• Recordings
• Meeting Notes
• Big Items Up Front
• Beanstalk Project Funnel
• Beanstalk 3
• Subgraph, UI, and other updates
• What is Beanstalk Farm's plan after Beanstalk 3?
• L2 Migration
• Why are there no new Wells in the Silo?
• Are there concerns about liquidity on L2?
• Is the extra gas cost because of secure Beanstalk? Is there a way to have secure Beanstalk without the extra gas cost?
• Will Beanstalk Farms relook at Pods and the Field to make them more relevant after Beanstalk 3?
• Deck
• Transcript

Recordings

Meeting Notes

Big Items Up Front

• BIP-48 has been passed and deployed
• BIP-49 has also passed and is currently being deployed
• Beanstalk 3 is in the audit remediations

Beanstalk Project Funnel

• Not much has changed since the last meeting
• L2 migration will probably be a part of Beanstalk 3 BIP

Beanstalk 3

• This is currently the major BIP that Beanstalk Farms is working on
• Still in remediations with Codehawks

Subgraph, UI, and other updates

• SoilKing mentions they have been spending time on the subgraph and Discord bots. The Discord bots now show when Seeds shift.
• Nasjaq asks why the TWAP delta B and the instantaneous delta B differ by a couple million on the UI. SoilKing mentions that TWAP delta B is capped to a percentage of the Bean supply. Delta B is capped at 1% of the Bean supply per pool.
• SweetRedBeans has been working on a new Silo detail page, that will make it clearer to see what assets you have in the Silo and how much Stalk and Seeds are given to each deposit. They have also been working on flows for lambda-to-lambda converts and anti-lambda to anti-lambda converts. On the Silo page, you will be able to update your (and other Farmer's) BDV. They are also working on a flow for Generalized flood and Generalized Convert.

What is Beanstalk Farm's plan after Beanstalk 3?

• Rex mentions that it is a bit unclear
• Guy thinks it is cool that Beanstalk 3 covers a lot of the RFCs posted during the beginning of the year. Blacklist mitigation will most likely be next, as a reminder, if Beanstalk has a BEAN:USDC pool and it is blacklisted by Circle, the beans trading against UDSC will be removed from the supply to prevent anyone from dumping those Beans on another pool. The next thing would probably be thinking about Beanstalk governance
• Beanstalk 3 does not include immutability, and Guy does not think it makes sense for Beanstalk to become immutable for a while

L2 Migration

• The current thinking is to include L2 migration into Beanstalk 3. It is still unclear what L2 will be picked for the migration. There could be a temp check to see what L2 the DAO wants. There are a couple of upgrades that assume there will be an L2 migration apart from Beanstalk 3. How the Beanstalk UI works is it looks at all of the contract events since Beanstalk was deployed, and this causes a lot of rate limit errors when loading balances. L2 migration will make the UX much better.

Why are there no new Wells in the Silo?

• Whitelisting a Well in the Silo requires a BIP vote, because of that there will not be a one-click whitelisting tool. Beanstalk 3 will make it easier from a dev standpoint to whitelist a Well. Guy mentions that maybe it is a good idea for people in Discord to discuss what Wells they would want to whitelist.

Are there concerns about liquidity on L2?

• Rex mentions that this is an ongoing discussion and there are some concerns and it depends on which L2 the DAO picks

Is the extra gas cost because of secure Beanstalk? Is there a way to have secure Beanstalk without the extra gas cost?

• It is certainly possible to do so, but the security additions added in Beanstalk 3 (plus the storage refactor) significantly increase the gas needed per interaction with Beanstalk (even without the storage cruft).
• Guy does not know how much, but it will increase because of secure Beanstalk

Will Beanstalk Farms relook at Pods and the Field to make them more relevant after Beanstalk 3?

• Rex is not aware of any plans currently
• Guy mentions that he does not know what it means to make them relevant. There was a temp-check a while back, but that was voted on by Silo members and it is unclear how much skin in the game they have in the Field. Beanstalk would be going back on the terms they gave to lenders

Deck

Transcript

Welcome again.We will operate up into our upper right into the big items up front. So two big items. First, BIP 48, which is whitelisting and a migrating to then you being reps. Well should a migrating the unripe liquidity including the implementation of multiple flow version 1.1 said test and has been deployed.And then that really just earlier today the 49 which is the miscellaneous improvements package also passed and in is currently being deployed.Then the last major item which I'm sure we'll talk about a little bit more later on, these are three is still in remediation.Somebody is off mute and they'reopening cupboards and stuff. Maybethey're going,okay, helping down in the projects and initiatives. Really very little change since last meeting when it comes to the funnels.The the only shift there, the only change from last time was so we had two migration andso we may have a little bit more information about that a little bit later on.And that potentially being included in Beanstalk three in that package. Other than that, no changes to the funnel chartswhich takes is already being three. So for those of you who look at the info decks, any of theprojects and initiatives that are completed, I put them down in the appendix just so you got the record in the info deck.So we've taken the reps. Steve Bip as well as multi flow version 1.1 and the miscellaneous improvements and put them all down into the appendix so you can find them there. Really when it comes to ongoing items. Beanstalk three is the major, the major initiative.And again, this is a pretty familiar group of, of upgrades and project. So we've talked about a lot of thesetake quite a bit of length and I know there's quite a bit of information the discord.I guess what I will say this point is like I said, we're still in remediation with code.I will open it up quickly to to the team to see if there's anything additional that they want to talk through or or bring up about Beanstalk three and kind of this this ongoing processhere. Nothingwe'll have right down to.So we've got some UI and other updates talking to some of the devs in in other chats. I think there are some items like soil. I think you kind of mentioned some, some of this kind of general items they want to cover. I mean, I don't know if you want to to walk through anything real quick. I'll open up the floor to you or to the suite.Read.Yeah, sure. I mean, I don't have anything specific to share, I guess, in the sub graph. I mean, just been spending kind of a fair amount of timeon the sub graph and on the various discord bots. Just some miscellaneous improvements to those. I guess one thing people may or may not have noticed on the seasons, but we did add a display for like when the seeds change each season, like as that as the seed gauge, you know, does its thing.At this point it's not really noticeable because the gauge points have already, you know, kind of reach their the maximum ratio. Sothat's not like really changing at the moment, but I think that's something that will be pretty neat,you know, potentially in the future as as as the as the LPL allocations are,you know, balanced or such that the seeds are going to shift each season.But yeah, I that I mean, nothing, nothing too specific for sure.Yeah. Happy to say more if anyone has a specific question.okay. I see a question from Shaq. What's up with that? You are on the website.Not sure which one you're referring to next. Well, I see Nasdaq's offering you.Are you talking about the name?Yes.Yeah.Maybe a week ago, I posted something where it said the time weighted average says it's like -500 K, but the instantaneous is -2.7 right now.So I was justwondering what the discrepancy is. Yeah, No pressure, because I know you got a lot on your. But you mentioned that. Yeah, I can answer that, actually. So.Yeah, I know. I apologize. I know you posted about that.I do remember seeing your message about that a week from a week ago. So just for everyone is not familiar and I Nasdaq's question is in reference to on the on the main bean website in the bean price dropdown at the top left where it shows the delta B in the liquidity there's this toggle that can switch between showing the instantaneouslike delta B and the the time weighted delta B, And sothe time weighted is only showing the -500 K becauseit's capped as a percentage of the beans supply.So the bean supply right now is that, you know, 50.4 million beans andtherefore the t y is capped to be a maximum of 1% of of the bean supply in each pool. So it's already hit that maximum amount within the bean rob seed pool. So that's why it's it's at that you know, exactly 10% of the bean supply and then the beans one is is less than that.So you know, that's right now it's about -20,000. So the total to all that's used with respect to peg peg maintenance for like, you know, issuing soil will be according to the some of those that's shown.But I mean I definitely agree that that it could be clearer like how it shows that on the UI butthat's that's why the values are like that and that's those are the values that the contracts are actually using.Thank you. I love the work. Thanks.Thank you.I feel like that's a little confusing, honestly.I'd be kind inclined to show the time weighted average without respect for that cap, butI think on that.All right. Thanks. Soil. I'm so.I see sweet red on the here and some of the folks from that arecurrently helping out with development.So you read anything you want butcover in terms of UI or. Yeah, sure. Have it out there.I spent some time working on a new silo detail page that hopefully will make it a little bit clearer in terms of what assets you have deposited and how much stock, etc. associated with those. And then in addition to that,added flows for Lambda, the lambda converts and and he lambda landed a converts. And so hopefully in the sidebar page you'll be able to update the beta of any of your deposits andalso do the same for other people's deposits that have a lot of stock or are credited with a lot of stock.And see thatis higher than the current price. And thenI built a flow for gen flood, which I don't expect will be used anytime soon, butthe UI is now there and forgen convert. And soyeah, those are some updates coming to the silo UI in the near term.Thank you. So you read, Appreciate it.Well I'll take the opportunity to kind of open up the flow a little bit.Obviously there's a lot going on outside of being stock, but I just wanted to give the community a minute there. Any specific questions for the contributors or anyone for the DAO?The floor is yours. We'll open it up and take any questions you have.You might have covered in this in the beginning, but I posted in the chat What'swhat's the plan for after being so great?What's coming next place in the at the momentyou guys areokay here in Nasdaq pattern of Brexit here at NASDAQ. Question So I thinkwhat's being talked three is in settled and managed. I guess it's it's unclear at the moment as to whatI can, but I'm sorry I couldn't and it's just not updating. Very quickly, go ahead.Again,I heard people talking over here over each other. Maybe maybe it's just my connection.I didn't have anything to add, per se.I mean, I think it's pretty exciting that being Stock three encapsulates a lot of the prices we published at the beginning of the year,which covers a lot of what was on the 24 budget. After that.I think the plan, you know, blacklist mitigation for as one example, is not included in being stock free at the moment. I think that in the long term that'll bevery helpful to have as part of being stock.Just as a reminder, blacklist mitigation being the one whereif there's a B in USDC well for example, and circle is the blacklist that well that those beings in the well are immediately, you know, excluded from the supply.So the bin supply would just scale down rather than allowing anyone to withdraw all the liquidity one sided and dump the beings elsewhereafter that. You know, it's been a long time kind of over the course of, you know, a couple of years since the governance exploit, but definitely doing some thinking and design around some sort of governance solution given that the current arrangement off chain on snapshot is certainly not optimal for multiple axes.So those are a couple of things that are top of mind,at least personally,I think the question is basicallydoes Beanstalk three income include immutability?And maybe I'm interpreting that that comment wrong. And if so, definitely let me know.But the answer to that is, is no. There is no part of Beanstalk three at least that I'm aware of.That would include immutability forfor the protocol.Yeah. For me, it's very hard to imagine making Beanstalk totally immutable any time soon.Just even with respect to bug fixes, for example,it's just hard to imagine what that would look like.Rather hard to imagine that going well. And I.Any other questions or comments from the doubt?All right.Mix out a follow up questionregarding L2.Any comment from the the dev group about possibility of L2 movement orits inclusion of being SOC three?That's the current working assumption for Beanstalk. Three think that,you know, still TBD on the L2 choice unclear. You know, if people think that you know, a temp check kind of vote is in order for something like that.Butyeah the some sort of L2 migration is currently planned to be part of Beanstalk three.There are some things that sort of assume thatassume the move to an L two, for example. You know, one of the problems that we've had in the UI up to this point is, you know, every once in a while you'll see someone posting on the discord where,you know, they're unable to load their balances, for example.And,you know, when Beanstalk was written initially, it was very heavily optimized for guests on May nine. And as a result, the the U. Islands heavily on things, you know, technology like the sub graph, for example, to load balances, load different dataat least in some ways and in other ways what happens when you load the UI and it'll it'll try to parse all the events emitted by beanstalk since deployment to, you know, stitch together your balances, for example, your plots, deposits, etc. and that results in hammeringour PCs with potentially thousands of requests, which results in timeouts, rate limits, etc., that result in people being unable to load their balances.So one of the things that becomes possible in a move to an L2 isinherently a lot less concern around gas costs. So one of the things that we intend to ship as part of this L2 migration, if it is to be approved by now, of course, is to update a lot of the storage architecture with a beanstalk to allowthe addition of new view functions that will allow the UI to easily fetch user balances, whether it's deposits, plots, etc..So hopefully that change in particular will result in a much better UX from the perspective of people being able to use the UI properly and see, see their balances,makes all the decisions as is not possible to redeploy beanstalk without the storage craft on L1. I mean, what I'm referring to specifically is not really storage craft. It's more like storage that does not exist.So it certainly could,you know, maybe brain can chime in with, you know, gas cost estimations. But I think there are some changes thatare less feasible now, although I'm somewhat speculating. So, you know, maybe that's one of the does try totheycan hearYep. AgainBrian we can hear youyou're muted Brian if you're talking.All right.We'll give you a second to to come back. But in the meantime, soTy Libby says we had to create new wells, but there's still no new wells and no new wells in the silo or doing anything to make it easier to waitlist wells in the silo. Sopart of the part of the Beanstalk three initiative is white lies to be 1.1in the open it up.So Brian's typing open while he's typing to Guy or anyone else who wants to talk about that whitelisting process and how the 1.1 will make that that easier or change that process.Well, unlike deploying wells, whitelisting in essence requires a downvote. So, you know, there will never be any sort of one click, one click white list, if you will.But yeah, I mean, the existing process is often voting. You know, generally people open some sort of discussion channel anddue to this new white list upgrade that I believe is part of being stuck threeyou know, it'll be quite simple from a development perspective to white list a new asset. Soyeah, I mean, it's hard to imagine having some sort of UI given the current,you know, construction of needing some sort of vote and all of that voting being off chain.You know, I'm not totally clear on if,you know, snapshot, you can create snapshot proposals programmatically, but perhaps, perhaps you can. Maybe that's something to look into. But I feel like before getting to those steps, it's probably worth, you know, just discussing and discard what people are interested in whitelisting and the optimal get LP PDB distribution to set for that particular whitelisted token,etc., etc..And if there's traction, then, you know,it makes sense to talk about what it would look like to develop it.So your senseappreciate again, again, Brian, as Jack and Tylertyping. So Nasdaq asks are we concerned about liquidity on L toolsI guess to to put my $0.02 in about the L2 liquidity question? I mean, that is an ongoing discussion and I think there is some concernand I think a lot of that comes down to what what L2 has chosen as well.I guess the other thing I'll mention about L2 isVitalik. I guess he had just a might have been a quick post even just this morning aboutfuture use of L tools and their utility. So I mean,for what it's worth, what goes through my mind is there's certainly a lot ofpotential focus or a lot of discussion around L2 right nowreally throughout these community.Sousually that bodes well for things like liquidity. But right now, obviously the market's in a bit of aa bit of an upheaval anyways. Butyeah,acouple of folks still typing.So mic slide in, right? So the move to L2 becomes more of a requirement with Beanstalk three due to the added gas costs introduced by this by secure Beanstalk.So that's that's a question is ifif those two concepts are related the the increased gas costs related to secure beanstalk necessitates use of an L2 at least to make it practicaland continues to write. I wonder if there's such way to do secure beanstalk without adding gas costs e.g. static analysis.And for what it's worth, I meanlooking at where bring ropeis are applied to mixed audience earlier comment Sabrina wrote certainly possible to do so.So this is about to redeploying beanstalk without storage craftso Green responds It's possible to do. It's certainly possible to do so with the security additions added the beanstalk three, plus the storage factor significantly increases the gas needed per interaction with Beanstalk, even without storage crust.So to get back to mix Audience questionSo really I guess the question for for the the developers sowas or is thethe potential move to an L2, is that being driven by the additional gas costs related to secure beanstalkor something, something completely different or you know,is that was that primary objective to manage some of those increasing gas costs or, or or something else?Imean, in my opinion it's definitely related.I wouldn't be the best person to tell you the exact gas cost increases as a result of security in stock. ButI mean, as someone who used Beanstalk, particularly leading up to the exploitor even, you know, November a few months after it launched, itwasn't cheap.It's absolutely true.Candidate Tyler has one more, Steve, one more question here.So one more question regarding the sealed in pods. Currently, the seal is not very relevant to peg maintenance. There's just too much debt after being after Beanstalk three, you're planning to revisit pods to make them more relevant again.So to just give my perspective real quick, I'm not aware of anything specific. Post Beanstalk three that's directly related toto the POD system or to the to the field system.I don't know what it would mean necessarily to make them more relevant again.I mean, there was that temp track a while ago where the the Dow, you know, stockholders at least expressed some interest in restructuring the debt in some capacity.You know, if you're asking me, I don't know how good of an idea that is necessarily and,you know, it's hard to know.It's like the people who voted on that proposal are hard to know how much skin in the game they have in the field. Even if they do, it's like, you know, there are obviously lots of very reasonable counterarguments to the proposal in the form of,you know, yourrisk like, you know, going beanstalk would be going back on the terms it gave out to lenders, which isn't great.Soyeah, maybe those are just our thoughts in response to the questionSo Sophocleswrote in the chair just joining in where we're currently out with forward Outlook after Beanstalk three and maybe it's touch on the beginning and you're right, it's Sophocles. It was talked to a little bit about earlier on.Sounds like there are a handful of potential itemsspecifically around things like on chain governanceyou had a handful of otherpotential items that that team is going to look atorit looks likethe chatfor the meeting haswere down to the bottom of the chart, I should say, and doesn't look like there's anything in the Barnyard Chat right now.Open it up just another minuteto giveanybody else an opportunity to ask any questions or or bring up any items.Okay, Siri, seeing and hearing nothing. Appreciate everybody's timeas always. So we'll take the recording and we will post it to Discord, will also put it out on Twitter as well as thethe info deck for the meeting.Andthat will see everybody around around the farm aNasdaq. Thank you. Appreciate it. And Taylor, thank you.All right. Thanks again. Have a good day.Thanks.