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DAO Weekly Meeting #82

Date
June 25, 2024
Timestamps

0:00 Introduction 0:04 Big Items Up Front 0:32 Beanstalk Project Funnel 0:58 wstETH Migration 2:09 Multi Flow V1.1.0 3:20 Misc Improvements 3:35 Beanstalk 3 7:22 Well creator UI walkthrough 11:28 What is salt? 13:45 Subgraph updates 17:01 UI updates 18:15 Closing statements

Type
DAO Meeting

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