DAO Weekly Meeting #72

June 1, 2023

0:00 Intro • 0:03 Operations update • 9:27 Has there been discussions about what a more formal team would look like? • 16:12 Where were the budget cuts? • 18:30 Where is Publius? • 21:22 Silo Chad’s update • 23:51 DAO meeting • 25:04 Closing statements

DAO Meeting


Meeting Notes

  • Operations update
    • Silo v3 is being audited by halborn, and the development of the UI is going to take place thereafter. There will also be a lot of testing of the UI when it is done. Basin BIP that integrates with Beanstalk needs a little bit of work to do.
    • Starting today Beanstalk Farms expects to pay 80,000 Beans a month, this does not include grant base pay and other pop up expenses. This is part of the goal to move all dev work to grant based pay. The sell pressure is another reason why Beanstalk Farms is moving to this.
    • This extends Beanstalk Farms runway a significant amount, it is hard to give an exact runway but it would be around October/ November. The goal is to answer a lot of these meaty questions before proposing another budget BIP
    • Beanstalk Farms is also no longer going to be working with Scrib3, Guy thinks they did a great job, it just seems that the value added was not there
  • Has there been discussions about what a more formal team would look like?
    • Guys mention that there has been some early discussions but he doesn’t feel comfortable discussing them in the current environment
    • Guy and Rex discuss how this is going to affect the narrative of Beanstalk, and maybe things will look like things are going to be slowing down, but this is settleting into the long term vision.
  • Where were the budget cuts?
    • It is pretty even between pay cuts and people no longer payroll. The pay cuts can see been seen on the operations report
  • Where is Publius?
    • Guy is not too sure where they are right now, but Guy works with them on a daily basis. It is not their intention of stepping away from the project in the near term. Most of their efforts are on the long term road map.
  • Silo Chad’s update
    • The month of June they will finish up Silo v3, and in the month of July they will move to a more advisor role. Guy mentions Silo Chad has done a ton for Beanstalk, and Guy has big shoes to fill
  • DAO meeting
    • DAO meeting times will still be at the same time, but Beanstalk Farms will start attending every other meeting, if there are questions that pop up Guy will attend the other meeting.


Tell everybody. Why don't we get started? So before I talk a bit about the message I sent yesterday about some of the changes in spending and or changes, wanted to just briefly give an update on sort of like development timelines. So the main thing on the docket at the moment is silo V3. And, you know, it's taken a while.This really could have been five or six different BEPS but found it easiest process was to combine it into one. So at the moment big audit of the site will be three bit. We'll wrap up next week, but that is the first step of of a handful that will need to take place before that that is proposed. The first of which is the development of the UI, which will take place over the next couple of weeks.And given that given the amount of changes, particularly the migration, migration from the old silo system to the new silo system, we'll want to do some fairly rigorous testing with the finished UI on top of the finished contracts, which we haven't spent as much time doing and in other bits. So in addition, Safran plans to do like a code review of the PR a couple of weeks from now for about a week.So it's a long winded way of saying at the moment we're looking at proposing the bit at the end of next month or so and then I guess as most folks are aware, you know, assuming that that passes and has committed notice when the unripe seeds change would take place. So things are happening on the silo B three front after that, or sort of wrapping up some remediations for the different audits of Mason.And then there's a little bit more development work to be done on the base and integration before that white list. The eighth Well, we'll likely also do a temp check of sorts for determining what the seeds per BTC rewards for that token for the LP token should be, you know, potentially changing the being three curve LP token seeds per PDB rewards as well.TBD on that front. So you know, in the meantime feel free to drop any questions in the partner chat or speak up but well now talk a bit about the message I sent yesterday. So starting today, June 1st, we expect we start farms, expect to be spending around 80 K a month in fixed costs. So by fixed cost, I mean fixed recurring costs.I mean things like payroll, you know, different software server costs. We could pay for a handful of different services, but the overwhelming majority of that is is payroll. Now, you know, we the does shouldn't expect that's how much we spend in aggregate. There are other things to pay for ultimately like development grants for one off things. One of the motivations for this change is to transition as much of the work as possible to grant based development paid upon completion or at some point in progress.We have a feeling that, you know, that will be much more efficient, both in terms of, you know, incentive alignment on the part of the dev in terms of getting paid upon completion, but also in terms of timelines as well. So, you know, it's hard to really estimate, you know, dev grants and things like audits are are spiky in nature with regard to spending.But, you know, I mentioned in my message over the last six months, we've been spending, you know, call it round up to like 300 K a month in total across the intend US DC across everything from payroll to audits, grants, etc. and hard to say on a given given month what the aggregate aggregate will look like moving forward but expect I would expect it to be significantly less call it half or you know between a third and a half as usual over the last few months.So there are a couple, you know, motivations. You know, the first of which I just described, which was the, you know, incentive alignment front in terms of efficiency with regards to moving work to grants. The other which I also mentioned, the message is, you know, frankly related to the self pressure. I think that, you know, most folks that are regularly attending these now calls sort of all have an appreciation for the nature of the positive, positive flywheel, positive feedback loops that are ingrained in beanstalk.And, you know, artificial cell pressure tends to douse a lot of those fires as they pop up. And so, you know, one of the motivations is how can we get to a place where we're minimizing as much artificial pressure as possible while not, you know, not having a significant effect on, you know, development timelines and particularly as we approach this post Mayflower stage, where I think the the obvious being native projects to be done are a bit fewer and farther between things that make sense now and over the next few months to have a much leaner and meaner team.So that's the the long and short of it and, you know, as best as possible, I want to turn this into a discussion and answer any questions. I'll go ahead and start with I think Peterman dropped a question in the in the governance channel, which I'll just address now, which is at the AST. So this extends operating runway from two months to 5.8 months without any additional raise.So at a high level, yes, had we been spending what we were spending, we would have had enough things to take us through the end of July without the need for another budget. So that budget proposal would have been imminent. Hard to say exactly how much it extends the runway in the sense that, you know, like I mentioned, dev grants are spiky.You know, things change. But yes, based on the current structure of the team, how much people are being paid, if you extrapolate out that to excuse me, if you extrapolate that out to, you know, far in the future, that would last until like October or November or so. So, you know, one of the motivations is, you know, giving ourselves a little bit of room to figure out some of these media questions with regards to like, you know, what sort of, you know, team do we need post Mayflower to to build the seed gauge system and such without, you know, without the need to to ask for more funding because feel like asking for more fundingwithout a lot of those questions being a little bit more clear would not necessarily be fair or the right way of going about things in the sense that, you know, we don't have answers to some of those questions at the moment. So this gives us some more room. And this is not to say that there will never be another budget proposal again.You know, it's really hard to say, you know, in on the farm and being Stockland six months is kind of an eternity on some level. So I think we'll have infinitely more information about all of the stuff, you know, within a couple of months. And we'll be here at our meetings to talk about it. So with all that said, want to open it up as much as possible to any questions and feel like there should be some.One other thing I'll add is, you know, I mentioned Scribe in my message the other day. You know, we think those guys are great and, you know, the effort was apparent and this is not it's not have anything to do really with the Twitter accounts being suspended. But hey like the the output and value added just wasn't wasn't super clear.And I think on some level, it's an interesting lesson given that, you know, I think in the current state of the market, being stark is rather uncool to talk about. So, you know, maybe there is some sort of marketing team or individual that would add a lot of value at the moment. Maybe it's also, you know, an intractable problem, at least until at least while the price is not pegged at sort of a unclear what that looks like moving forward.But I feel like the decision to not continue the engagement was was clear on our end. And happy to have you to talk about that as well. And then, of course, you know, this is not to say that we being stock farms or the DFC or anyone is like the arbiters of truth on what work should get funded, what work shouldn't get funded, who should get paid what, who shouldn't get paid, what.There are processes for anyone to influence those decisions and you know, if any of them are unclear, happy to answer questions about that as well. So, Guy, when you and I talked, I guess real recently about this, there was discussion about the potential for other groups to potentially pick up development activity here later in the year, maybe under a different structure or, you know, under under some type of more formalized organization or something along those lines.I guess I want to ask this group, have there been conversations like amongst the dev team or or anyone else about like what that might look like? Certainly some early discussions don't feel like it's it's even baked in enough to feel comfortable like talking about it in the setting. But I will say independent of any progression on like potentially other groups working on beanstalk related stuff, independent of that feel like the, you know, decisions made over the last week or so with regards to spending were the right decisions to be made regardless?Yeah, admittedly I agree with that. The other thing that's been going through my mind since we first talked about this and we're starting to see it in the discord too, is just I think we need to be real proactive about the idea that the project is not burning down, dying, etc. because that's going to be a hard narrative to fight.And I think that this group or the group of core contributors or however you want to frame it, is going to need to be real clear that this is not, you know, back in bags and turning the lights off. This is seeing what the next iteration is and orienting the organization towards that. So, you know, just a thought more than a question, but just seeing that on the horizon.Yeah, it's a great point. I think that independent of any decision being made there, there managed has to be you know, the trolls find a way to fight on some of them but definitely hear you on wanting to make it as clear as possible in terms of why decisions are being made and what has happened exactly. You know, it's an interesting point around like, what does it mean to wind down being stuck in a state where from a development perspective being stock is or at least from an, you know, an economics efficiency perspective?You know, Beanstalk is pretty good at doing what it was designed to do. And, you know, hence over the last six months, this is what Publius would talk about in class very often about how, you know, Beanstalk is approaching a state of, you know, this is like an extremely naive statement that would be horrible to have on recording.But I'm going to say it anyway. You know, have Beanstalk approaching a state of being completed. A lot of the work to be done to get Beanstalk to be used will be on other protocols, whether exchanges like Bayesian lending markets, etc.. So it's like does that mean we are not working on being stocked with I mean, Publius is not working on Beanstalk, in my opinion.That's not what it means at all. But I could see how it might be perceived as that way. But yeah, I think that's the the extent to which I have salient thoughts on that point. And I feel like that is that's, that's really the message is that you know I think about really is the goal here that's been communicated a number of times and they have expressed the thought that early on that they would kind of start this thing and be able to step away.And that is really I mean, that is that is a pretty silly goal to create something just. Yeah. So just to briefly interject, it's like I'm not stepping away. Probably it's not is it not stepping away? It's too bad they're not here. So, you know, I can have them answer that directly. But at least on this end and you know, can speak of of them, at least in the capacity of working with them, You know, we're not going anywhere.So although things may be a bit more quiet on the farm and the development work being done may not be, you know, specifically of being upgrade and more optimistic and have more conviction than ever that about the the future prospects of what we're working on. Well, and that's the message. You know, I feel like that is an important part of that message.You know that that this is not this is not, again, just to use the to use the phrase this is not turning off the lights. This is settling into what the long term vision looks like, which is something that, you know, doesn't require nearly as much new product push as it does, ensuring that things are stable and consistent.Totally. And I specifically want to make I wanted to make the distinction between, you know, you alluded to this concept of hubris, mentioning that the goal would be for them to not, you know, to not be a significant contributor in the ecosystem and feel like, you know, that is not a near-term goal for any of us. And that's and I'm glad you corrected me on that because it's a very good point.And admittedly, it's something that the until now I would say I was wasn't completely sure. That's a really good clarification. Even just for me. As you know, we continue our discussions in the general chat and it seems like, you know, I'm having an enjoyable time pushing back against abutters and all that. You know, that's a good thing for me to know, too.So I appreciate the clarification there. You bet. Happy to take any more questions heading out new areas, I can question about. So in the entire reduction, I guess in extending and expenses, is that mostly due to you think less contributors or likely I guess, the paycut you guys all decided on? I guess following with that like out, like what kind of pay cut did you guys even decide upon?Yeah, it's a good question to the former question as far as like which had a more impact. People not being on payroll versus taking pay cuts. And just, just to be clear, like feel like it is worth saying that anyone who is not in payroll, like we had a fabulous time working with and made it very clear that this is related to the transition is to grants that I described earlier that, you know, anyone who may not be on payroll anymore is like at the top of our list of people to go to when, you know, there are one off, you know, projects to be done.So just want to just feel like that's worth being said with regards to the question of like whether the reduction in spending can primarily be attributed to people not being on payroll versus pay cuts, feel like it's, you know, probably pretty even plus or -15%. It's hard to say. I have the exact numbers on that that in particular, but I don't think it's overwhelmingly one one side as far as how much the pay cuts are.I think that all that information can be derived from people's original snapshot proposals and the table that's on the operations report as far as people's people's pay moving forward, just to give a specific example and not be so vague. You know, my original snapshot proposal was for 20,000 being spent and I'm now being paid ten. And if it isn't clear how to derive the what people are being paid now, just let me know where is Google is right now or in general?Both, but right now as well. Seems like an important conversation. Yeah, that's a it's a fair call out right now. I'm not sure. And General, I spend a lot of my time working with them, although that may not be clear from, you know, the more infrequent public meetings and the discord, etc., etc.. But hopefully the couple of things I mentioned earlier about, you know, just to just to say it again, there's this, you know, sort of like a head in the sky kind of idea of, you know, them stepping away from contributing to the ecosystem very quickly.That I think is could have been potentially true pre exploit. But, you know, things are a little bit different these days and I don't think it's anyone's call for them to step away, you know and in the near term capacity so that's probably all I feel comfortable saying or as far as like speaking on behalf of them goes.But we should definitely get them in on the next one to field any questions like this. I realize that it may not be a super satisfactory answer, but it is what it is. I would just add on that note that I think we are in this phase where most of their efforts are being spent on figuring out what the work to be done or, you know, to put it specifically at the long term roadmap, like have to see gauge system after based on V1, etc. and I don't expect them to be shy about sharing once they have their feet under them a little bit more.You know, speaking for myself on that front as well, any other questions? Red beans, chat? Do you guys have anything you want to add? I don't have anything. I think you you did a good job covering it. So if anyone has a specific questions about myself or design or what we're working on, happy to answer. But otherwise I think it was it was pretty good.Yeah. So on my side, the plan as it stands is I'll be spending the month of June working with the team on the side of E3 UI in particular, and just helping wrap up the the swath of things that need to get done for the Mayflower. Update. And then starting in July, we'll move to more of an advisor role where I you know, I'm around to think through things with, with being start forums over the next couple of months as this sort of, you know, transition potentially to new entities or private companies happens and possibly to do some, you know, sort of select work and upgrades.But predominantly it will be focusing on on other new projects of my own. We love you to next be Yeah. Just going to just kind of echo that even though it goes without saying, you know, certainly would not certainly not describe it as Chad disappearing. But you know, there are their contributions over the last year or so have been, you know, hard to even calculate.So, you know, a lot of my time is going to be spent figuring out kind of trying to plug all the holes because there's a lot of holes that a lot of things that Chad helped out with contributed to LED projects from end to end. And, you know, don't think they're going anywhere necessarily. But yeah, just want to throw out a word of appreciation for all they've done for Bienstock up to this point.Rex, if you were if you were talking about it and I don't think we got here, I was just about to say maybe a different way to put it, rather than hold the plug is big shoes to fill. That is a great way of framing it. I'm not exactly sure if being where that that line of being being F-k does have some big shoes already.One other thing I wanted to mention was the Dow meeting will continue to, you know, this time site will continue to be open for people to take advantage of and will continue having the discord events that says Dow meeting is happening I think but being stock farms is going to start attending every other meeting starting with this one.You know, if there are things, you know, a lot of questions pop up and, you know, people tag me. I'm always happy to join the the other ones. But but otherwise, you know, as far as being stock farms or me hosting, it will be every other week. And will I guess one way we can make that clear is some the little descriptions for the discord events.So just wanted to give everyone a heads up on that front already. Last call for any questions, input, feedback, etc. So and once. All righty thanks everybody. Talk soon if things are.