DAO Weekly Meeting #43

October 27, 2022

00:00 Intro • 00:35 Bean Sprout Updates • 04:25 Operations Updates • 07:55 Marketing Updates • 08:37 Engineering Updates • 10:15 Design Updates • 13:11 Poker Tournament V2 • 15:10 Publius Updates • 16:15 Discussion About Bot Frontrunning Converts • 18:54 Dutch Auction Pull Request

DAO Meeting


Meeting Notes

Bean Sprout update

  • All out sprint for a special market for Root
    • A lot of the code is in audit, and the UI is being worked on
  • There are two different parties that are interested in making a Beanstalk on-ramp/ Bean card, just waiting on some items from them.
    • MisterManifold is hoping to have an official wallet for Beanstalk within the next couple of months
  • Root initially was going to fork Seaport and is now going to make their own
    • Thinking behind this is there are some limitations with Seaport, Root wanted to generalize as much as possible and this would not be able to happen with a fork of Seaport

Operations update

  • The operations team has been working on the Beanstalk Community Resource center
    • Within this Notion page, there will be anything and everything that Beanstalk Farms should be transparent about
  • They are also working on more technical documentation, this would be a function-by-function documentation of the protocol
  • BIP-28 draft was shared in the Discord (https://discord.gg/beanstalk)
  • EBIP-3
    • Any Pod Listing was cancellable by any other Farmer
    • There was never any concerns about loss of funds

Marketing update

  • Blockworks published an article that Beanstalk Farms gave a statement for. That can be found here
  • Two new submissions for the Community Grant Program
    • These two are in review
  • A document that gives an overview of Q3 Community Grant recipients will go live soon

UI/ Engineering

  • Pod Market V2 and SDK are the two major projects that the team is working on
    • Have an outline of how the Farm function will work in the SDK is completed
    • Currently working on implementing Pipeline to the UI another week or two of engineering work is still left

Design updates

  • SweetRedBeans has been heads down working on the design for the Pod Market
  • The Halloween theme just released
  • The design team had an intro call with VectorDAO
    • Hoping to have them as a partner to help out with a branding refresh
    • A UI reskin would go along with this
    • This all depends on the price

Poker Tournament V2

  • Initial thinking is we are going to have a smaller satellite tournament with a buy-in of 50 Beans, and the winner will win a spot at the main tournament
  • The main tournament will cost 250 Beans, unsure of what the grand prize will be

Publius updates

  • Adjustments to BIP-28 have been made to reflect EBIP-3

Discussion around the bot that is sandwiching coverts above the peg

  • The bot is looking at the mempool and front-running any convert
  • Farmers can bypass this using an RPC that does not use the mempool
  • More of an Ethereum issue and not a Beanstalk issue
  • At some price point, Farmers will be selling and not converting

Sunrise adjustment discussion

  • Pull request can be found here
  • Beanstalk pays a lot more Pods during excess demand for Soil
    • During the first five minutes (25 blocks) of a Season, the Temperature starts off at a very low percent and slowly ramps up to the maximum Temperature (the current Temperature)
    • When Beanstalk is above peg, the amount of Soil is dynamic
  • The Sunrise function will now take into account the block fee on Ethereum
    • This will help with less of a gas war to call the Sunrise() function
  • The Sunrise function will now give you the option to put the Beans you were awarded into your Farm Balance
  • All of this is in audit by Halborn


All right, Jim, everybody, I think we can kick off today's meeting. So thank you all for joining us. And as a reminder, this is an open conversation or an open forum. So at any point, feel free to on unmute yourself and, you know, chime in or or, you know. Yes, sophisticated general, say something. All right. That's something you can otherwise mute yourself.

And we can also a mutual and then on mutual, you know, if you aren't paying attention. Okay. Let's let's get started. Mr. Manafort, how's everything with you? I'm doing well. You know, things have been incredibly busy as of late. And my apologies in the last hour, meeting my microphone was ruffled and I think people couldn't hear me. So my apologies for that.

But, you know, we've kind of been in an all out sprint right now from multiple angles for a special market. We want to help launch at some point next month. You know, as we've discussed, a lot of the code is an audit. And, you know, there is there's feedback and iteration ongoing with a lot of that code. You know, things like the UI are being worked on, you know, and a handful of other, you know, things that we have to attack surrounding that market.

So, you know, we're really doing our best to have it up and running and optimistic we'll get there. You know, on the on off ramps being card front, you know, we've made progress with two different parties. And, you know, we're just waiting on some items from from those guys. But, you know, we're we're moving full speed ahead there.

And I think, you know, the rate limiting step is some of these younger startups are figuring some things out internally and how they want to design their systems. So, you know, optimistic there that we can get something completed in the next few months and be able to have a real you know, wallet associated with being stock in some capacity, which is which is great.

You know, one thing I've also noticed, and I guess is a shout out to the guys that are, you know, conceptual izing and possibly building irrigation and own protocol, I believe it's pronounced, which is fantastic. I think it's a great example that community members are taking the initiative to build around being stock and or prime examples of what I think us collectively and our members would like to see if and when BIENSTOCK grants are being issued to various teams.

You know, like real evidence that there's a concept with wheels and a team that can execute and you know, those grant dollars are well spent. So I just want to give a salute to those voters. But I think those are my primary updates. And you know, if anyone has any questions or comments, always feel free to ask me.

Thank you, Michael. I had a question. My and my understanding is that through at first, initially, I wanted to afford support, but now decided to build that from scratch. First of all, just on the semi correct answer. Yes. Could you maybe elaborate why the decision taken under the direction of Silicon Valley? Yeah. So, you know, kind of for our view on order book, we we really like the technology that, you know, even before a sea port we were looking at Wyvern Protocol actually and we liked a lot of things about Wyvern, but Sea Port was really an improvement to Wyvern for a handful of reasons.

You know, as we started digging into the sea port contracts and documentation, we kind of learned that there's some there's some limitations. You know, like for instance, you know, you know, multiple asset types and being able to clear with one order or, you know, business being able to denominated in inside of assets and things like that where we really just wanted to generalize the contracts more than natively, you know, they support right now.

And so that's kind of why, you know, rather than just outright forking it, you know, we're taking a lot of what they built, but we're we're also improving it in our opinion and multiple angles. And that's kind of important for facilitating the best markets that we can put out right now, you know, just being able to improve upon those contracts.

But, you know, shout out to sea port for for some real innovations. Thank you, Michael. So it was a good sign to hear. To hear. So that action taken. Okay. We can move to the farms. Awesome stuff with you. Sure, everyone. So I guess the couple main updates I'll give is, you know, there's a lot of projects in flight right now, but a couple of things in particular I mentioned, I mentioned last week we've been working on a collection of notion pages for which the working title at the moment is the Beanstalk Community Resource Center.

So I think just everything that we we can and should possibly be transparent about will go there. So think like, you know, all the, um, unified bug reports, although only one so far has been deemed worthy of a bounty, I think we've received like ten plus or so. I think it'd be interesting to share that with the community.

Other things like where the community grants from the community grant program have been going. Things of that nature. So hopefully we'll have, you know, an update there in the next week or so. In other news, more significant undertaking that we've gotten started in the last couple of days has been some more meaningful technical documents. And so what that will probably look like at the beginning is, you know, a collection of know links from from GitHub, you know, basically trying to document everything that's been in place has had and strewn across discord, GitHub and the like.

So that's probably what it look like to start. But you know, eventually the goal be to have it be sort of a function by function documentation of the protocol like you'd expect from a, you know, a mature, mature defi protocol. So that's in the works at the moment. I think that'll be a pretty high leverage, particularly as the number of developers working on bips increases, you know, shout out to folks like Brian, Katie, Coconut from Root, etc. And you know, as that list grows, we need to scale to help both.

So that's the idea there and that's in the early works. Otherwise that that 28 part market fee to draft was showed a couple of days ago and is to propose that sometime early next week. So encourage folks to read the draft and discuss in the channel. I think those are the most substantive updates from my end. Thank you.

Awesome. And you touched upon this with the reunify but but program and we had an event that we also briefly touched upon in class. Can you maybe just summarize that you talk to those who are with us today? Sure. So over the weekend, Unified White Hat reported that any pod listing was effectively canceled by any other user. So in the worst case scenario, you can imagine, someone essentially did passing pod listings on the on the pod market such that no one can ever sell pods.

So there was never any. I'm getting some feedback, but there was never any concern of loss of funds or anything like that. But it was categorized as griefing by the by the being stuck in the Unify Committee. Thank you also. And just to add to that, people could still trade, you know, the pods or to sea or directly through the contracts.

What was this was having it listed and the pod market. Okay. I can give a bit of an update on marketing, which is not going to be a big update. So we there was an article by Black Works on us and Argo statements that we gave a comment we had. There are two new submissions to the community Granderson not our bid that I'm review by farmer down who's with us today.

There's a blog post summarizing the Q3 as well community grants that will go out soon. Also with the community grant, the audit team ought to be involved and have a zombie inside us out as part of the Halloween. And lastly, what what we're working on with the educational content to sort of progress on this. Okay. We move to your audio engineering side of Champ.

Yeah. What's up, everybody? So kind of more of the same this week, pushing forward sort of the big initiatives are the pod market V2 and the SDK. So we've made some pretty good progress on some of the internals of the SDK. Right now, we've kind of got the outline of how the farm function will work in that capacity completed.

And then currently working on implementing pipelines. So there's some new stuff that comes with pipelines that's posing some really interesting, interesting challenges, but kind of working, working through those. And the reason we're doing this now is, you know, obviously the pipelines upgrade will be coming out sometime soon. But in particular, it's pretty crucial for other projects that would like to build on Top of Beanstalk.

And there's one in particular that that manifold mentioned earlier that we're trying to get some of this tooling as quickly as possible so they can start using it in their UI. So things are looking good there. Probably another week or two at least of engineering to be done on that front and as well for for the pod market.

So red beans can talk a bit more about the the UI process there because we're still, you know, digging into exactly how it's going to look after the launch of dynamic functions. But a lot of work going on. And yeah, there's a bunch of other stuff, you know, there's always something happening on the farm, so I'll let red beans take over.

Hey. Yeah. Have been heads down this week working on the pod marketplace, particularly at these dynamic pricing functions. And so the idea is to hopefully actually by tomorrow have the full UI kind of complete and ready for for insurance to kind of go and build. So, yeah, look out for that. Happy to. Maybe I can drop the link tomorrow and I'm done finishing the prototypes.

And then in other news on the UI side, the Halloween theme just was released. I hope you guys are enjoying that. That was fun to work on. Shout out jellybeans and being summer for working on that. And then lastly, I had an intro call with Dr. Dao this week. And so thinking about and you know, hopefully what will get them as a partner to help us out with some of you accent design work more specifically in the immediate too short immediate to medium term timeline.

I'm hoping to get them kicked off on a branding refresh. So nothing crazy. You know, we don't want to like destroy the farm as is and remove the colors or anything like this. But I'm hoping to have a set of professionals coming, just me. But I think I'm not hearing you. Or you can. You can hear me on this and I can hear you.

Yeah. Yeah. Okay. God, you're on my back. Maybe there's just me. Um, so, yeah, just. Just to wrap things up, you know, it's going to be awesome to have a group of professionals come in and help us out with. With some of the branding refresh that we have in mind and then additionally sort of assist with UI risk reskin following that.

So obviously this will largely sort of depend on price as we go back and forth with them and we'll keep the door kind of updated and we'll, we'll chat with the rest of the BFC on what seems appropriate and thank you. Thank you for your trust. Let me say I'll see you in the audience. And there is an upcoming book that's currently on.

There are the Joining Give an update on that new Rapidement. Not sure. Not sure that was clear. I think he was asking Breen for an update on the way to split that or that you've been working on. Bring it on if you're at a mic, but if not, let us know in the chat.

Hi, guys, can you hear me? Yep. Well, maybe I can come along while my mind is getting his mike fixed, so I'd love to toss it over to. To Canadian Bennett. If you're able Canadian and you're working on some of the the poker tournament stuff, among other things, which is kind of, you know, something that we haven't talked about in these meetings in a bit, but thought you might want to give an update.

So if you're able to hop on the mic and tell us what you've been up to.

Hey, everyone. So we're planning on doing another poker tournament right now. The thinking is we're going to have a smaller satellite tournament that will have be a by an of 50 teens. And then the winner of that tournament will get a bye into the main tournament.

That will be the main tournament will be a 250 being buy. And right now the thinking is the host of the satellite tournament November 10th, that's a Thursday. And then the larger tournament on November 17th, the following Thursday, we're thinking probably hosting on PokerStars again. And yeah, that's kind of all I have right now, but sometimes we might.

Are you back with us? I think so, yeah. Okay, that's better. So I switched to my phone. I'm not sure, but what's up on my laptop? The problem. Okay, we I heard the Canadian Bennett give an update on the poker tournament. Is that correct? That's correct. But I was asking if bring him one up to give us an update on what they're working on about what the.

That's an auction. I think he's away all the way from from the mic. But that's get him to send a text update that that's okay. All right. Otherwise let's hear from Publius for any of this you want to share one thing on this and maybe just you know multi the you know made it just adjustments to between eight it you know to account for the bug report that was you know fixed on main that with eBay three those changes have been shared with how Bourne and how Bourne said that they can have an updated final draft by Monday.

So expect BIB 28 to be proposed likely early next week. All right. I think with that then this this covers the updates from being spread out, being soccer fans and publishers. Maybe you can give us a few minutes, see if others in the community or the DA members, if they have any thoughts, you know, feel free again to discuss something that was discussed today or, you know, anything that you're thinking about, whether it's an idea or post or song.

Hey, guys. Our community member here at a quick question for the group. There was some speculation in the general chat that there was a bot running sandwich sandwiching transactions for the converts in the silo. I don't know if anybody has a comment on that. And the speculation was that that led to people not being able to silo convert when being was over a dollar.

Thank you. Yeah, I can hear it again. Great. So I can explain what's happening. If you guys want a brief explanation. Essentially the bot is looking at the mempool and checking for any convert functions and then it's front running. You can buy fast, you can bypass that using a different RPC that doesn't go to the MEMPOOL. So it's not anything to harm in my opinion, because the fix is pretty simple.

We can't do anything on our. So I don't think because the RBC itself, there are some their public ones, but they're like experimental and not suitable for like general use public because you know, I use them many times in a usually sometimes since as a beta the transaction gets stuck or like, you know, a lot of other things, technical issues, but yeah, essentially you just look at the Mempool is also the things that I can really fix in my opinion.

It's more of a theorem issue, right? So my $0.02 there, for what it's worth as well, is that there is going to be some upper limit at which you'll switch from, you know, people wanting to convert or let's say people wanting to sell. So while this might be a bit of an interesting effort, it's not really going to impact, let's say, the bigger picture of how the protocol is running.

Yeah, you can still you're still able to sell. The reason why the convert fails is that you convert at some price delta and then pushes the price down. So there's no more delta than it fails. Right. But you're still able to sell and stuff. And, you know, at scale what's going to happen is that, you know, while the solution is really available, you know, people aren't doing it because they're on, you know, altruistic reasons or they don't want to or because they think being is valuable, they don't want to convert.

You know, all those reasons, you know, when you have millions or billions of users, there's bound to be someone who's going to bypass that and convert. So I don't think it's a big in in an inefficiency thing. Yeah. But agreed and maybe others will have other opinions on that. But generally speaking, they're just testing, let's say the upper limit initially.

But we will not have an impact on the bigger picture. And yes, we can pivot to the Dutch auction, pull request if no one else has anything they want to talk about. Yes, please. Let's let's do that. And we still have time for other topics or subjects. Amazing. I'm just going to put the pull request here if people want to take a look at that.

Essentially, there are three things we're fixing here or and you know, this is more of a sunrise improvement and a separate into three issues. So one of them is that Bienstock pays significantly more pods during short term demand of like soil. So, you know, as you know, temperature can only increase or decrease absolute percentage of 3% given a season.

Right. And this is good because, you know, we don't want the temperature to change very rapidly. You know, we want to kind of to change slowly to adjust for demand. Right. But during times where it is like a, you know, a lot of demand for soil or conversely, there's not just the lack of soil supply, you know, we're kind of less than we are good morning.

That's the most important part. But, you know, we're overpaying in a sense, in that case, right. Because there's a lot demand for soil, but yet the temperature can't adjust to that. Right. But we don't want it to adjust too fast. So, you know this we call it a morning auction, but it's really a Dutch reverse auction. We had this feature or this is a pull request for a feature in which during the first around 5 minutes of the season.

So and we measure in block times of 25 blocks specifically but they're in a five, four, 5 minutes. We actually started the temperature at a very low percentage, a minimal 1%, and slowly ramped up to the actual maximum percent. Now. Right. Their current yield and what they'll do is that, you know, in times of very high demand of soil, you know, people who are going to want to get in and are going to pay a lower interest rate can now.

So earlier. Right. And yeah. And and the benefit for that when is under peg is that you know overall being stuck as you let's debt and you know have a better efficiency there. Another improvement is that you know you've seen the soil but the soil snipers we have that where we kind of concentrate all the pods towards those people who so, you know, right after the sunrise block what's changed is probably won't happen because they're in if you so during the same block as a sunrise you get a massive 1% interest on your pods.

Right. So that will give us a more accurate demand of soil when it's above peg. Additionally, there's a slight caveat when means locks above Peg because in the case where it is very low, so issued above peg and the temperature's low, you know, so a user can so all the soil at a very, very minimal amount. So for example, if beans, socks above peg, let's say 100 delta, you know, that means 100 pods will be harvestable, right?

Or 100 positively hospitable. And that means, let's say at 100% or 90% interest rate, you know, ten soil was issued, you know, during the first block. That would mean only I mean, very few amount of soil be issued. So instead during the wet during the season, which being sucks above peg, we actually adjust the soil such that it reaches the maximum amount of pods.

So it's very it's kind of hard to explain. I'm not these in this right but to pull request kind of gives an example on how it kind of works. But essentially during the would be slugs above peg, you know, issue as much soil as needed to reach the maximum potential pots know I think I put a I put a little chart here to kind of explains it better.

Let me see if I'm understanding this correctly. Brian So you're saying is that the end amount of pods is six, but since we're starting with a lower interest rate than the amount of soil, I would be larger at the beginning. Is that correct? Correct. Yes, yes. Perfect. But yeah. So I have this little diagram here are now the little table here that kind of explains it.

So post morning action implementation it was above take the soil issue will be dynamic because we sorry the low peg will be fixed. Right. You'll always issue the exact amount of soil to delta B burn is above peg is dynamic right. And the reason why is because the next slide to max PS with that steam that's in the next time on a positive issue when in the season we're going to add another farm term.

I'm sorry guys, but we can call it a piece to maximum potential pods, as you would in the season above peg stats will be fixed below peg dynamic right and the temperature of that that there. So that's the first change. Uh, second changes that's mostly chickadee shower to him a king among kings. He adjusted the sunrise function such that it takes an account D block fee.

So the reason why we do that is that, you know, if you notice during the sunrise it's been a bit of a but competition. What happens is that although we issued like let's say 100 beans, what really happens is that the buds, you know, just increase. They're got the gas fee, you know, to like three times, four times, ten times the actual current gas fee or yeah, the current gas price to get that sunrise.

So in reality, you know, they get a incentive of, let's say five beans or ten beans, right? And they have to increase their gas prices because else they wouldn't get the sunrise. So that means in our perspective, that being sucks overpaying. We're paying for the gas needed to get the sunrise so chai kid he made a fix such that that incentive or the award you get for the sunrise is also based on the gas prices of the block itself so that so they were only paying for the actual incentive not for the gas prices.

Right. And the intended effect is that there should be less of a gas worth. Right. And yeah, that's about gas for when getting the sunrise and more efficient, the more innocent that there and then the dirt change is kind of a pension. No, the second change is this. That we added more probability on the sunrise such that you're now able to get the sunrise to the internal balances.

Right. And you circling imbalances and at a return the return value so that it can be more you can use it in the farm function. And the biggest change, it's at a good morning function here GM And all this is an audit. We had a cold walk through it early Monday or Tuesday, so now go and do that.

Uh, but yeah, hopefully this will come out soon. Well, thank you, Brian. I'm pretty excited on those two things. So one is meant to lower the debt. Let's say that this issue is and the other is meant also lowered the amount of being paid or the rewards for the sunrise function. All right. We'll have a question from Tyler B, who asks if, you know, can we talk about the not sure if I'm pronouncing correctly on tbe protocol and here from the doubters was important.

So this is an independent effort by one of the members of the community. I'm going to link to their message where they mentioned that their their name is Rock. I've invited them to come to the meeting and presented they said that they felt that they were not ready yet. So maybe once they are there, they'll join. Otherwise they have a discord server and you can reach out to them directly again.

We can give it a few more minutes, see if others have anything else that they want to add. Okay, I'm Ted Turner. Sent a few links and also directed to some of the other contributors. We're working on another protocol called irrigation. Okay. With that, I think we can conclude this meeting. Thank you all for joining us today and we'll see you next week.

Thanks, everyone.