Tokenomics
The heart and soul of Beethoven X. The BEETS token is an integral part of the Beethoven X ecosystem and has 2 major branches of utility.
1. Governance participation
The BEETS token is the gateway into governance rights and grants users the ability to influence the evolution of the protocol through decentralized governance.
2. Rewards
Liquidity providers earn BEETS as liquidity mining rewards for providing liquidity on the platform.
Initial supply
BEETS has a total maximum supply of 250,000,000. Of this maximum supply, 22% or 55,000,000 tokens were minted at launch as an initial supply. The initial mint was subdivided in 3 categories which is broken down as follows:
| Allocation | % of Max supply (250m BEETs) | Number of tokens |
|---|---|---|
| Vested Team Funds | 13% | 32.5m |
| Strategic Partnerships | 7% | 17.5m |
| LBP | 2% | 5m |
| Total | 22% | 55m |
Note: Of the 22% minted, only 2.65% was put into circulation upon launch, and all other tokens follow the vesting schedule described below.
The remaining 88% or 195,00,000 tokens exist within the MasterChef contract for the minting/distribution of new BEETS tokens and follow a defined emission schedule. Of the new BEETS minted, 12.8% are minted directly to the Treasury multisig wallet and the remaining 87.2% are distributed to farms (according to their weight) as liquidity mining rewards.
The breakdown for the BEETS allocated to the MasterChef is as follows:
MasterChef Contract
| Allocation | % of Max supply (250m BEETs) | Number of tokens |
|---|---|---|
| LP Farms | 68% | 170m |
| Treasury | 10% | 25m |
| Total | 78% | 195m |
The table below summarizes the allocation for the total supply of BEETS tokens and the subsequent distributions from the initial supply and the MasterChef contract:
Summary of total token distribution
| Allocation | % of Max supply (250m BEETs) | % of Masterchef emissions (195m BEETs) | Number of tokens |
|---|---|---|---|
| LP Farms | 68% | 87.2% | 170m |
| Treasury | 10% | 12.8% | 25m |
| Vested Team Funds* | 13% | 0% | 32.5m |
| Strategic Partnerships* | 7% | 0% | 17.5m |
| LBP* | 2% | 0% | 5m |
| Total | 250m |
*Minted initially and sits in vesting contract - link to FTMscan
Token Emissions
Minting
Beethoven X uses the MasterChef Contract contract for the minting and distribution of new BEETS tokens. These BEETS are owned by the MasterChef contract and are minted / distributed following a defined emission schedule. The MasterChef contract is the only contract which has the permission to mint new BEETS tokens and there is no way to transfer ownership of the BEETS tokens - it is immutable.
Distribution
As detailed above, 195m BEETS tokens have been allocated for emissions. Of this fraction, 170m tokens (87.2%) have been allocated for liquidity mining rewards and 25m tokens (12.8% ) have been allocated to the treasury. These BEETS are distributed following an emission schedule which takes place over a 4 year period.
Treasury emissions are minted directly to the Treasury multisig wallet . Liquidity mining rewards are distributed to Liquidity providers based on their share of the total liquidity in a given pool.
Treasury Funds
10% of all masterchef are emitted to the Treasury.
The Music Director Committee is able to allocate treasury funds within the strict guidelines set by the Beethoven X DAO. Anything that falls outside the Music Directors' parameters must be put forward to a community vote.
The Music Director Committee is elected through community governance and the current serving members are as follows:
- danielmk
- souvlaki
- jeffery
- solarcurve
- Mike B
- Matt | Alfalfa or Spanky?
- Ardordo
- AlbertMendeleev
Emission Schedule
The MasterChef mints a set amount of BEETS per Block following the emission schedule. The emission curve decreases over time and can be visualized below:
The schedule of BEETS emissions over the next 4 years
