Beethoven X ($BEETS)

BeethovenX is an AMM/DEX fork of Balancer. This protocol allows you to create your own index funds with up to 8 different assets. You get to choose the weight and the assets involved as well. As long as the pool weight always results in 100.

BeethovenX pools can help you reduce impermanent loss with single-sided staking. This allows you to enter a pool with only 1 asset. For example, the main pool on BEETS is the "Fidelio Duetto" which is composed of wFTM + BEETS tokens.

You can enter the pool with the pair (wFTM + BEETS) or either token on its own. When you want to remove the asset you can choose how much of each asset you want. So you could do the 80/20 or pick wFTM for 100%.

What Is Balancer?

A Balancer is an automated portfolio manager, liquidity provider, and price sensor.

Balancer turns the concept of an index fund on its head: instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders, who rebalance your portfolio by following arbitrage opportunities.

BeethovenX is built with Balancer V2 which brings powerful new features to slash gas costs, super-charge capital efficiency, unlock arbitrage with zero-token starting capital, and open the door to custom AMMs. https://www.youtube.com/watch?v=IX6rUhNC8uA - Video explainer of what balancer is.

Features Of BeethovenX

📈 Weighted Investment Pools

Weighted investment pools turn the concept of an index fund on its head: instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders, who rebalance your portfolio by following arbitrage opportunities. Each pool can contain up to 8 different tokens, where each token is assigned a weight defining what fraction of the pool is made up by each asset.

Anyone can start one

You can choose the weight of each asset and can add up to 8 different coins.

The holders vote for incentivized pools

How do I stake? Don’t I need FTM + BEETS?

I made the mistake of buying beets and not staking because I assumed I needed both assets to enter this staking pool, when in fact you do not. So for example, I added BEETS to the “The Fidelio Duetto” only added liquidity for BEETS and not FTM, staked my BPT → then minted fBEETS and staked to earn 30% of the protocols revenue. When you withdraw you can take it as a mix 80/20 BEETS/FTM or Take only BEETS out.

💵 Stable Pools

For certain assets that are expected to consistently trade at near parity (e.g. different varieties of stablecoins or synthetics), we utilize the StableSwap AMM as popularized by Curve. These pools allow for larger trades of these assets before encountering a significant price impact.

↔️ Trade

Beethoven X provides a Uniswap style trading experience, to allow for trading from one token for another. Behind the scenes, the Smart Order Router (SOR) intelligently sources liquidity from multiple pools so as to automatically figure out the best available price from all available pools.

🚜 Farm

Earn BEETS by staking your liquidity provider (LP) tokens.

💸 Earn Protocol Fees

Protocol fees will be distributed to Liquidity Stakers. Provide liquidity in one of the 80/20 BEETS weighted pools to earn your portion of 30% of the protocol fees. Wherever possible, we will introduce protocol fees for transactions, with 30% of the fees being used to buy BEETS off the open market and redistribute them to Liquidity Stakers. 50% of protocol fees will be used to build a diversified DAO-controlled treasury.

TOKENOMICS

The BEETS token is the governance token for the BeethovenX protocol. Additionally, BEETS liquidity stakers will collect a portion of protocol fees in the near future. BEETS has a total maximum supply of 250,000,000.

Note: All supply distributions are subject to change with community feedback and governance discussions

Note: Of the 22% minted, only 2.65% will be in circulation upon launch, all other tokens will follow the vesting schedules described below.

Initial Supply

Note: Of the 22% minted, only 2.65% will be in circulation upon launch, all other tokens will follow the vesting schedules described below.

Liquidity Bootstrapping Pool (LBP)

The Liquidity Bootstrapping Pool will use the allocated 2% of the Total Max Supply of BEETS (5,000,000 BEETS) and $43,000 worth of USDC.

5M BEETS tokens will be distributed using a Liquidity Bootstrapping Pool (LBP). The exact date and time will be announced

Vested Team Funds

In order to express our commitment to the BeethovenX community, the team funds will be vested linearly rather than on the more aggressive emissions schedule of the MasterChef. The team funds will be distributed according to the following schedule:

5% Initial allowance (1,625,000 BEETS)

95% Vested linearly over 4 years

Strategic Partnerships

This fund will be deployed to attract and incentivize strategic partners that will help BeethovenX grow and thrive. 7% of the total maximum supply will be reserved to promote ecosystem partnerships.

BeethovenX commits itself to never using any of the funds in the Strategic Partnerships Fund to pay or reward any of its team members or employees. This fund is exclusively for partners, integrators, and other teams in general that contribute to the BeethovenX ecosystem. Any use of these funds will be presented to the community prior to execution.

In order to reinforce the promise laid out above, we’ve enlisted two well-known community members that will serve as 2 of the 3 signers on our Strategic Partnership Fund wallet.

Justin Bebis - Smart contract engineer, yAcademy fellow, and Fantom Unchained co-host, Justin Bebis was one of the first developers on Fantom. He currently provides technical and business guidance to many projects on the network and leads the Byte Masons development team, which are currently building Reaper.Farm. Solarcurve — One of the original Ballers and a community contributor at Balancer for over a year. He created https://pools.vision/ and now leads efforts focused on growing engagement like discord AMA’s and the weekly newsletter. He is also signing the multisig of seen.haus and Balancer Protocol.

BEETS WARS - GAUGE VOTE - BRIBES

The gauge vote began at the beginning of January and is an initiative that gives holders of our $fBEETS governance token the ability to decide on the allocation of 30% of our farming emissions into various liquidity pools every 2 weeks.

Before BEETS farming incentives were determined by the liquidity committee. The Gauge Mechanism Proposal after it had passed, helped decentralize the decision-making process and also drastically increase the utility for fBEETS. The gauge mechanism also works as an onboarding tool for other projects in the FTM ecosystem to bring liquidity to BeethovenX and vote for farming incentives through holding fBEETS. Bribes: Not only do 30% of all $BEETS emissions then go to staked $fBEETS holders but an additional 30% of $BEETS emissions are also dictated by the result of regular gauge votes. You can vote on this if you either have $fBEETS staked or in your wallet. There are a number of protocols that participated in the bribing of the gauge vote. These include: $RING, $BOO, $SUMMIT, $SHRAP, $LQDR, $BELUGA, $EXODIA, $CREDIT, $WSTA, $FANG, $SCR, $IMP and more rolling in each day.

You can split your votes amongst multiple pools using the + button — weighting to 100%

You CAN change your vote, even after you’ve voted. Simply return to the voting page and change your vote accordingly. Make sure you sign for the new vote in Metamask.

Let’s take a closer look at the previous round of the gauge vote in a little more detail.

Round 4 of the bi-weekly gauge vote garnered a record of thirteen protocols offering bribes to fBEETs holders. Approximately $892,000 in cumulative bribes were offered enticing over 33MM total votes! As we inched closer to the end of the vote, we watched on with eager anticipation as numerous protocols continued to up the ante, supercharging the bribe incentives, in the hopes of shifting the scales in their favour. With the influence of your governance tokens, each vote cast affects the direction of the BEETs token reward emissions on Beethoven’s pools, (weighted gauges), on a bi-weekly basis. This set the stage for protocols seeking those emissions to influence each vote using bribes. And, with that, we have the origin of the BeetWars. Importantly, this framework opened the door for additional monetary benefits for fBEETs holders. With the influence of your governance tokens, each vote cast affects the direction of the BEETs token reward emissions on Beethoven’s pools, (weighted gauges), on a bi-weekly basis. This set the stage for protocols seeking those emissions to influence each vote using bribes. And, with that, we have the origin of the BeetWars.

Visualizing the Gauge Vote and Incentive Process

In the latest round, “The Lonely Mountain” pool, by OneRing Finance received 11.88% of the total vote. The pool gathered around 3.9MM total votes. As a result, The Lonely Mountain pool stands to receive roughly 178,200 BEETS in the form of reward emissions APR over the next 2 weeks.

Incentivizing fBEETs holders to choose The Lonely Mountain pool, OneRing offered 28,000 RING tokens, plus 6,000 additional RING tokens for every 1% they captured beyond 10%. This means with 11.88% of total votes, 39,280 RING tokens would be airdropped, pro-rata, to Lonely Mountain voters. In addition, they included 3 Ludwig NFTs, 3 Magicat NFTs and 1 8Bit Land NFT.

https://beethovenxio.medium.com/beethoven-x-gauge-vote-maximising-your-melody-fbeb10e5711b

https://www.youtube.com/watch?v=s2Cg7u6wuG0

The Liquidity bootstrapping pool

The Liquidity bootstrapping pool will allow us to be in contact with many new and upcoming projects in the Fantom ecosystem. We will leverage it as an avenue for capturing the liquidity of new projects as we define ourselves as a premier destination for fair token launches.

Community

Liquidity committee - A committee has been formed whose task is to maximize LP and protocol revenue. The committee will participate in continuous evidence-based experimentation with pool construction, swap fee, and amplification parameters, adapting their strategy to meet market conditions. The committee will report both findings and actions taken to the community.

Love and Kindness - It might sound like a wild esoteric dream, but we believe that a community that is kind and abundant in love is simply more efficient, resilient, and performs better. We are simply optimizing the return on collective intelligence by using a high dose of love and kindness.

Community mod of Discord - we will transition to community mod and begin to onboard members of the community.

Enhanced Discord experience - create a nicer home for all Ludwigs, improve welcome messages, better channel overview

Increased AMA's - Upon request, bi-weekly, topic-specific. Over the next months, we will introduce multiple concepts for community conversations.

Competitions - we will continue to launch conversations with different valuable prices at random points in time.

BEETHOVEN X CLIMATE FUND

Composing music for all life.

We died in 1827. We know what it feels like to be dead. As humanity is driving itself towards possible extinction by emitting a shit ton of Co2 (this is not a token) into the atmosphere we can honestly tell, that being dead, extinct, isn’t the new black. It is not cool.

You want to be alive, thriving, for generations, in connection with nature. What you want is to create music that cares for all life.

That is why we have created the BeethovenX Climate Fund.

Because we don’t have to go extinct.

We wish to be climate positive. That means measuring, avoiding, and removing our Green House Gas Emissions. In the real world.

We divert 2% of the team's protocol fees directly to the BeethovenX Climate Fund. With these funds, we will invest in nature-based capturing such as forestry and regenerative agriculture and in technological solutions such as direct carbon-capturing with 10.000 years+ permanent storage.

Our promise is to understand and measure our own impact on the climate, and then continuously reduce our footprint and directly capture what we can't avoid. We will continuously share this journey with the community.

We wish to be a positive contribution to life on planet earth.

TEAM

Unfortunately, I couldn’t come up with any information on the team and on the websites, doc’s I stumbled across this.

“About us

The Beethoven X team has decided to remain anonymous in name, but the public in what we stand for. Simple, visionary, revolutionary DeFi on Fantom Opera.”