Farmers Markets #13: Vote your maBEETS
If you aren't familiar with the veTOKEN model please check out my explainer post on Bulb https://www.bulbapp.io/p/270273dd-697b-4332-85ac-db65e50bb46d/vetokens-defi-lore-innovation-yield-from-voting?s_id=bccb5ecb-0380-433a-9e2e-f1405a0305e2
If you want to know more about the analysis here see my post on Bulb about analysing for veTOKEN votes
https://www.bulbapp.io/p/d82b629d-6790-4bfe-b185-c1156997baf4/farmers-markets-0-beets-aero-velo-equal-gauges?s_id=d3ffcb86-d4db-4c5f-acc5-0546d4c1744c
To note about voting rewards on Beethoven X
Beethoven X does voting rewards a little differently to most guage vote platforms. As well as having individual token rewards they'll often reward in LP tokens. For example the rewards for Staked Fantom & Circle Symphony (below)
Are the BPTs (Beethoven Pool Tokens) for the Fantom Menace LP on Beethoven.
Voting maBEETS - round 66
Beethoven X Snapshot https://snapshot.org/#/beets.eth
Beethoven X Fantom pools https://beets.fi/pools
Beethoven X Hidden Hand https://hiddenhand.finance/beethovenx
Beetswars https://www.beetswars.live/
Fantom Block Explorer https://ftmscan.com/
Beethoven X Blog (Medium) https://beethovenxio.medium.com/
Beethoven X Discord https://beets.fi/discord
Beethoven X Discord: Updates > guage-vote
Ludwigs, Round 66 of the Beethoven X Gauge vote on Fantom is OPEN. https://snapshot.org/#/beets.eth/proposal/0x520f45fde322c857630c08b6e84d00d4edd1f30aaf6c5188f2035b28760580f6
This vote is to decide 50% of BEETS farm emissions for the period of 10 July 2024 to 23 July 2024
As an on-going work to make improvements to the gauge vote system, in addition to the changes applied last week (โ ๐ณ๏ธฒgauge-voteโ ), we have now extended the voting time by 24 hours
The pools that have contributed more than 1% of the last two weeks fees (or eligible new pools) will have protocol bounties placed on them in relation to the fees they have generated.
This vote's protocol bounties will be 4924 Fantom Menace BPTs, valued ~$2.3k at current prices. The qualifying pools in order are:
โข Fantom Menace
โข Staked Fantom & Circle Symphony
โข +EQ : Bass Boosted
โข Trio of the Stables
โข Dropping the fBOMB!
โข FMoney with Attitude Vol. 2
โข Memedex Comp: Season 1
โข Duet of Staked Fanties
โข The Explosive mFTM
โข Memedex Vol. 1
โข Fantom's Ghostly Sonata
โข Dogs in the Yard
The participating pools with limited emissions this round are: โข Kings Love for Sonic (Emissions capped at 1% votes)
โข Deus ma non troppo (Emissions capped at 1% votes)
โข The Explosive Reliquary (Emissions capped at 1% votes)
And a big welcome to the new pools entering the gauge vote, make sure to check them out:
โข Fantie's in yo Pantie's X-Rated https://beets.fi/pool/0xe5802e2e65c523b85fc45b4966c80aa253c8364200020000000000000000084f
โข CARTEL SYMPHONY on FTM https://beets.fi/pool/0x60b2a32e10fdb443923e7bfe8f712f530319246c000100000000000000000854
BPT rewards
Where we voted last time
Given the solid position of Fantom Menace in both current ROI and current vote total coupled with both the poor recent price action of FTM and the fact we hold an existing position in the LP which the BPT rewards are for we're going with it for this vote round.
We're looking at ~14 USD in total rewards.
How we did
Bit over half what we projected. Not great but not terrible. It's generally par for the course in voting (as we've seen).
Where we're voting this round
Bribe markets
Voting power
We've looking at the raw return per 10K votes. Roughly we currently have 61K votes.
At present it's really a contest between the top 2 as they're the only ones with large enough votes that a few extra voters won't dramatically change the vote ROI.
It'll come down to the reward tokens as both FBUX and DEUS make up the majority of the rewards.
DEUS is by far the older protocol of the two and by far the oldest token. Both tokens have seen significant price falls in line with the overall fall in prices on Fantom (and the market in general).
Current vote distributions
Given we already hold a FBUX position, there's more votes, and there is more potential upside to a newer token which is still figuring out their value proposition in the market (of course that is paired with opposite downside...) we're voting for fMoney with Attitude Vol. 2
The latest from Beethoven X
Check out the most recent updates from Beethoven X.
Make sure to give their blog posts a clap and comment on Medium as well as a like, comment and share on X!
Over to you
Are you a regular voter on Beethoven X?
What level Relic/s do you have?
Who are you voting for this time around?
Let me know in the comments.
