DAO Weekly Meeting #70

May 11, 2023

0:00 Intro • 0:12 Operations update • 4:45 Design update • 7:30 Engineering update • 14:45 Publius update • 16:16 Seeds per BDV talks • 29:50 Closing statements

DAO Meeting


Meeting Notes

Operations update

  • The first Temp-Check has been shared with the DAO yesterday. This is a more formal check-in with the DAO. There will be another follow-up proposal if this one passes. There should be a Stalk gauge system that is to follow this. Silo v3 is going to be a huge upgrade and Beanstalk Farms is working on finding community members to test the UI

Design update

  • Working on design components, and the UI is coming along nicely. Working on the Silo v3 metadata and exploring new Stalk/ Seeds logos

Engineering update

  • Steeming forward on all fronts, Silo Chad is reviewing the code and working on the UI for Silo v3. Beanstalk Farms has been looking into migrating everyone to Silo v3. When GWEI was at 20/30 it was going to cost around $30,000-$40,000. This will also take up around 20 Ethereum blocks. The average user should be around $20-$30. If you want to do anything with the Silo you have to migrate. Upon migration, you will be able to see deposits on Etherscan.

Publius update

  • The Enroot changes would not need to happen if the DAO picks 0 seeds per BDV

Seeds per BDV talks

  • Guy thinks that there is no advantage for Beanstalk to give out more Grown Stalk. This shows that a Stalk Guage system is very much needed. The BEAN:ETH basin pool Seeds per BDV is still up in the air. Pizzaman thinks unripe assets should be 0 Seeds per BDV and also thinks the BEAN:ETH Well should be fairly high.


Cool. Why don't we get started? And if more folks trickle in, then. And Great. So, Jim, everybody, we'll walk through a couple updates on my end. So yesterday we shared the first temp check proposal for which we hope to gather some feedback from the Dow on what the unripe seed value should be set to. So, you know, there was a lot of discussion started. You know, many months ago, probably six plus months ago at this point around making the unripe seed rewards, you know, for depositing unripe assets in the silo rather equal in order to further incentivize conversions from the unripe LP token to unripe beans, in order to arbitrage the price. And we wanted to get some more formal feedback from the DOE in the form of a snapshot proposal using stock rather than a simple discord emoji straw poll. And so the plan is to have this tech course over the next couple of weeks. So or propose this one hopefully tomorrow or later this week. And this will just be simply to vote for or against whether the unripe seed value should be set to be equal hedge up. And after that, assuming that the Dow expressed interest in setting the unripe seeds to be the same, we will propose a follow up proposal with a variety of choices as to what the seed value should actually be set to whether that's, you know, the voting choices will probably look something like, you know, zero seeds, 0.51, 1.52 or something to that effect. And if you have any feedback on what those voting this should look like, please feel free to drop them in the in the temp chat channel that we opened yesterday. And otherwise just great to see a lot of communities discussion around this. I think that that this is what it's all about in that regard. And on a related note, I had done a lot of great work on this article summarizing what the Gage system is and how it potentially might work and the sort of relevant to the discussion around, you know, the Dow having to manually vote on what these seeds for BTB Rewards should be set to, but hopefully there's an autonomous system to replace that in the future. So if you check out the media channel and discord, there is a link to that article that I would check out. And you know, if new folks join Discord and are asking about what the Gage system is, feel free to direct them in that direction otherwise. So all of these unripe seed votes are an input to what should be proposed in silo view three and at this point we sort of realize that silo B three really is a significant upgrade, and so that will involve a lot of migration of balances similar to how the replant worked. So we are hoping to work on and finalize the silo v3 UI sooner rather than later so that we can have potentially community members as well who are, you know, have a little bit of command line experience testing the UI against a local fork, which we did probably one 2 to 4 weeks of before replant. So I think that that was that exercise at the time was very fruitful and that is something we are trying to do as well. And so that's for Salovey three. That's likely to push back the timeline for that like 1 to 2 weeks. But as far as the overall Mayflower goes, you know, Salovey three and the well stuff has sort of happening in parallel. So I don't think that pushing back silo B three should significantly change or have a significant effect on on when when the being equal ends up being whitelisted. A couple other quick things I want to note. You know, as far as delegates go, I know I just wanted to say that Rex and Saffie are class acts, but I think it would be really awesome to see a larger variety of folks applying to be to be delegates. So just a heads up that, you know, those applications are on delegates channel and feel free to fill that up anytime. And then lastly, we rescheduled the scribe meetings to right up to the town meetings at the top at the top of the hour. So that would be 11 a.m. Pacific. I think that most of the updates from my end are when we move over to to red beans because you have anything you want to share on the U.S. front. Hey, guys. Yeah, I'll be brief, but, you know, happy to give an update. So as far as the base and the folks working on UI components with the creative direction that I spoke about last week, huge shoutout to Albin, who's been crushing it on this front and has been shipping code very quickly. So, you know, we're making some adjustments on the fly here and some of the existing UI components were shifting around to make them feel better and sort of represent the concepts better. So we are actually getting pretty close here. Have a couple more components to finalize, but the basis for the site is there and we're starting to think personally, animations, which is exciting and I think will be a lot of fun and yeah, so that's it on the base in U X I guess on the rest of being stuck, we're thinking through sort of the deposit token art for the RC 1150 fives that will be a part of the silo B three upgrade and more to come on that. And then lastly, we're beginning to sort of explore some iconography for stock and seed. I think that, you know, we've sort of been using this stock and seed that's in the UI for for a while now and yeah, we're just starting to explore some new visual directions for, for that. So any updates that happen there, you know, we'll be sure to share and incorporate some community feedback because I think that's important. But yeah, just starting to think about that and speaking with a couple of the visual designers on that front. So that's it for me on my end of things. Awesome. Thanks for Beans. I think it would be cool. I mean, I don't know if you've thought about this in the context of, you know, surprising people versus not, but maybe it would be cool at some point to give a little demo of some of the designs to the Dow and one of these next down meetings. Are you talking about the base in your ex? Yeah, exactly. Yeah. We'd love to give us like another week or two because I think the site would actually be in a good spot to to demo the site as opposed to, you know, some of the prototypes I built and figma but, you know, excited to do so. I think I'll be great to do it that a agreed. Hey Chad are you to my I am how are we doing guess. Doing all right. Anything you want to share on the engineering front? Nothing in particular. I mean, I think, you know, we're just kind of steaming forward on all fronts at this point. I want to give a shout out to the Basin UX and UI team. I've been seeing some of the the progress there. So it's really, really looking awesome at this stage and super excited to get all of that. All of that pushed sort of on my plate right now. My main focus beyond just continuing to review the BIP code that's coming out over the next month or so with Silo three is working on the silo B three user interface. So hoping to have some sort of testnet that you know, we could share around in the next couple of weeks. So some of the details on that project are a little bit early at this stage. But you know, one thing to possibly look forward to is something that we can all, all play with in the next couple of weeks. So stay tuned and feel free to dam me with any questions. But beyond that, just, you know, kind of all moving forward, can you talk about the dynamics of the migration wherein Bienstock Farms may be paying for some portion of farmers to migrate and other farmers may pay themselves and what that will look like? Yeah, I don't know if we have Pizza man or it looks like we have both pizza men and bring with us maybe when you guys want to speak to that point specifically, since I know you've been you've been working on it. Sure. Yeah, I could probably speak to that. So initially when gas was cheap, like around 15 to 20 gwei, we were calculating how much it would cost for Bienstock Farms to migrate everyone. And basically at that time it was going to be something around. I think it was maybe 30 to $40000. So it was a serious consideration. But then when we started looking into the details of how that would actually work, it was going to take up something like, I don't know, maybe 15 to 20 blocks of like Ethereum block space. And if a cerium has a totally full block, then the gas in the next block would go up by 12 and a half percent. And also, you know, you're outbidding everyone else who's trying to get the transaction in, which means that the gas price is basically going to shoot way up. So elso now taking into the fact that gas is consistently over 100, it looks unlikely that we'll be able to actually pay to migrate everyone. So we're going to have to fall back to the original option, which was basically the first time you want to interact with the silo. After the silo V3 is deployed, you just have to migrate basically from the old silo to the new silo, and then you can do everything like usual after that. So the cost for that, you know, varies heavily depending on what the current gas prices, the most expensive one to migrate will be to the route token. But for the average user, I think it'll be maybe, I don't know, maybe 20 to $40 or something, depending on what the gas price will be. Hopefully we'll see prices come down and so it'll be cheaper for everyone. But yeah, in the end everyone will basically be responsible for migrating themselves. And yeah, if anyone has any questions, I'd be happy to answer. And are there any implications to someone not made migrating for an extended period of time in order to interact with the silo? Do you need to migrate first? Yeah, good question. So if you want to do anything with the silo, including just a regular mow or a convert or withdraw your tokens or anything really, then you do need to migrate in order to do that. If you don't migrate, you will still keep earning the stock that you would have at, you know, whatever the current amount of seeds is for whatever tokens you hold. So there's not really any cost to not migrating because basically the way that it works is all of your old deposits need to be removed from the old silo system and be deposited into the new silo V3 system, which is based on a grown stock per BTV index. So basically before with seeds being static, we couldn't support, you know, any change in the seeds value because it would mess up like how much stock would be removed from the system when you tried to convert or withdraw your deposit. So that's why we're migrating to the system that's based on kind of an index. And so every single token will have its own. How much stock has been grown per BTV of value that is deposited by that token in your deposits? And so that means that basically, even if this the seeds value changed every single season, the system can calculate properly how much crude stocks you have, no matter how many seasons have since then. So that means that when the migration happens, even if you don't migrate right away, basically when you do end up migrating, the system will calculate how much stock you earned up until the migration. In a word you that and then it will also award you whatever the amount of stock has grown for each of your deposits since the migration. Even taking into account the possible dynamic changes. Very helpful. Thanks for the overview and what else will happen upon that migration. I know one of them is, you know, minting the 1155 deposit tokens to the to the farmers wallet. Is that a correct. Yes. Yeah. That was more of a something the brain worked on. Maybe he wants to speak to that. Yes. So on pon migration it will be associated alone 55 event needed for you know all the indicators to figure out that you own the deposit. So after migration your you should be able to see you know, need each scan or any other block explorer you were allowed 55 deposit in order. Fair enough And then some parties go ahead now you'll be able to do all the years 1155 functionality such as transferring Listen to Opensea. You know what I got? Yes. Amazing. Thanks for the summary. All right. Maybe we can check in with publishers, see if they're up. I just lost them. Well, let's see if they come back. But if not, I was just going to say that some of the paper was. I was just going to ask if there's anything you guys wanted to share at the the meeting today. Maybe particular related to the conversation you brought up last week about revitalized growing stock and how some of the decisions around unripe seeds might affect that if you're out to make was going to give them a sec, but perhaps not. But basically the long and short of it is for those who are at the the meeting last week know brought up this discussion around potentially this method around reducing the amount of revitalized grown stock that unripe holders earn like post replant and having that be decreased. But basically the TLDR is that that development would not seem to take place if the Dow ends up selecting zero seeds per BTB for the unripe seed rewards. So as far as like development wise, we are planning on tabling that one until we see what the Dow ends up expressing interest in. As far as what those unripe seeds, those should be. But if they end up back on the call, we'll give them the opportunity to speak. But otherwise I think that covers it on the stock farms. And I see some folks, some of the guys from Scribe are here. Not sure if you guys had anything you wanted to share in particular in advance of the our meeting later later or at the top of the hour? No, I didn't have anything. I can wait till then. Cool. All right, well, then just leave the floor open for a minute, see if there's things that folks want to bring up to talk about as questions, etc., to see. Here's on how much feeds like the value is. So she's a beef for unripe beans and LP. I know some people are for zero skipping for one. You know, we like to hear opinions if they have any strong opinions here. Yeah, totally a game to have that discussion. I mean on my end, just like from a practical economic perspective, there's seems to be no benefit to being stock rewarding unripe holders with additional stock in order to get them to hold the deposit in the silo. Given that, you know, the unripe assets can't be dumped, they can be chopped. However, then there's the question of like, is chopping really a bad thing? You know, in a lot of ways it seems like a benefit to beinstock to, you know, pay someone some minimal amount to exit the system and then the some of its, you know, obligations to unripe holders decreases the amount of fertilizer that needs to be sold, decreases and yeah, just generally thinking that, you know, beinstock should try to reward grown stock to assets that it actually wants people to retain in the silo versus not. Then of course, there's the practical question of what stockholders would vote for, given that most stockholders are unripe holders at the moment, which is the point that Sink brought up in the channel and.