DAO Weekly Meeting #34

August 25, 2022

00:00 Seraph/Halborn Updates • 10:17 Marketing Updates • 11:22 Operations Updates • 15:43 UI Updates • 20:57 Stolen Funds Update

DAO Meeting




  • As of Monday, the Halborn retainer started.
  • Seraph is separate from the retainer, but the retainer was the first step.
  • The DAO will have to vote on a BIP to implement Seraph.
  • Tomorrow there will be a call with Seraph devs around the implementation of a BIP.
  • Unclear on the value of Seraph in the short term, while Beanstalk is still governed by the multi-sig. It will be particularly valuable as Beanstalk returns to on-chain governance.
  • The Halborn retainer is the first time Beanstalk will have a continuous auditor.
  • With three streams to start, there is plenty of bandwidth to audit BIPs.
  • Always possible to add streams if three is too limiting.


  • Last week, we had a Spaces with Liquity and a podcast with DCF God.
  • We recorded a podcast with Mission DeFi, which is not out yet. Unsure of the date, but it is coming soon
  • Working on educational videos.
  • Community Grant is live. Already have some contributors apply.
  • Will start working on a press release announcing the Beanstalk DEX.


  • There is accounting work to be done to figure out the compensation that was passed per BIPs 22 and 23. There are edge cases to consider.
  • Work still being done on the bug bounty proposal.
  • BOP-1 up for vote. Having the DAO ratify disclosures will be a huge step forward in terms of transparency.
  • The retroactive payment proposal is also up, ending Sunday.
  • There’s a lot of maintenance work being done on documentation, and a lot of interesting new content in the white paper which will be added to the Farmer’s Almanac.


  • Governance page has been released. You can now vote through the Beanstalk UI.
  • Released some tweaks and made some internal tweaks to prepare for the audit.
  • Working hard to get a new market graph out, to make it more usable.
  • Working with TBIQ on a new analytics dashboard to replace Dune.
  • sweetredbeans will be focusing on the DEX and then the Pod Marketplace with the new pricing curve (not the graph Silo Chad was talking about)

Stolen Funds

  • A number of different firms have been engaged since the exploit. They provided some helpful information, but it’s all a dead end if you don’t have subpoena power.
  • We haven’t heard anything back from law enforcement.
  • Not clear on the benefits of spending additional funds to pursue private remedies, because it’s hard to understand how the funds are recoverable aside from legal avenues already being pursued.
  • Hard to know what the right thing to do is, because it’s hard to evaluate how likely it is to get the money back.
  • We don’t even know if the government would give us the money if they recovered it.


okay we can get started um how are you Publius doing pretty good man how are you I'm doing quite well before before we maybe go off um an update from the contributors I wanted to start off maybe to talk about um Seraph and and that's uh and set off will be the solution which that I was exploring to use with regards to governance and I understand uh the conversation with Halliburton is like materializing or or going on on further so maybe can you give us an update for videos on where are we right now and what is the plan with setup and how do we plan on implementing it sure so the current status is that as of Monday of this week so three days ago the halborn retainer to continuously audit Beanstalk started now Sarah is something that is separate from that but uh the first step was just getting the retainer going so the the point let's say a couple things about Sarah the first is that at the end of the day the Dow is going to have to vote to implement the bip that implements Sarah and so at the moment the only thing that's happening is discussions with how born on how to have them propose to the Dao to implement Seraph so tomorrow a couple of us have a call with some of the halborn devs and the conversation is going to be around specifically the implementation of a Seraph dip and getting that ready for formal proposal to the Dow so if the Dow votes to implement the Seraph bip whenever that goes live for voting probably in a couple of weeks uh at that point if Sarah if that vote passes Sarah will be implemented now for the moment it's unclear how much value there will be for Seraph in the short term and in the long term but in the medium term to us it does seem like there is a lot of value in Sarah so what does that mean so short term Beanstalk is currently governed by the multi-sit and that seems to be relatively secure there's obviously social engineering uh vulnerabilities potentially there but from a General Security perspective it's unclear how much Sarah will help during the multi-sig governance stage although I guess if the multi-cig got compromised in theory you'd expect the Seraph services to to come in handy so maybe in the short term it still is valuable to some extent but where we think Seraph is going to be particularly interesting and potentially valuable is as Beanstalk moves back to on-chain governance and having that extra line of defense is something that is potentially attractive given the history of Beanstalk and how important it is to avoid similar levels of problems uh from a security perspective when it comes to government so over the medium term as Beanstalk moves back to on-chain governance what it what is likely over a couple of months and multiple bits having siraf as a last line of defense or an extra line of defenses it seems very clearly valuable now over the long term the goal is to not need something like Seraph and to have Beanstalk have entirely permissionless governance and to some extent Seraph is a permission although uh hopefully the way Seraph is implemented will have some sort of backup removal capabilities by by some other multi-cig as have been proposed by members of the community on the best way to implement it so lots of different things going on on the Sarah front at the end of the day the next item for the for the Dow will be to vote or consider and then vote on the Seraph dip but we're working with halborn to get them in a position to propose the bit so if I was to summarize that um the current status would be is that we have a BCM or a multisec that controls the protocol then we will have a setup as a backstop uh or like as another layer of approval and then there will be another multi-sec that has uh the power to revoke or remove set off and once we go to on-chain governance it will be then you know on-chain governance with a backstop or a further approval of setup and then a multisect that can also revoke a set of does that summarize the the intention or the idea correctly that is a good summary sir okay sounds good and and when did you think again we might uh propose this to the dial formally not sure we'll we'll have more of a sense of halborn timing for a call with their devs tomorrow okay great and while we were discussing um Halburn um so Mr manifold is leading all of these discussions and and Seraph is part of it the other the other parts are um as other things the protocol and Generator Mr manifold can we start with you maybe to give us what can we expect from heartburn and what is the kind of work that they will be working on sure uh so you know it's it's a new relationship in that uh this is the first time Beanstalk has kind of ever had a continuous auditor on retainer um so you know we are uh excited to kind of get in line with their pace of you know doing things and if there's a little bit of uncertainty you know that didn't there was the omniscient retainer but that uh you know that didn't go so well clearly totally totally um so you know hope we're hoping that you know we can kind of move in Cadence here you know it is a new relationship um as you know Dean stock developers are are putting out are putting out uh you know new code and and we have new things to audit our hope is that you know by having three streams to start which is you know an upgrade to the two we initially anticipated using uh there is plenty of bandwidth from halborn uh to audit um and you know relatively relatively quickly um you know we can push out new codes and get Pips uh you know proposed uh in terms of uh serif I think Publius mentioned that you know uh pretty thoroughly uh there there isn't much to do on that front at the moment besides you know some legal legal uh terms I need to get agreed upon um but after that you know there will certainly be a bip for the Dow to reveal um and you know there is also this future possibility depending on how much output the Dow you know kind of ends up having where we might potentially add even more streams um if we find that you know three streams is is a rate limiting kind of factor so you know we're kind of open to evolving this relationship with halbern we're really excited to get it going and um you know this is this is an orders of magnitude in my opinion uh Improvement uh to what Beanstalk initially kind of had in its first you know uh free it's called pre-exploit um where you know we didn't have this capability and we were pushing out bips that uh weren't always audited um and so this is this is you know a really um big leap for us and and and it's quite exciting a manifold correct me if I understand a set of scope uh um correctly which is a certain set of hellborn so how to burn audited uh the overall protocol and what's really looking into right now is to have um audit all of the previous bips and then also all of the future webs coming forward is that correct yeah that that's the game plan at the moment so any any new bips any new code that you know is going to be proposed in the future I think you know we hopefully the Dow is a line that you know halborn should take a look at it first and audit it and and make sure they're you know from there for their standpoint you know it's ready it's ready for the Dow to to propose formally yeah to add on to that instead of the auditing the old bits Dave already as you said might have completed a full audit of the Beanstalk contract and so they're only going to be focused on new bips as opposed to online old bips were all which were already a part of the full Beanstalk audit now there are three dreams at the moment happening simultaneously one of which is a complete re-audit of Beanstalk and the hope is that they're just going to be continuously auditing Dean stock and constantly looking for any problems or flaws and then in addition to that stream there's two other streams happening concurrently uh one currently on the the UI with hoping to be able to open source the UI at some point after the completion of the front end audit and then uh new bips are another stream and as manifold was saying if there's too many bits and we need to open up more streams uh that's something halborn has already expressed as possible so there shouldn't be any uh delays in terms of development or the proposal of bits due to a lack of Auditors which is as manifold was saying super exciting and a totally different position that the Dow is in collectively than than we were in uh six months ago or or eight months ago great and anyone in the audience if you have any questions about um halliburon or setup please feel free to drop them at the Town Hall chat okay we can we can get into the protocol now um and I can kick off maybe with a marketing update so since last week we we had the spaces with liquidy and then we had a stream or a podcast with with DCF guide we also recorded a podcast with Mission D5 that's not out yet I don't have a date on it yet but we that has come out soon um education videos we we're working on that as well earlier this morning we had uh some sort of like a recording session uh but but that might take some time until we get uh the videos the videos out uh the community Grant uh uh is live uh we've already had some contributors uh you know apply for the grant I would encourage and recommend everyone else to you know to do so as well uh so the the grant is for the community and it's open for everyone to to submit um otherwise we'll start working on um let's say the press release or the announcement of the windsock decks so this is something that we'll work on from now and and then when that's ready we you know we will have it uh circulated otherwise that's it from my side Austin do you want to give us some updates from your end sure thanks mud uh can you hear me okay I can hear you sweet uh so I think my update will be pretty straightforward but there's a couple handful of different things we're working on um let's see on the operations front uh I guess this is mostly internal to Beanstalk porn but sharing it anyway in case it's interesting to stockholders in the Dow but there's a fair amount of interesting accounting work to be done uh for figuring out the deposit uh compensation that was passed per bit 22 and 23. so there's a lot of edge cases to account for like uh for example say we run payroll in the middle of September someone joins a week before that and we call plant how do we determine how many of those earned beans go to each contributor so I've been working with Alice Eros uh on answering a lot of those questions and as far as uh the actual deposits happening the dog can probably expect uh on the last day of the month that uh for all the outstanding active hiring proposals of which there may be more but I think the math on uh contributor pay for the rest of quarter based on the current hiring proposals is something like 170 or 180k so uh as that as that uh contract event happens you know we'll we'll let folks know in the governance channel so there's no no surprises um on the Bounty front uh that has been a little bit sluggish but I think it's still fair to uh for the doubt expect a bip on that front uh sometime in Q3 I.E next month in September um let's see on the governance proposals front there's a couple outstanding proposals and as I'm sure most of the folks on this call are aware of uh there's Bop one uh which is the proposal to have the Dow ratify the set of disclosures about the risks of interacting with Beanstalk the Quorum for that is about 18 million and I think when I checked this morning there's about 5 million stock left to Quorum so would encourage everyone to check that proposal out and and vote accordingly maybe just to kind of share a bit of context on why uh you know why have the Dow vote this one in the vote on this in the first place is that you can imagine a story a scenario where maybe a Community member publishes this content maybe Beanstalk Farms publishes this content but I think it's a significant leap and you know transparency and send a signal to Future participants in Beanstalk to have the Dow actually ratify the set of disclosures uh as they're the group uh that ultimately decides on the design of Beanstalk so that's the idea there uh the retroactive unripe Bean payment proposal uh voting period also ends on Sunday like Bop one I think that one has about a million stocks left to quorum so uh you know similarly would encourage everyone to check that one out on Snapshot or the new governance page of course uh shout out to Chad and cool Bean for that one uh lastly on the documentation front uh I mean there's always a handful of Maintenance stuff going on there but I think there's a lot of interesting new content in the white paper if everyone hasn't checked it out particularly the introduction where Publius draws this distinction or draws like a matrix of handful of different stable coin types and so Ariel has been working on a corresponding Farmer's Almanac post on that front that I think folks can expect and to see in the next next couple weeks I think that's it on mind thank you Austin uh and as we've mentioned there are two proposals out there so for everyone inside the chat drop the links to the proposal you can go vote if you haven't um there is also a question on the community ground levels of of posted the link to it and I wanted to mention as well that the community Grant doesn't it can also be things so dumpling has some ideas sometimes uh or often times to like creatino products that we think is interesting for the community so things like that are also eligible for the grants so if you have you know similar ideas just reach out and we'll be happy to um to help with that all right um Silo Chad do you wanna you wanna take us through some of this from from your end yeah for sure thanks Mike um so let's see in the past week we've had two major releases on the website front um the first is the governance page which went out about a week ago uh so if you haven't already voted on the outstanding proposals you can view them or and do so through the the stock UI now um that will be the case for all future proposals on uh the Beanstalk Farm snapshots and subsequent snapshot pages so definitely check that out and give us some feedback in the UI UI feedback Channel um we've also released some small tweaks to the website around governance and a couple other things and had some internal updates in preparation for the halborn audit which will begin soon so a lot of work going on internally there the next big thing on on my mind is really the the market page so we're working pretty hard to get a new market graph out I'm gonna drop a tweet in the chat now for anybody who's interested in kind of getting a sneak peek here in terms of how we think about tackling making the market more usable there's going to be a a couple steps over the next month or so with with some of them coming out pretty soon so first of all from a analytics and visualization perspective we're we're aware that like um having good Market graphs is very important for users to understand you know what listings and orders are available this is something that was important on the last site that we're trying to play catch up and get it released as quickly as possible so first step on the website front is having that graph completed so hoping to have that done in the next couple days so that people can can start checking out listings and orders in that graph additionally we're working with uh with tbec on a new analytics dashboard which will uh you know on one front replace Dune using subgraph data um but you know with respect to the market the the market will will be included on that dashboard as well um and we've got some really interesting new metrics that are going to be displayed there that also linked on that tweet so definitely take a look at that and uh and let us know what you think that should be coming out in the next couple of weeks uh beyond that so yeah getting ready for the halborn audit to kick off um that should be you know sometime in the next the next week or two and we'll keep you all posted through uh through these meetings and yeah just in general happy to answer any other questions and give us some feedback in the UI updates Channel or the UI feedback Channel if you have any thank you Chad um pretty excited to see this come come live sweet red beans yeah I can so uh as far as you guys I think you might be cutting off cutting out let's see how's this is this better better okay perfect uh let me know if I cut out again and I can I can type out a message if that's easier uh as far as UI uh done this week uh made some changes to the forecast page which hopefully we'll see go live soon uh just basically added a few metrics uh you know took some feedback from from Publius and from that DCF God call hopefully we can uh you know we did a kind of reorganization of that bottom component on the forecast page to properly kind of represent the value sitting at the current pool so hopefully that doesn't confuse people anymore uh let's see designed a new component for The Silo detail page and that will kind of work together with the decks so when you when you select a white listed token uh in The Silo we should have some more information as far as like how how much uh value is deposited into that token uh and and some some fun uh Graphics to go along with that and then uh yeah finishing up the design pattern for the kind of the Dex pool Explorer and hoping to have the UI more or less kind of uh getting close to you know High Fidelity of the next week or so uh regarding the the decks so that's kind of my focus for the next week or so is basically uh the decks and then with any remaining time can I looking to start uh start some progress on the the not the Pod Marketplace graph that Chad talked about but the next pod Marketplace uh with the with the new pricing curves so excited for that as well happy to answer any questions if anyone has a thank you sweetheart all right um I think think this is the yeah I think that might have been a little bit of an alpha leak uh sweet red on the Pod Marketplace uh not sure if we have bean Joy or Maltese here if they wanted to come up and talk a little bit about what they've been working on but it's very cool I see Maltese is in the audience if you'd like to come up on TV raise your hand I'm not gonna invite you up okay before ending uh this meeting we had a question uh or a comment uh from Benji uh and he he highlights that you know after the turn into Cash uh sanctions let's say there are you know outflows out of the out of the protocol and we know that our the exploit our funds you know were transferred into turning into Cash his question is is anyone in being stuck working or being so Farms to be specific working on you know monitoring the funds and if there is no official party if it's a good idea um you know for the Dow uh to allocate something into that and I guess this question is is not directed to being so Farms or problems it's it's more to the Dao itself to think about this but I was interested in getting some thoughts maybe just generally speaking what do you think about this and and that maybe the directed to you Publius what what do you think about putting efforts into into something like that is it worth it not really a distraction what do you think so there's a lot of different things to be said about this the first is that there have been a number of different firms that particularly after the exploit were engaged in some capacity by Beanstalk farms uh I think they're called Blinn b-l-i-n and lossless and both provided some information that was somewhat helpful but at the end of the day it's kind of all a dead end if you don't have subpoena power and so separate from the Private Investigations which there may be some additional value in pursuing although at this point it's hard to see what it could be given that we don't have subpoena power uh the you know there is a we've we've continued to comply with law enforcement we haven't heard anything back from them on the potential recovery of funds uh not sure that it's the best allocation of Dow funds going forward but obviously if the funds are recoverable that's a different story but it's it's hard to really it's hard to understand how the funds are recoverable if not through legal Avenues and those are already being pursued so the concept of now spending additional funds to pursue private remedies unsure what the potential benefit would be there Beyond what's already been done but you know we we this is something that we've continued to not really know what the right thing to do is because it's hard to analyze the chances of getting the funds back and uh even I mean frankly even if the government's able to recover the funds uh hard to say whether they're going to give the money back to the Dow and how quickly it could be years so just not sure where this all leads and don't don't think it's necessarily the most productive use of of time energy effort or resources at this point but obviously if somebody wants to step up and just do it and work on it and try to try to come up with a some sort of plan that makes it more realistic to think uh that the funds could be recovered that's one thing but at the moment hard to really see that happening and just to add on uh to a publicity which is which was correct the the um those who have worked with were in touch with us with them to monitor the funds as previous said we hit a roadblock in the end where there we need we needed lexapina power to be able to continue those efforts nevertheless if anyone you know within the dial thinks uh that there could be truthful efforts that we could do or please propose it and I believe this is for all of us to like you know collectively come together to a decision Maltese says he would love to talk about the new Marketplace but maybe next week as he's not in a quiet place right now so hopefully next week we will have an update uh on the on the on the marketplace otherwise I think this is the end the end of the update uh unless anyone else has a question and if not thank you all for joining us and see you next week