• Recordings
• Meeting Notes
• Beanstalk Project Funnel
• wstETH Migration
• Multi Flow V1.1.0
• Misc Improvements
• Beanstalk 3
• Well-creator UI walkthrough
• What is salt?
• Subgraph updates
• UI updates
• Transcript

Recordings

Meeting Notes

Big Items Up Front

• Well Creator UI has been deployed
• wstETH/ Multi Flow v1.1.0 are in audit remediation and Beanstalk 3 is in audit

Beanstalk Project Funnel

• Various Basin pairs have been moved to the bottom of the funnel

wstETH Migration

• Not a lot of major updates, audits are taking a bit longer than expected. There is a hope to have the BIP draft shared in the next week or two. It is unclear what the proper distribution should be set to

Multi Flow V1.1.0

• Working through all the audit remediations. Soilking is doing research on Uniswap v2 pools for what to set various parameters to.

Misc Improvements

• In remediations from the audit

Beanstalk 3

• Not a ton of changes with the tasks, currently in audit. There is a lot of code to audit. There were a couple of things that were not a part of this audit. There will most likely be a shorter 1-2 week audit after this audit is completed. This includes a Stable Swap. Beanstalk 3 allows for migration to L2, and Guy mentions there are various reasons why not to migrate to L2. They encourage the DAO to discuss this. The tokens on each L2 are fairly different and the DAO should discuss what tokens they want Beans to trade against.

Well-creator UI walkthrough

• Watch the recording to see what the UI looks like

What is salt?

• You give a function a random string (known as Salts) that allows for vanity address. It does not matter what value you include it just has to be >1. If the salt has already been used the deployment will fail.

Subgraph updates

• Beanstalk is on DeFiLlama! The APY is also live on the website. When new Wells are deployed and whitelisted they will automatically be uploaded there. The DeFiLlama APY will be a bit different than the Bean UI. This is because the DeFiLlama will show the APY assuming you have no grown Stalk. The Bean UI uses the average amount of Grown Stalk.

UI updates

• SRB is working on the UI for Seed Gauge, this will help show Farmers how the Seed Gauge is affecting Beanstalk. They are thinking through what Converts will look like.

Transcript

okay so we'll hop right in so uh recent
Big Item Up Front
milestones and this is one that's going
to get a little bit of attention later
on so the well Creator UI is deployed
space be is going to walk us through and
give us a little bit of show a show as
to how the UI works really excited to
see that and yeah looking forward to it
as for upcoming and ongoing items
similar to last meeting WRA steeve
multiflow version 1.1 and the M
miscellaneous improvements package are
still an audit remediation and beanock 3
is currently in audit with code Haw
Beanstalk Project Funnel
projects an initiative so quick look at
the project funnel just one or two
little updates from last time around uh
really the only change that has been
made here is I moved various Bas and
pairs from top of the funnel to bottom
of the funnel and again that is directly
related to The Well Creator UI being
ready for widespread use Okay jump down
into the project so not a lot of major
wstETH Migration
updates concerning project timelines a
little bit of a push for some of the
items in audit um audits are just taking
a little bit longer than expected so no
major changes in terms of wraps teether
multiflow um just pushing those audit
timelines out just a little bit any
questions or additional comments from
the group I'm happy to add a little bit
of color which is that you know hope to
hope to have some sort of draft for the
community to review in the next week or
two uh there are a couple parameters to
decide on things like
the initial gauge points that the bean
WRA steth well has initial is
initialized to what else the optimal
distribution between between bean eth
and bean WRA eth uh of course since the
gauge system has been implemented
there's only been one LP token so
haven't really gotten to see the lp
gauge part of the seed gauge system in
action so I think that that'll be pretty
interesting unclear exactly what that
should be set to but I think there'll be
an opportunity to discuss that now if
people have ideas you know anytime in
the future and but particularly once
there's some sort of write up that
people can read sounds good all right
Multi Flow V1.1.0
multiflow version
1.1.0 kind of in a similar basket um
just working through the continued Auto
remediations yeah on this front so Kang
is currently doing some analysis on Unis
swap V2 pools you know things like think
of like eth usdc eth tether to determ
uh what these new parameters on
multiflow version 1.1 can be can be set
to uh before in version one there was
just a percent cap on the change in
reserves each block and now now it's a
little bit different there's in addition
to there being caps on the increas and
the decreases in the lp token Supply uh
there's also a cap in the exchange rates
for the two tokens which in some ways
mitigates the problem that led to I'm
not sure EX what EIP number it was but
the one related to The Bean eth
migration where there needed to be an
EIP to turn off minting in the bean eth
well uh for several seasons and I don't
think that that will be necessary during
the eth to rap steth migration uh due to
this change so that's one thing that's
currently in progress on this front good
Misc Improvements
stuff appreciate it all right
miscellaneous improvements similar
situation so in remediations with the
Cod Hawks audit team so again not a not
a lot to add there again unless someone
wants to to jump in and ask a question
right color all right beanock 3 so again
Beanstalk 3
not a whole lot of changes in terms of
the actual tasks included um obviously
ton of work you can see from the list of
tasks there has been taken care of
currently in COD Hawks audit lots of
good chat are happening there between
our Dev team and the code Hawks team got
a lot of lot of code to audit and yeah a
lot of good questions and and comments
moving back and forth anything to add
from any of the Developers for for
beanock 3 well there were a couple
things that weren't able to make it in
time of this initial larger bean stock 3
audit particularly
things sorry s did you say something oh
sorry no should need no worries so there
will likely be like a short you know one
to two week audit that follows this one
that includes stuff like a stable swap
well function with the Hope being at the
time of this this upgrade that's
currently in audit uh there can also be
you know a bunch of pairs whitelisted
including you know being stable coin
pairs of which it's more preferable to
have a stable swap well function than
than the existing constant product to
well function so you know just a heads
up that that's also in progress or not
in progress rather in progress of being
scheduled if you will so there will
likely be a much smaller B budget
proposal that goes up for that a budget
proposal to to expend existing beanock
Farms beans that is I guess another
thing to add on this front is you know
part of the beanock code uh adds support
for migrating to an L2 a lot of this was
driven by some of the discussion you
know towards early May uh particularly
the outcome of the vote sltm check that
happened at the time uh s noticed in the
last couple weeks there a bunch of
discussion in the L2 migration channel
uh talking about reasons not to do it of
which I would agree there are plenty in
the sense that there are a lot of
reasons not to do it and yeah it'll be
interesting to see how it plays out I
think given that
the you know the very one-sided outcome
of the temp check vote feel like it's
something worth still proposing but you
know TBD on that front but at some point
there will need to be some convergence
around what L2 to migrate
to and was doing some some research
today on tokens that exist on all some
of the larger l2s call it Arbitron base
optimism Etc the options are kind of
limited in terms of how much liquidity
there exists for for different tokens
arbitrum just by you know not just total
tvl but for a lot of different assets
that might be desirable to wh list I
know Harry Smith in particular has been
advocating for being wrapped Bitcoin
well which I think would be very cool
but unfortunately there's there seems to
be only liquidity for wrapped Bitcoin
amongst l2s on Arbitron so we'll see how
that plays out but like that was worth
mentioning no agreed so if we get to
that point where we are starting to talk
about a particular you know trying to
figure out what the preferences let's
for a potential L2 would that be done
through a temp check or through a
discussion Channel any any thoughts on
how how that might be navigated uh I
think that's relatively unclear at this
point but to the extent that you know
people want to discuss it I feel like
the existing channel is a pretty good
spot as any fair enough all right any
other questions or thoughts on beanock 3
he with that so I'm going to take off my
share screen and I'll hand over to space
beam hey how's it going guys can you
guys hear me okay we can go ahead
amazing so I am G to go ahead and share
my screen real quick and let me know if
you guys are able to see that can't see
anything yet yeah okay let me just try
this what about this there we go yep
good to go cool yeah so we're super
Well creator UI walkthrough
excited to have this release it's
actually live right now but just the UI
to be able to like create your own Wells
and just want to make sure that it's
clear that this whatever Wells you
deploy doesn't automatically mean that
it is Whit listed in silos so that's a
totally separate process but this will
help facilitate the creation of new
wells so the way that you get there is
you there's a new tab in Basin it's a
build Tab and on the build tab we on the
build page we have all these different
components that are currently in use and
all these are you know being used right
now by the uh Bean eth well
um so as you can see we have like the
multiflow coner Product 2 and well. soul
and these are all components that are
currently being used and to do deploy
your new well uh you go to the B
deployer here take you to a form and
basically you kind of go through each of
these steps to choose the components
that you want to use for the well you
want to deploy and so you know we do
provide the recommended components so
for example we have all that soul but if
you did want to use your own well
implement ation then you can go ahead
and do that here as well so I'm just
going to walk through like a quick flow
so you're choosing well. soul and then
you go through the flow to pick function
you can also use a custom will function
as well and then any like um pump you
can choose to not use a pump but also
like tokens you can go and click
whatever tokens you want we do support
like you know doing any other type of
tokens like rep Bitcoin stuff like that
but let's just say like for you know the
uh example I'm just going to use die
here so you go through then you go ahead
and select the token name as well as
like a token symbol for your well and
then you go through and finish on this
step basically and so we do provide the
ability for you to seed the well with
liquidity so in this case you know I
want to do th th000 and when you are
deploying a well with liquidity it's
important that you use an input
uh basically any like integer greater
than one um that way we're able to
deploy it a terministic address um but
if you're not then you know you don't
necessar to use salt um if you have like
questions on like what salt is like you
can go ahead and read the contract or
any of the documentation there but yeah
I mean I'm just going to go ahead and
see if I can deploy this okay yeah it
looks like there's something going wrong
with my let me try to do this real quick
yeah so you know go ahead went ahead and
created the new well take took me to the
new well page and then I can go ahead
and see like oh yeah like the being die
well save the new address for the token
uh for the well token and then um stuff
like that but I guess anyone have any
questions so far about like the process
or anything like that so space mean
you're that can new wells can be
deployed with you're saying with any
erc20 yes that's true so in like the
example that I just went through like I
could choose to do anything like R
Bitcoin like you know someone wanted to
create like an a pair as well like you
know everything is possible as long as
it's anc20 token so space me would you
be willing to go through and and maybe
you've already thought or talked about
this just go through and do maybe a well
I mean we'll have the recording of what
you just ran us through but even a
recording of the process just to provide
an explainer to individuals that are
looking to deploy Wells I I don't know
if that was on your list of things to do
but I would really encourage it you know
for folks that come along later on yeah
no we can definitely do that you're
saying like separately separate from
this meeting right now right yeah yeah I
I think you know just I mean a
two-minute video walking through what
you just walked through with us would be
fantastic yeah no definit I can
definitely do that this is really
exciting appreciate it of course yeah I
mean I think that is everything for the
world creader UI um but if anyone has
any questions on like how it works or um
I did see a question on like how where
can I read about salt um I'll you know
happy to answer any questions I mean
maybe just answer the question generally
What is salt?
it's salt is not really like a basin or
even a crypto specific term well I guess
crypto in the sense of cryptography it's
more of a a cryptography term where you
give it you know you give a function a
random string that sort of randomizes
the input so if you'll notice like the
the bean stock contract the pipeline
contract etc etc it's sort of like we
simulate deploying the well over and
over with these different randomized
strings known as salts to over until we
can get you know the a set of letters
and numbers at the beginning that we
what that we want so the only purposes
of adding assault as far as I'm
concerned is for for vanity address
purposes in this context so please
follow it up so n asked does it matter
what what value you include or does it
just have to be greater than one
anything Any number greater or equal to
one right now is there a way to preview
in the UI that given the salt you input
you can see what the output address
would be or not at the moment uh there
is not at the moment but that would
actually be a cool addition to this I
think it'd be proba probably pretty but
yeah as it stands right now we it
doesn't have that functionality so soil
King asks in the chat what if someone
has used the same salt value already
then the deploy will fail I mean I could
be wrong on this but isn't it also based
on nons of the address you're deploying
like that's one of the variables that
would cause the address to be different
even if two people try to use the same
salt given given the same set of two
tokens and same wall function same so
that is true the top my head in the well
Creator UI the way we have it set up is
all that deploy happens via Pipeline and
so um if two people are deploying
through the UI and use the same salt
value and all the other components being
the same then in that case it would fail
got it interesting any other questions
for space Bean or comments not see
anything in the chat so I think we're
pretty well good to go space Bean
appreciate it thank you so much this is
awesome yeah thanks for walking through
this this is great of course okay so I
won't I won't pull the the the info deck
back up but I did want to give just
another minute typically at this point
we give just a a couple minutes for for
soil king or for sweet red if you guys
want to talk through any subgraph
updates or UI updates floor is
yours hey sure so I guess the the main
Subgraph updates
thing I have to share at this point is
that you may have seen earlier this week
that we are now we're on Def so I think
last time the update was that we just
needed we were just missing the apy so
up on there now so you can see the the
bean we pool on there and the the yield
from The Silo and you know when when new
pools are deployed and Whit listed they
will automatically appear there as well
so yeah so that that's pretty neat and
I'm just trying to think here the other
thing I wanted to mention regarding that
uh I know I I made a little post about
it in I think the general chat at some
point is that the apy that it shows on
there is slightly different than what we
show on the bean UI
and the reason for that is due to uh
just kind of the apy methodology that
that defy Lama uses so the value that we
show on there it's still the 30 it's
still using the 30-day rolling EMA but
the difference is it's for a deposit
that it's like uh like if you were to
make a a new deposit in The Silo and
you're essentially entering the silo
without having any stock to begin with
it's the yield that that you would get
on that deposit whereas what we show on
the be UI is
the yield on like the average deposit
according to whatever is the current
average amount of grown stock in the
system so that's just something to note
that if people are wondering why the
values don't line up exactly so would it
be worth putting like I don't know like
a tool tip when someone's hovering over
the the explainer of the apy and the
bean UI I I don't want to clutter things
needlessly but I can see that being kind
of an ongoing question folks have maybe
just something to note because yeah I
can see that coming up repeated
especially with new users just wondering
why there's a difference so just
something to think about for sure and I
think going into the future as well I
mean with with a lot of the work that
that I've done on this we will be able
to show uh to users like well I guess
for users who currently have deposits in
The Silo we will be able to show them
like a personalized apy according to the
exact amount of stock that they have uh
grown already and so I'm not sure what
that looks like exactly on the UI but
that's something that you know I would
like to to move forward at at some point
and and get that along with you know
kind of a way for users to simulate what
the apy might be under under different
conditions and all all that should be
possible now with with the work that I
that I did for this so soil if I'm
understanding what you were just talking
about correctly then the the apy the
bean
UI will will necessarily well will will
typically if not always be higher on the
UI than it would be on defi Lama or
other other sites that use similar
methodology correct currently yeah
that's correct I suppose if I had to
choose which one to be higher because of
the different methodology that's
probably probably a preferable situation
but yeah I I would say some some type of
yeah like tool tip explainer might be
pretty valuable for folks over time
agreed appreciate it sweet red anything
you want to talk through or really
UI updates
anybody else I can give a brief update
nothing to show this week in particular
but sort of working through the final
details on some of the seed gauge ux
enhancements so hopefully you'll be able
to see things like the target to catch
up uh the optimal distribution of LP and
to be to Max LP scaler like inside of
the UI on The Silo page and so that
should hopefully help people understand
the impact of uh the gauge system and
now sort of starting think about what
the convert experience will be like with
these upcoming bips and so that includes
Lambda to Lambda converts and anti-
Lambda to Lambda converts and generalize
convert all within the UI and so that's
sort of where my head is at for the next
couple days so that's it kind of a light
week for me this week as far as updates
go no that's great appreciate it okay so
I will we open it up to the floor for a
few minutes anybody has any additional
questions or or thoughts I'm also
hopping back into the chat real quick to
make sure that I'm not missing anything
there so I can up to date all right
seeing nothing pop up we can we can cut
everyone loose unless anyone has
anything to add um appreciate
Closing statements
everybody's time this has been great
yeah this is man this is fantastic um
really excited to see what wells we see
deployed here over you know the coming
days and weeks so yeah I appreciate
everyone time if anyone has any
questions can always
drop General chat and uh yeah we will
catch everybody cat everybody around the
farm you telling me a being built this
chain thanks you're kill me you telling
me a being built this