um that'll be something that we do down the road on the marketing front um so mod uh recently dropped that the episode with the with tbic uh for the bean pod went live you can find that both I think in the general and I think there was also a tweet about it um but definitely have a listen uh those bean pod podcasts are always really informative I know that there's a couple more that are being processed right now so we'll keep you guys updated those as those goes live uh there was also a blog post that went out about Peg maintenance um and the necessity of it I think a lot of you that are in here understand uh and can wrap your head around it but it's a really good piece uh that mod put together um that helps uh kind of simplify Peg maintenance as a whole so if you're thinking about trying to introduce Beanstalk particularly effect maintenance app being stocked to someone new it's a good piece to take a look at and then similar to uh what Mr manifold said ideally there's a there's a root announcement that will be kind of done in tandem with marketing uh and hopefully in the coming weeks that will be shared on the uh Community side on the nft front so we're progressing with design and we'll be sharing uh and dropping some kind of hints and updates uh weeks for those in the near term um just progressing very well as mentioned in the past the focus obviously all the the uh engineering mic right now is definitely on getting the replant live uh but on the design side we're progressing through and so we're um I'm getting pretty excited about some of these these Bean bodies that we've got coming up so we'll like I said we'll drop some some leaks in the near term uh and then we'll also continuing to work on the education front in terms of uh video script for a second video a scrolling script that will probably pull in some language from the get book as a way to onboard somebody from just scrolling from a page from top to bottom and then um between marketing Community we are also looking at the use of a PO app for uh uh going through online education that we're then ideally going to try to tie to what your position is kind of in the Discord so for example if you go from a local farmer to an expert farmer we're trying to figure out a way to tie in one of these quizzes that kind of helped graduate to show that you understand some of the basic mechanics of Beanstalk something of which I'm sure everyone in here would would not have any issues with um and yeah those are largely updates on on those three fronts as well um so if you guys have any questions or there's anything you want to bring up to the stage as I said feel free I'll take a look in the questions I'm not sure if there's anything we missed um so Vivian asked uh Publius uh when the end pause is I think it was touched on before um in terms of where we are with the audience audits um the general feeling is kind of aiming for Mid Late July is there anything else that you want to add to that booklase no I think that's still the the general timeline it's unclear when in mid to late July but we're hoping it'll be before August okay great um let's see if there's anything else that I missed uh so just to Bean I know you asked the question for update for root uh just so you guys know we are recording this we'll drop the the recording per usual uh in Discord after it's done so you can have a listen uh but uh not too many updates in terms of root um there are some conversations that uh Mr manifold's having uh with investors and stuff like that that that will be socialized in the near term but no hard figures or anything like that that have been shared um I am not seeing any other questions I see a couple guys typing a couple people typing so if you guys just want to finish those questions out um I guess I will we'll aim for for wrapping these ideally going forward probably about half an hour um we don't need the full time or the full hour but if you guys since we've got them here if you guys have questions recruitment is anything kind of mechanic related about Beanstalk uh not to put you on the spot for previous but feel free to drop those in here and we can uh get some of those addressed right now too so uh Publius uh maybe and or Mr manifold um but Barty asked uh that there was mentioned the conversation about OTC investments into the barn raised and just asked if we can get an update in terms of uh if that's actually gone in um what are they in total is it the same at root uh I'm not sure if that's best for you probably a certainly Mr manifold yeah so on this front you know I think we we had our uh attempt at trying to communicate the capital stuff with the community and that was not a role we liked at all so uh going forward we're just going to refrain from commenting on and on on Capital basically as much as as humanly possible so if manifold wants to comment uh feel free but on this end got nothing hey yeah like like I mentioned earlier in the call uh no uh material updates to share right now in the capital front but you know again hopefully in the next two to three weeks you know we will have uh some sort of a root announcement publicly um which will you know you know help help you know determine you know kind of kind of where bean stock is potentially at from the capital race front as well as you know um again help helps for you know additional interest um by just kind of generating awareness um and you know showcasing um you know a market participant um that is backed by you know uh you know what I think are really um you know strong backers uh to that signals to the rest of the market that you know the barn race is an attractive Economic Opportunity and there's people making some some pretty sizable bets here but uh apologies nothing nothing more concrete than that to show right now foreign and I do think uh one thing that's worth noting on that front uh Barty is I'm going to drop a link real quick in the uh Town Hall chat so yeah we've definitely talked kind of about the ranges in the past um but it is worth noting if you take a look at the the dashboard that's put together I think it's still great to see that we've we are already at 13 uh for the raise itself so I mean that's that's great news I think um sure where everyone stands in terms of what they're hoping for goals but uh it has been very encouraging with where we're at um so really quick egg salad um you you said we've gone from six plus days uh plus some changes to hopefully July not August uh no things happen but what's continued to delay um so I mean the I think the big piece that's kind of an echoed over the last couple of conversations is the the significance of having these audits done uh and making sure that all of uh you know Halburn and trailer bits just just to interject uh and I I I think it's worth reading egg salad's comment because it's it's it's you know it's worth being responding to it he says we've gone from six to six meaning July 6th plus 10 days uh plus some changes to hopefully July and not August no happens but what is that continued delay made from I think this is an unreasonable comment the July 6th plus 10 business days let's open up a calendar uh July I6 is a Wednesday so now you're going one two five the ten ten business days takes you to the 20th so now we're talking July 20th is when you expect the final report from trail of bits and now you're saying there's there's 10 days or yeah 10 days to replant Beanstalk and the the timeline is that that you're basically saying well now there's no there's no additional changes after the reports come out that need to be made and therefore the bip to replant Beanstalk can go live immediately thereafter so the concept of hopefully July it is hopeful based on the current timeline you know the trail of bits audit got pushed back and extra basically seven days or something because it was supposed to end originally uh this uh last Friday and they extended it an additional week uh because they needed more time to audit the code and because of July 4th that pushed back the final date until the sixth as opposed to on a Friday I guess I don't I don't really know how their their internal calendar works but the concept is this is not a function of any sort of additional delays whatsoever perhaps it's uh a miscommunication for being too optimistic but just looking at the calendar like this is you know Late July is the best it's going to be just being frank about how they like we're looking at the calendar uh it's in front of my eyes and it's just like yeah not a lot of not a lot of dates so we're all you should know like everyone is just I mean from I mean I think Austin's update at the start is all the proof that you need like there's a lot of thought and effort and time being spent uh from everyone who's actively contributing to Beanstalk to get this thing replanted as soon and as as safely as humanly possible but none of you know the Beanstalk Farms team and and Publius and anyone related to Beanstalk that we are not the hold up at the moment if we become the holdup we promise we will be transparent about that and say we need some more time but at the moment it's purely a question of we're waiting for the audits to be finished we don't know what if anything the Auditors will find at the last minute to push things back furthermore uh further beyond the the the the you know if if there's minimal changes it could be that by the time the final the final well trailer there's no business days in crypto there's a trail of bits they're a little bit more official than uh your typical crypto firms so anyways uh I hope this you know wanted to just be uh uh Direct in answering this because I do appreciate everyone wants to replant trust me we are we are chomping at the bit here uh to get this thing back up and running really they cannot wait so uh yeah we're all we're all trying our best here yeah thank you for that uh please we're going into that um then birdie also asked a question which uh I'm not sure if we're in the position to actually address it right now buddy um probably an Ops question that can be answered outside of the Town Hall um since we've got just a second minute or two left we'll go through this party uh Dust trailer bits have professional identity Insurance in case of any worst case scenario disaster hack situation I think the contract said that we we will not uh we will not hold them liable in any way or something like that like they have full indemnity so they're not I don't know the legal term I don't know if that's the way to say it but they're not like there's no liability on the auditor's part okay um so we'll uh yeah I'll give about two more minutes and then we'll wrap it up so buddy got another question or anyone else um feel free to dump it in otherwise we will put some time back on everyone's calendars and okay so I think uh Publius do you have anything you want to that you want to close on or if not I think we can call it uh right now okay uh police I think you're muted but if there's anything else you want to add in uh please do after this otherwise um I think we got a couple more questions okay uh yes uh final question from Barty uh any nice weekend plans gonna touch some grass or go for a walk uh yeah we're