DAO Weekly Meeting #31

August 4, 2022

00:00 Replant Process • 07:07 Governance/Seraph • 08:51 Bean Sprout Updates • 09:39 Marketing Updates • 10:42 Bean Sprout Updates resume • 13:48 Copy Updates • 16:40 Audit Details • 22:01 UI Updates • 25:07 Open Floor

DAO Meeting



Replant Process

  • Waiting for BIP-21 to pass. There are two scenarios. One is that the voting period ends and it meets the quorum. At that point we will begin applying the Water Treatment plan. The alternative is that the BIP reaches a supermajority, upon which it would be started immediately.
  • The first steps involve migrating unripe Beans and LP, which will take place over a series of transactions within 30 minutes to 3 hours, depending on gas prices.
  • After the migration, we will pause for a bit to allow for testing to make sure it was applied correctly. This will take an hour or two.
  • Then Publius will relinquish control of Beanstalk and the Fertilizer contract, transferring ownership to the BCM.
  • Then the USDC will be used to provide initial liquidity.
  • Pauses will happen throughout the process to ensure things are going as expected.
  • After liquidity is deployed, the unpause transaction will be proposed. It will wait until noon Eastern on Saturday, August 6th.
  • The first Sunrise will occur one to two hours after Beanstalk is unpaused.


  • Makes sense for the Seraph BIP to be one of the first implemented after the replant as an additional governance security measure.
  • The DAO is aligned towards the goal of re-implementing totally permissionless governance over time, but in the meantime having Seraph as a last line of defense makes sense.

Bean Sprout

  • Had productive calls with Halborn that resulted in them accepting 20% of the payment for Seraph in Beans.
  • Bean Sprout might propose to pay the Beans portion using its budget, and the USDC portion might be covered by Root Labs.
  • Been a lot of interest from developers and builders looking to get involved. Working on a post with clear steps and guidelines to get started.
  • Root is focusing on the Fertilizer marketplace to provide secondary market liquidity.


  • We have an interview tomorrow with a media outlet. There might be a second, but it is unconfirmed.
  • A special episode of the Bean Pod with Publius will come out Monday.
  • Next week there will be a Spaces with Liquity.
  • There will be two podcasts with Mission DeFi and Mark Jeffrey. Brean reached out to DCF God and we might also join his podcast.


  • Shared the drafts for BIPs 22 and 23 yesterday. Those are quarterly budgets for Beanstalk Farms and Bean Sprout respectively.
  • Interested in getting feedback from the community on the incentive alignment section as it pertains to contributor pay being deposited in the Silo.
  • BFP-81 outlined restructuring to all the proposal types. There are different subspaces on Snapshot for the different types.
  • Been spending a lot of time with the UI team working on website copy.
  • There will be a one time retroactive payment proposal, where each contributor will propose to be paid retroactively in unripe Beans.
  • Started the process of spinning up a bug bounty program.


  • Halborn already did a full audit, so there is no need to specifically go back and review the things that Trail of Bits was unable to look at.
  • The retainer agreement for Halborn will have simultaneous work streams happening at once.
  • Halborn can also advise on best practices for things like the multi-sig and other processes.


  • V2 of the website will be deployed upon completion of the Replant.


okay I think what we can start off or start with maybe Publius is take us through what can we expect in the next few days uh where where we are right now what's happening with the vote uh when when do we replant when when do we unpause can you guys hear me okay yes so you know right now we are waiting for the passing of bit 21 this can either happen in two different scenarios number one tomorrow uh you know at noon Eastern that's Friday noon Eastern the bip will end and assuming it's still well above that you know uh that quora Mark voted for that bit will automatically pass and at that point we'll begin uh you know applying the water treatment plan the alternative is between now and then the bip reaches a super majority um it's which you know is two-thirds of all outstanding stock we're currently sitting at you know around 62 it looks like um so you know we're eagerly you know looking at the count and um you know in the case where we do end up reaching a super majority sometime today uh you know the you know we're already standing by ready to get going with applying the water treatment plan um so once bit 21 passes as we stated the water treatment plan will begin and this will kind of occur in several different steps the first step um is we will you know apply the the steps three through eight which have mostly to do with migrating unripe balance unripe beams um you know from pre-exploit non-deposited Bean State deposited beans uh as well as the same for LP that will take place over a series of transactions which will happen sometime within you know 30 minutes to you know potentially up to three hours pretend uh you know pending on chain gas prices and you know we created this replant updates Channel down in the workshop where we'll be sharing live updates of kind of where we're at with that process uh you know to be as transparent as possible and to keep the community in the loop um once replant uh eight has been applied we'll be at the stage where the full migration has happened you know all balances should be set the new Bean token will be this deployed the new unripe being tokens will be or the Android being and unripe being three curve tokens will be deployed the beam three curve pool will be deployed and seated with some very small initial liquidity and um you know we'll be ready uh to move on with the replant um at this stage we're likely gonna pause for a bit uh for you know the the greater being stock Farms team to conduct some more uh you know Fork main net testing to ensure that the water treatment plan was applied effectively and correctly um this pause will likely take you know somewhere between one to two hours and will be constantly updating uh you know the community on the status of that and the replant update Channel upon success of you know testing the water treatment plan we will move forward with the replant now if this is where Publius will relinquish control of Beanstalk and the fertilizer contract the ownership of fertilizer removes the Beanstalk the ownership of Beanstalk will move to the BCM and Publius will propose the diamond cut which will upgrade Beanstalk to the BCM as well as propose a transaction to add all of the US the uscc stored in the BCM wallet as the initial liquidity once the BCM has reviewed the diamond cut and there are enough approvals to execute the upgrade on Beanstalk that will take place no that they'll likely be you know another waiting period somewhere of around you know an hour to two hours is what we can expect for the BCM to properly review the diamond cut and for more you know internal Beanstalk Farms testing to occur um once the replant is applied we'll also briefly pause to perform some testing and finally we'll move forward with um you know kind of adding the liquidity uh the reason we're kind of taking so many breaks uh throughout the process is you know there are a few pivotal moments we just want to make sure that we have you know take a quick pause make sure everything's in the right place uh the first of which is you know once probably is passes ownership to the BCM we want to make sure that the water treatment plan has been correctly applied so the BCM will never have to transfer ownership back to publish for any reason um and then secondly once the BCM adds the liquidity into the bean pool there's no going back um you know we we've officially deployed all of the the fertilizer liquidity um and you know it's officially all locked in the smart contract um and you know things are rolling so we're going to take one more pause just before that uh you know to make sure that we're ready to go and you know the water treatment and the replant have performed successfully um once all of the liquidity has been added uh again a BCM member will propose an unpaused transaction to the BCM which will likely just sit in the BCM uh for the BCM to conduct final review on the unpause transaction itself and then at noon Eastern on Saturday August 6th the BPM will propose with unpausing Beanstalk when Beanstalk is unpause the first Sunrise can be occur with you know one to two hours after Beanstalk is unpaused based on where it is in the app in you know after that so we can expect the first Sunrise call to occur around 2 p.m Eastern Time pending no further delays um you know throughout this whole process you know there's going to be numeral steps where we are conducting you know uh further testing by forking different blocks on mainnet and if anything does come up during this process where we feel like it is not safe to continue with the replant we are going to uh you know likely delay and make sure everything is sorted out before continuing so just be aware of that and again uh you know the replant updates channel is the place to look for you know kind of all updates in regards to the status of the replant um you know once it has you know started uh and we hope to be you know as transparent as possible uh throughout the whole process um you know so please you know feel free to ask any questions and you know do uh you know is our uh you know happening as we all expect uh you know so appreciate the whole community's support uh you know throughout the whole process it's uh you know gonna be a good one and one we've been looking forward to a long time and can't wait to get going you know we're all sitting here on Snapchat watching the vote counter uh you know waiting for a few remaining votes to maybe come in and uh push this needle a little farther thank you Publius with regards to snapshot I have a question uh just to understand it once we hit super majority is this when replant will immediately commence so we saw previously that some people can like change their votes what happens if someone wants to change their vote you know after the head super majority if the super majority has reached the expectation is that the replant will begin immediately so no no more chances once we have super majority super majority if someone changes their vote to abstain we still move forward with the replant clear okay all right um I had another question maybe before also remove uh uh to Publius before we move to the contributors uh and that that has to do with uh what maybe what are we looking forward uh with regards to governance and then in specific uh with with setup can what can we expect sometime soon that we start talking about you know introducing or including setup to to the governance or our governance so this is probably one of the first bits that makes sense to implement after a replant as a an additional governance security measure in our opinion and I think the whole Dow is on the same page that the goal is over time to re-implement totally permissionless governance but in the meantime uh having and and throughout that process having Seraph as a last line of defense this that probably does make sense so uh the Dow will obviously have to vote on the Seraph integration it would require changes to the Beanstalk code albeit minimal changes and so the expectation would be that that would be a a bip uh that that assuming the sentiment is generally in favor of uh you know we can work with with halborn to to put that together and propose the bit formally and then obviously the Dow can decide uh via VIA vote all right okay we can think about uh through the contributors I can start maybe with bean sprout uh we we see that there's a proposal for a budget uh for being Sprout uh Mr manifold can you maybe take us through it quickly what's on the proposal and and what can we expect from being spot next quarter hey Mark can you hear me I can hear you okay great uh my Wi-Fi is a little glitchy um so so quickly on that last Point regarding halborn you know we had a we've had a series of you know really productive calls with Halburn um like published mentioned you know Seraph I think we lost Mr manifold we we can we can ask that question back all right let's let's maybe move to to the contributors right now I can start with a bit of marketing and what we're planning ahead of uh of unpose um so tomorrow we have uh an interview with Amelia Outlet we have another one also that might take this tomorrow but it's not confirmed yet so we we look forward to that and then we'll have a special episode uh with the bean pod that will be with uh Publius that will also come out on Monday uh you know like like all the other the import episodes every Monday then we have spaces with liquidy uh and all of this is happening you know next week after after on post so we have one with liquidy and then we have uh two podcasts at Eunice's with uh Mission D5 and Mark Jeffrey and then Brian uh who's you know one of one of our contributors he reached out to DCF God and we might also have um um like join his podcast or Beyond his uh on his uh podcast otherwise Mr manifold is back do you do you want to take us to what you're talking about hey is this a little better guys I'm sorry about that that's okay okay great so uh regarding halborn you know I don't know what you heard or been here before but so serif will obviously come down to a bet um you know and the Dow the Dow can vote uh whether we want to move forward with it or not um but in regards to payment for hellborn um and kind of the ongoing you know serif like SAS like subscription that's a monthly you know 10K expense is what they're pricing it out um we wanna you know we want to make it uh as as aligned uh with Beanstalk and and and with beans as possible and so you know uh happy to say we've we've had some you know great progress uh with halborn and and accepting you know uh close to 20 of the payment endings um you know which uh it it definitely shows some good faith on their part and and a willingness to you know want to grow with Beanstalk and and uh you know facilitate a longer term relationship so that's been very constructive uh on the bean payment and um you know and this kind of goes to the the Beanstalk bean sprout excuse me Q3 budget um you know it's it's probably my expectation that being Sprout at some point will propose uh to um to will propose at some point to uh you know pay the beans from the bean sprout budget however the usdc or the USD end uh it's looking like root Labs might be able to cover that um as a contribution uh to the Dow um halborn's kind of expressed that uh they can take on you know and what's been negotiated you know they can take on multiple projects at once um and so you know we're looking to kind of get creative in the funding and and you know minimize the tax to the Dow or any cell pressure from Beans to usdc uh to the Dow uh so so that's kind of the security end um you know aside from that there's been there's been a lot of inbound interest over the last week as we get nearer to uh unpause um from developers Builders you know contributors Etc just looking for ways to get involved and and you know start or continue building uh in and around Beanstalk um and that's been great so you know we're currently working on getting you know some documentation together on the bean sprout and working on a post such that you know anyone that is interested um in in contributing or building uh in the Beanstalk ecosystem in any capacity uh has you know some clear steps and guidelines and and action items they can take uh to get started hopefully um so you know look out for that in the next few days uh and I guess lastly with root we're we're continuing to build uh you know and we're kind of focusing in on the fertilizer marketplace right now such that we can hopefully have an MVP up sooner and later um to provide uh secondary liquidity for first thank you manifold and uh pretty excited to see you know the things that come out uh or what has already come out from being spot and what's what will come out uh in the future as well Austin um can you maybe take us through uh you know uh the budget that's proposed for being so Farms talk a little bit maybe about you know uh the bfcp uh proposals that are that are already live and then what's what's the future on what you're looking at you know as being so Advanced as an organization sure uh thanks mod so yeah announced I believe it was yesterday we shared the drafts for bips 2020 uh sorry 22 and 23 in Discord which are the quarterly budget bips for Beanstalk farms and beans Sprout respectively would encourage everyone to read the proposals and discuss in the channels uh particularly interested in hearing feedback from the community on the incentive alignment section as it regards as it pertains to contributor pay being deposited in The Silo to give you know to align contributors with with Beanstalk and and give them a form of skin in the game so would encourage everyone to read that and interested to hear what people have to say about it um on that front I know there's been uh bfp 81 outlined a handful of uh restructuring to all the proposal types and I know there's kind of like a lot of in the weeds terminology so we just published some docs on that and related if you now go to the Beanstalk Dow snapshot page which I'll just drop here you should also be able to click on the different subspaces for proposals related to bean sprout Beanstalk farms and the committee and uses of the Beanstalk Farms budget so if any if any of that's unclear at any point you know feel free to shoot me a note or tag me in docs feedback or something like that uh On a related note uh I guess other documentation work and preparation for replant been spending a lot of time with uh Chad red beans and cool Bean on website copies so after that after that goes lives in the replan is successful uh you know if anything's confusing on the front end feel free to tag me in the UI feedback Channel um let's see what else uh there are a handful of questions about after the showing the draft for bip 22 about Beanstalk Farms contributors getting paid retroactively in unripe beans so essentially there's going to be this one-time Beanstalk Farms retroactive payment proposal where each contributor writes a proposal to be paid retroactively and unripe beans and I'll be working on on aggregating those drafts together and then sharing with the Dow hopefully sometime next week um I think that's mostly on my end I guess uh kind of unrelated but important is uh we got the kicked off the process for spinning up a bug Bounty program uh hopefully we can I'll have that up and running with immuneify uh before the end of end of Q3 but uh yeah that's a handful of updates on my end thank you Austin Mr manifold we have a question from bienology um and that's that's about the priorities for halborn there are a few points uh highlighted uh by titled bits that they say that didn't have they didn't have the time to look into it uh will this be you know something that we will want halborn to look to look into so so to jump in for a sec the halborn did already do a full audit of all the Beanstalk contracts and therefore it's not as much as having them look at the stuffed trail of bits didn't look at they already looked at it going forward the goal of having halborn Entertainer and the structure of the agreement that they they've uh structured for Beanstalk is is pretty cool where we can have multiple up to two simultaneous work streams happening at once such that there can be for example an audit of a bip uh that's going to be proposed shortly for example the Seraph pip uh or and not or and the website can be audited so the goal is to at some point open source the website uh that is going to be a major project it's been a goal from the time we originally deployed Beanstalk about a year ago and it still hasn't happened because of how big a task it is and making sure that it's secure and having them uh audit the website is going to be a major project uh there's lots of dips that we hope to have them audit and then in general when you think about uh some of the other things that risk that risk vectors around Beanstalk right now social engineering around the multi-sig best practices on custody uh all of this stuff are things that they can uh support us with and advise on best practices and do an audit of the current procedures for example in order to further improve the security of Beanstalk uh the quality of the Dow and the reality is we don't intend to stop pushing uh code anytime soon there's lots of lots of uh upgrades and improvements and new features that can be implemented over the coming uh months and maybe even years and having halborn on retainer to be able to in real time constantly be uh auditing anything that is necessary is is in our opinion essential to continuing to be able to move at the pace that that things were moving prior to the attack thank you for that binology you know follows up again uh and asks if there were areas that you think little bits didn't didn't wear light on or they didn't cover uh that we that we are interested in well so if you look at the trail of bits report there were a couple of facets uh that they didn't look at and it it is worth stating that in a perfect world they would have audited every facet uh entirely uh the structure of the trail of its audit uh was a little funky uh where they they advised us it would be like a two-week audit uh we paid for four weeks up front just in case they would need extra time because we we recognized the complexity of the code at the time we booked the audit back in I think it was October or November or something uh and what you know the audit was originally booked for three weeks then and they needed the fourth week and we told them you know money shouldn't be the issue here if if you guys can continue to audit the code uh if if there's more work to be done money shouldn't be the issue and they basically were like we're out of time and so there were certain facets that it seemed based on the report uh they didn't look at as in depth as they looked at other facets I think it is worth noting that going forward uh if Trail if there's another trail of bits audit it may be worth having them look at that first if there's another audit firm that starts to look at Beanstalk it's worth having them look at that first but uh as far as we understand it halborn has uh already audited each of the I believe it was three facets that uh trail of bed said that they didn't audit in full and so uh perhaps one of the projects that it makes sense for halborn to Endeavor on at the beginning is a second audit of those three facets uh but but it the the absence of a complete audit from trail of bits on on those facets is it's it's almost impossible to evaluate the relative risk that would be alleviated had they gone through the full audit Melbourne has gone through the full audit uh of those facets and as we've said before the audits are not the the thing that matters you know there's no seal of approval that can make a difference on this step the only thing that will ultimately prove security is being out in the wild with significant amounts of value at risk so that's that's the nature of the Beast here so to some extent you know it would always more audits are always better uh but not sure that it's I I don't know I think it's it's pretty clear where we're at on this front at this point thank you uh Publius and biologist because our next auditor or the one that we're planning on retaining is halborn and and halborn already looked into into the code or the facets Chad do you want to maybe give us a summary we already looked into the website so we have an idea of what the new eye will look like do you want to give us maybe briefly what what can we expect any changes that are currently worked on yeah for sure and for those of you who are just joining us this week uh there should be a recording of last week's down meeting where we did a demo of the website so if you're interested please feel free to go check that out some updates and sort of a timeline for the next couple days on the website's front so uh as the replant it says will be the the V2 website and the new sub graph during the replant the current website will be taken down um as the contracts are getting migrated and so many calls will begin to fail and the V2 website will be deployed upon completion of the replant so uh sometime you know call it in the the next 24 to 36 hours for some expectations setting on the the new site so all of the core functionalities shown in last week's demo will be will be available so definitely go check that out some pages throughout the site will have an under construction message um as we sort of wrap some things up and get the website redeployed notably the the trade page and certain analytics graphs so for now you can use the curvepool on the curved website directly to buy or sell beans like you would have on the prior trade page but also just wanted to note that on pages like The Silo you can buy and deposit beans directly in one transaction so no need to go to the curve website to purchase beans first if you're interested in doing that we'll be working on trade throughout the week to try to get that online as quickly as possible so everything can be done through the UI in in addition uh we'll write a change log with all supported features for the V2 UI and release that in the UI updates channel so keep an eye out for that and if you're wondering if something is supported right now or not that's the best place to look uh let's see so from there we you know we've done a pretty extensive testing of the new UI but given the transition and the changes to Beanstalk it's possible that we'll encounter some bugs so if you have any issues with the new site please uh sort of do the following so first check the the Farmer's Almanac at docs.bean.money and look out for any tool tips that are on the website to help explain what's going on um if that doesn't answer your your question feel free to ask a question in in the questions channel in Discord or if you feel like you've encountered a bug or some other you know broken functionality head to the UI feedback channel in the workshop um and we'll help get things ironed out myself cool bean and others who are keeping an eye on this so uh one last note on that if you're a farmer who's spent a lot of time around being stuck in around the UI and you want to help like uh field some some questions here please shoot me a DM and I can help get you up to speed with with where things are at and walk you through the docs and stuff so with that happy to answer any questions on the front end but excited this thing back on thank you Chad I have one last thing uh to to say or mention but maybe before that we'll open the floor to any questions before we conclude the meeting if anyone has it I see a few people typing but they're mostly typing you know got in your chat okay so God willing whether we reach super majority or we you know the bit uh concludes uh Beanstalk will unpause on Saturday that's August 6 and we're looking at uh 90 9 A.M Pacific Time or noon Eastern we will we will be hosting a live Twitter spaces uh where we will you know group together and then unpause unpause Beanstalk I'm going to throw in just a bit like an invitation into the town hall chat and there are two rumors circling around the first one is that Beethoven will join us and you know bless us with some music and then the second one is that being boil might you know make a special appearance and and we'll leave it at that hope to see you all um on Saturday and if any other questions feel free to the job then we're happy to answer them at any time thank you all for for joining this meeting