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DAO Weekly Meeting #68

Date
April 27, 2023
Timestamps
0:00 Intro • 0:06 Operations update • 1:16 Design update • 2:45 BSP-11 • 3:23 Engineering update • 4:30 After Mayflower • 6:04 Will Basin within the Beanstalk UI? • 11:07 Closing Statements
Type
DAO Meeting

Recordings

Meeting Notes

Operations update

Design update

  • Working on the Basin UX. The creative direction is coming together, the components will be ready before the next DAO meeting

BSP-11

  • BSP is live the vote ends on Sunday

Engineering update

  • SiloChad is excited to have the Sunrise improvements BIP live and the UI is almost done, starting to think about what is next for Beanstalk after Basin

After Mayflower

  • Tractor has not been code reviewed or audited but markets for native Beanstalk assets are probably after Mayflower

Will Basin within the Beanstalk UI?

  • No, it will have its own URL and Beanstalk Farms will host it. This will be a totally different UX, and SweetRedBeans views this as a separate protocol that Beanstalk Farms helped develop, but Beanstalk Farms want other DeFi protocols to work with Basin.
  • Beanstalk Farms will work with Scrib3 to ensure the messaging around this launch is clear.
  • In Publius’ “Worthless Tech” article they talk about how market making on chain is unprofitable, and if you fix that you can remove the trading fee. Basin V1 will not fix this. The main reason why you would expect Well would attract liquidity, would be if there was a protocol incentive like whitelisting a pair within the Silo.

Transcript

Can we get started? GM Everybody on this end sent an announcement yesterday and the discord about a couple outstanding proposals. So we shared a bit 34, the 35 and top three and the discord a couple of weeks ago for folks to discuss. And those are now up and live for voting and and next Wednesday or so. So I would encourage everyone to read the proposals, vote for, abstain accordingly, and continue to discuss in the channels. In addition, also publish a blog post about the different timelines for the different stages of the Mayflower update. So feel like that'll be helpful to to center everybody as far as when things are happening. So whenever I want anyone hits us with a a when based and feel free to forward that link their way. Otherwise you know before those proposals and just spending some of my time working on updating some things like the White Paper and the almanac and the like. And after that we'll we'll move on to the next one. In terms of be three, that's the long and short of it on my end. Red beans. Do you want to talk about what's going on in design world? Yeah, definitely everyone still working on the the Wells UX of the base in UX the creative direction is coming together. The concept and the direction are now sort of set and sort of starting to work on the details now. So currently I'm sort of on the third iteration of UI components, layout, side architecture, all that stuff. And now that the creative direction is they're hoping to have the components of pages finished by the next meeting. And then after that we'll start working on sort of the detailed animations and I'm really excited about where the site is going and excited to show everyone. So that's that's pretty much all that that's been going on in my world. So anyone has questions, have been happy to chat up and answer them, but that's it for me. Thanks, guys. Amazing. One of the thing I forgot to mention this was in my announcement was that, you know, in the event that BIP 35 passes, stockholders will be able to delegate their votes to other farmers. And so in that light, we opened up a forum under the governance section of the Discord, where folks can fill out an application, share their address, and talk about why they hope other stockholders delegate to them. So I know it's only been a day and that's a handful of questions there, but something to start think about thinking about if that's something you're considering applying for the OR. There is one other proposal I was up that I didn't mentioned being sprout proposal 11 think I don't know if you wanted to talk about that briefly. I also think it's also already at Quorum possibly, but we'll give you a chance to talk about it if you'd like. But no pressure. It's a sure thing, Cisco. Yeah. Yes. Plus hands up, the vote ends on Sunday evening, 7 p.m. Eastern. So if you have had had a chance to take a look at that, give it a read and feel free to chime in and the discussion thread and ask any questions. Thanks so much. So Chad, anything you want to go over as far as engineering is concerned? Hey, guys, nothing that hasn't been covered at a high level by sort of talking about the timelines, but, you know, more or less just steaming forward here. Excited to have the Sunrise improvements before now, now live. So that'll be a huge step. We're working on wrapping up the UI updates for that. So those will be complete ahead of the being pushed and we'll ship everything assuming the bit passes next week. And beyond that, just continuing down the road to down the road to Wells. And so that'll be three. So lots of great work happening there and honestly starting to think a little bit further down the road about about what's next and what to go build. So I think we'll have a lot of interesting conversations to have over the next couple of months about, you know, what's next for Beanstalk, beyond all the things we've been talking about this, you know, this quarter. And yeah, just feeling pretty excited about about where things are heading. So hopefully that so everybody else feels the same. That's all I got though we did briefly talk about what what happens next after Mayflower is in the you know short to medium term we're likely going to so tractor was initially developed but hasn't been code reviewed or audited in the last couple of months. So that's likely next on the docket. And once that is audited and deployed, likely working on a few different markets for Beanstalk native assets. Think, you know, another version of the pod market I think the 29 push pod market V2 but didn't have an interface at the time so farmers really haven't had the chance to to take advantage of that. But the pod market V2 has kind of served as the inspiration for what, you know, a generalized version like tractor could be. So think creating pods, being able to trade deposits and ordering pods on the pod market with deposits, things like that. And as far as, you know, larger beanstalk upgrades go like the gauge system and option covenants, given that those are the design of those is really only starting now in earnest. Those are likely to be several months at this point as far as, you know, deployment on chain. So that's a quick little sneak peek of what's happening next after Mayflower over the coming months. So I think that covers the gist of what we wanted to go over today. But we'll leave the floor open for any questions. As far as anything, we talked about discussions. People want to start or have or pause here for a minute or so. In terms of basin, do we anticipate like going to the UI within the beanstalk link or is it going to be its own separate kind of like website link? You wouldn't take that red beans. Yeah. What do you mean by website link? You mean like Avatar being money? A separate. Yeah. Yeah. Something like. Yeah, exactly. Yeah, it's a separate site. So I think those have now been such forums will host the site, but it will be like a separate link and totally different UX, totally different site. And I'm happy to give as much or as little information as you want, but the short of it is basically like I believe we're sort of attempting to like, I sort of view the decks as like a new protocol, the beanstalk is involved in the development of, but we also want to encourage and incentivize other developers in the defi ecosystem to come participate. And so, you know, there will be enough signage for people to understand that Beanstalk developed the architecture and developed what I see as the first serious or real implementation of all of the different components in the wells, like the aquifer pricing functions and the the pumps, but really trying to go for like an open source like ecosystem type of feeling which will which will be different for sure. So yeah, happy to dig into more or less less about if you have any more questions. Yeah, I would just say, well the the most minimally or the most minimal implementation of baseline and the beanstalk UI could just look like whitelisting, the being eath well and supporting swaps on the swap page. You know, the hope is for this to be, you know, something that serves the greater ecosystem as well. And you know, Beanstalk is hopefully just one of many as far as protocols that benefit from from the tech that's been built in terms of all the things, you know, that you can read about in the post, like customizable fees, multiple be resistant oracles, etc., etc.. So we'll definitely want to be, you know, talking with folks like Scribe in the in the coming weeks as far as how to how to approach that from a you know, getting the word out perspective on making sure that the messaging is clear. Does that more or less answer your question? Yeah. No, they definitely did. And I guess I disagree with the guy's point. I feel like getting the messenger messaging out there. To me, pretty important. It would be kind of cool. I mean, I don't know if this can happen side by side or who would actually end up doing this, but honestly, it being just talk to other protocols and see if they make their own wells and ships and liquidity. That'll be amazing. Yeah, that's the that's the goal. I think at this point the tech is there, the interface will be there and so I think it is sort of, yeah, we should, we should really get started with thinking about how to get the word out and hopefully the scribe guys can, can help us all out there. Definitely. We'll just to make sure everyone's on the same page. You know, for folks who have read who this is worthless tech article, they talk a lot about Sumit, They talk a lot about how market making on chain is generally unprofitable and that's like one of the reasons where if you fix that, then you can remove the fear then needless trading fee. But based on v one, like the current implementation, that's being audited and will be deployed in a month or a half or so does not solve that problem. And so the main reason that you would expect a particular well to attract any liquidity is if there's some sort of like protocol, native incentivization. So in the case of Beanstalk that looks like, you know, whitelisting the asset in the silo, but it's unlikely that wells that are not whitelisted attract any meaningful amount of quality in the near term. So just something to keep in mind, but definitely opportunities that, you know, you're referring to. As far as you know, whitelisting, various being PaaS and things like that. And all of this will become much, much more simple after we have a gauge system in place. Yeah. And if anyone has suggestions or any input on who specifically we might want to see and reach out to from our side, well, we can put together a list and we'll be talking internally here in the this week, finishing up this week and next week. But yeah we'll look to start making of the move impacting communications with different protocols. Awesome. Anyone got anything else? All right. Thanks, everyone. Just reminder to check out the proposals and the delegate applications if you're if you're interested in applying. See you next week. Thank you.