The BEETS token is the governance token for the Beethoven X 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
The initial mint will be 22% of the total maximum supply, and will be broken down as follows:
% of Max Supply
Number of Tokens
Liquidity Bootstrapping Pool
Vested Team Funds
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.
The LBP will run for 24 hours and is open to anyone.
The LBP is not like a regular weighted pool. The price will start very high to disincentivize bots, front-running and speculation. Over time, the price will automatically decrease by design.
Below is a graph that shows the BEETS/USDC pool weight starting at 95/5 (with a high BEETS price) and declining to 80/20 (lower BEETS price) over 24 hours.
At the end of the 24 hour period, the funds will be transferred from the LBP into an 80/20 BEETS/USDC weighted pool.
The LP tokens received by the development team for making the initial pool will deposited into the BEETS/USDCfarm on behalf of a vesting contract that will be time-locked for 180 days. The farm rewards will not be vested.
NOTE: the graph below assumes no buy/sell orders, the price will very likely fluctuate at variance with the below model as we expect buying pressure to occur. The models below are only an illustration of the basic operation of the LBP function.
BEET Price simulation assuming no buyers/sellers
Vested Team Funds
In order to express our commitment to the Beethoven X 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
None of the initially unlocked allowance will be used in the BEETS/USDC farm. Both the team wallet and vesting contract will be made available in the documentation.
This fund will be deployed to attract and incentivize strategic partners that will help Beethoven X grow and thrive. 7% of the total maximum supply will be reserved to promote ecosystem partnerships.
Beethoven X commits itself to never use 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 Beethoven X 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, who 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.
After the initial mint, the remaining supply will be emitted over 4 years, following our Emission Schedule.The emissions will be distributed as follows:
The community will decide where the Treasury Funds are spent. To reassure this promise, the treasury fund is a 3/4 multisig wallet consisting of 1 BeethovenX team member and 3 well known community members