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Meeting Notes
Transcript
all right well GM everyone hope you're all doing well uh welcome to this week's Dow meeting apologies on the multiple reschedules just trying to line up between putting all the items for uh bit 50 into place and some travel schedules and changes there it's just been a little bit of a a tough go when it comes to kind of getting getting schedules line but here we are um appreciate everybody that joined we'll uh we'll get into the presentation and uh everybody knows the uh the rules of protocol by now if there are any questions don't hesitate to drop them either in the barnyard chat or in the chat associated with a voice Channel um and definitely do not hesitate to uh to jump in and add any color you have anything to add and uh ask any questions as uh as we go along okay so big items up front obviously long list here really excited to see uh bip 50 and all its components um passed and implemented won't go through the list individually but yeah really really excited to see how that has turned out um anybody from the team want to add anything about any specific item or the the general implementation anything to add all right hearing nothing so um as for upcoming and ongoing items really at this point it's primarily for the fork migration system uh which is still under development and uh we'll see a timeline here in just a minute for uh its updated completion and implementation any other questions for a jump from this slide questions or thoughts all right hearing none so um moving on right into the fork migration system um so the uh timeline's been adjusted just a little bit stretched out really to uh to the end of the year guy I don't know if or Breen I don't know if either of you or really anybody from the dev team wants to talk a little bit just about um the process here and what might have uh what might have driven some of the changes to the timeline sure I mean uh I mean just to take a step back um I think the last down meeting was prior to the BP 50 50 launch and L2 migration which was a huge upgrade that got pushed over the last uh well last last Tuesday and Wednesday or so and yeah I just want to say give a shout out to everyone involved lots of whom are on this call uh it was you know cumulatively but in addition probably the L2 migration alone uh the biggest upgrade in the history of beanock uh which was very exciting and you know that required ongoing diligence of course in the days uh in the days after uh as people saw there was uh a couple eips uh fortunately no funds were at risk uh for any of them but feeling pretty good about the state of uh that migration so that is all an answer to your question Rex which is you know what's responsible for some of the timeline delays on the fork migration system the short answer is that uh everyone's been or was laser focused uh on beanock 3 so that is uh responsible for a lot of those changes completely understand and yeah please don't take you know my question is anything other than inquiry because just watching yeah just watching from the sidelines it's been really impressive to watch the teamwork to get all the different items of bip 50 in place and yeah even working through those EBS really really incredible work with so a a code Arena audit for the fork migration system is uh more or less uh locked in at this point for Mid November so you know there's now some work being done um by Pizza Man and Breen in particular for uh getting that ready for audit all right any other questions about Fork migration or comments all right hearing none so we uh with fork mation the only major item on the docket for the time being we can move right into subgraph UI and other updates um want to want to kind of open it up to the dev team I don't know if there's anything additional that the group would like to cover yeah sure so uh kind of like you just heard guy mention you know following the passing of the bip just some other miscellaneous changes and improvements we've been making to the subgraph um one thing in particular that I want to highlight is uh a change that you'll be seeing probably in the next couple days is um going to be like a really large performance Improvement to the UI um been working with space being on that for some tweaks we can make to the subgraph specifically that'll allow the UI to to those charts a lot faster for for some of them so that'll be pretty exciting but uh other than that the other thing I'd like to highlight is regarding the Integrations we had with coin Gecko and defi Lama so just like the state of that um updates have been submitted to coin gecko uh both for the Bean token and for the Basin exchange uh to get those on there you know TBD on when when uh they get around to you know seeing our message and replying to it uh historically it's been a bit of a weight but that's that's in motion and on the def llama side there's like a few different components I guess that have to be implemented separately and all of them are done in in review I think as of today I think three out of the five are actually uh approved and have gone live on the site so you know in terms of like restoring the functionality between what was on ethereum to what's on arbitrum uh at this point we're from my perspective we're just about there great news so King appreciate it yeah and and as always you know if people have issues isues uh with the UI or have trouble seeing their balances or you know whatnot if you know if there's any additional bugs that that we may have missed or whatever you know feel free to to reach out or open a ticket in um we have like a create ticket channel in this Discord that you can use to communicate with us yep absolutely and I I do feel like we are seeing tickets kind of trickle in but yeah definitely a great opportunity to kind of highlight that service that's that's in the Discord thank you sir anything else from the team do we want to talk a little bit about the The Silo and the um the Thousand Bean uh requirement for those for the new LP tokens sure I think that's a great idea um Brian I feel like you might have the most context on this one sure so one of the requirements beanock has before beanock allows you to deposit into the silo is that if the token is a well there's a minimum amount of beans you have uh the well has to have prior to depositing and the reason why that is is because one of the things being stock does is to calculate the bdv of the deposit and the bdv of the deposit is a function of the reserves in the well so when the well is in the state when there's low reserves you know the bdv calculation is much more uh suspectable to slippage and manipulation and you know the bean stock development Community decided that 1,000 beans was a suitable amount of of beans to be uh in the well before you know it can be deposited and thus bean stock is safe from that manipulation So currently the bean wrapped Bitcoin being usdt and USD uh or apologies being wrapped Ian e don't require uh don't have this requirement fulfilled yet but you know as people deposit into that they can deposit into the silo so if users are having issues with that uh that's the technical reason why so we design it in that way yeah and so so just to be clear that that means that if people wanted to deposit those tokens they would first have to add the LP on the Basin site and then from there they could deposit the lp tokens is that correct yes got it is that um requirement captured somewhere either in the UI itself or in some type of documentation just kind of thinking out loud here I believe the I mean the white paper is not yet up to date to beanock 3 unfortunately um but even in the calculations of bdv for LP tokens up to that point uh I believe it makes it clear that with fewer than a thousand beans in the well the bdv can't be calculated you know it's a it's it's an ongoing like judgment call as to like what sorts of information like that make it into the almanac versus not and yeah at least at the time before there were any newly whitelisted Wells that didn't have any liquidity it didn't seem like a very important piece of information to include in the almanac but uh you know now now that we have all these Wells uh that have very liquidity you know perhaps that would be worth doing although as mentioned now in the EIP uh the requirement is removed of course there we go sorry about that I apologize for some reason my my Discord shut down anyway um apologies so not sure if no worries uh I think I misspoke earlier Breen can you can you clarify yes just wanted to wait to Rex came back in but you know in regards to the bean requirement you know in the gauge system as well there was a requirement that the beans in each well that was wh listed in the gauge system also needed to have a th000 beans in the well and this proved to be a very high constraint you know in regards to like the liveliness of the gauge system uh so that's one of the things in the Eep that was changed was removing this requirement specifically for the gauge system but this requirement is still uh necessary you know in regards to depositing Bean or depositing uh well tokens got it okay thank you for clarifying that makes sense yeah so just to kind of put a b and what was going through my mind you don't anticipate a situation where and I mean obviously you know spitting up new wells is not something that is going to happen with extreme frequency U but you don't anticipate situations where that could be a a tripping point for someone going through that process yeah I mean I don't expect a very high frequency in adding new wells to bean stock anytime too soon you know that's up to the Dow's discretion but you know this variable of a th000 beans is also very easy to change within the code and if so you know if the Dow does see that this requirement is too high and this bdv slippage is not an issue then of course we could minimize that uh and allow people to deposit earlier fa Fair in and I don't I don't see it as a uh as a any kind of like a barriered entry as much as just you know a a momentary annoyance or confusion for someone going through that process but you've you know you've covered it well so well thanks I appreciate that information um anything else we should cover here in terms of other updates uh space bean I don't know if you're out of mic but maybe you want to share a couple updates of far as far as what's new in the UI it's bean stock three launched it looks like he's unmuting and trying worri you fig okay got it yeah no worries if you figured it out feel free to interrupt me um I mean as I understand it you know one of the big upgrades uh from you know ux perspective is Gen convert which uh has you know has been much discussed even pre- exploit if I recall so yeah now for the first time it's possible to convert across and from LP token to LP token which is uh great and actually can start to leverage the optimal LP bdv distribution which you know was uh was launched uh in tandem with the gauge system but you know couldn't really be leveraged in Earnest uh until now you can convert from LP token to LP token without requiring the bean price to be you know X in one pool and Y in the other or without needing to withdraw and burn your grown stock uh which is huge uh just to add on to guys comment you know the UI has also been updated for you to update your deposit which in this case updating means to uh update your bdvs of each deposit if it has increased you know previously this was only possible via uh the convert uh in the UI you know now the UI allows you to not only update your deposit but update your deposit individually uh one of the issues you know previously with converting aside the fact that you had to convert is that all your converts would com would cause your deposits to combine into one deposit uh this increased your opportunity cost uh because you were not able to retain the individuality you know of the stock for each deposit I believe space Bean has updated the convert such that you can you're converting one deposit at a time so that you you do retain your current opportun Unity cost in The Silo which is a great uh feature and I feel like you know it's understated you know these are kind of things that we feel like give a lot of value to the system and you know to the to a regular User it's very hard to see the value but we think this ultimately leads to a better usable site and better experience at the end of the day appreciate apprciate yeah appreciate that extra color and so to to kind of ask that back almost as a question and I and I noticed that as well so if if I'm performing conversion I've got my deposits listed I can go through and I think it's the radio buttons that are next to those individual deposits I can hang on to my oldest deposits that have the most you know grown stocks associated with them correct and then I could if I'm gonna if I'm going to perform a conversion you know I may maybe maybe I'm incentivized to look at deposits that might not have as much grown grown stock Associated right or vice versa or however a user would want to would want to kind of Leverage that flexibility right yeah so you know maybe just to give an example let's say you have a set of deposits ranging from you know deposit with a lot of grown stock and deposit with very low grown stock and you're converting from being to an LP token you know you as the user now have the ability to choose uh which deposits you want to convert do you want to convert your deposit with high stock such that you know you have even more higher stock or do you want to convert your deposit with a lower average grown stock such that like you know on average your grown stock is more evenly distributed you know perhaps if you want to minimize your opportunity cost you might want to convert your higher deposits such that you're still able to withdraw from The Silo and minimize the amount of grow stock you lost that's just one example whereas before you know converting your deposit would average them all out to one Mega deposit fair enough appreciate it this is great stuff anything else maybe just to like go on a little bit more you know although in the in the past this was technically possible you know this was really made feasible with the L2 migration doing this on the L1 although it would you know give the user a better opportunity cost uh you know the gas in order to execute this kind of complexity is would be just so high that the benefit uh would not outweigh the cost you now that we're on an L2 we can make these design choices that aren't burdened by you know the cost to execute them which is one of the you know big things I feel like the L2 migration unlocks and you know like I said before the L2 migration was a huge engineering feat uh very few teams I feel like in crypto has performed a migration up this scale and you know I'm extremely proud of the team for doing it in the best way possible but now that we we're here you know we can now make these awesome design choices to further beanock so I think that's great Al s completely agreed uh even just doing things like claiming Silo rewards you know I've hopped in a couple times and I mean it's nice to you know see transacting transaction costs in cents you know as opposed to dollars or tens of or you know we've seen it a lot worse than even that but yeah this is it is kind of a uh it it feels like it's a kind of a new era for the protocol all right anything else to cover all right we'll open it up to the floor a little I am looking at the Barnyard chat I don't see any questions up base bean I am looking at your message now and certainly no worries about the microphone looks like everything that you wrote okay I'll so I'll read this quick yeah go ahead sorry yeah so space beam wrote a couple messages I'm going to read um just the second of the three because it has a little bit of a little bit of detail in it worth worth repeating so space Bean writes sorry I think my mic's not working for some reason thanks for bringing guy for filling in one last thing is that the charts and analytics did not currently include data post L2 migration this will be updated within the next couple days so be on the look at yeah just to give some more context on what space Bing is saying you know given that we migrated to an L2 you know we kind of have you know two states of beanock on the subra the L1 State and the L2 state so space being has been working on Marrying the two data points together so that on a UI you're still able to view historical data even though in practice that's on the L1 and on a whole new network uh you know just because we migrate on L2 doesn't mean we should disregard the entire historical data nor what that be accurate so that's the kind of complication behind the scenes on why it wasn't available on day one fair fair and good shout out appreciate the additional color and space be thanks for typing that in too any other questions or comments from the Dow all right hearing none well this is great really appreciate uh the team hopping on appreciate everybody that came through really good information about the completion and implementation of the items from bip 50 and um I'm sure uh you know more good things to go to come so um thanks again for everybody's time and uh we will catch you at the next down meeting