BIP-14: Beanstalk Farms Q2 2022 Budget

Proposed: April 3, 2022

Status: Passed

Link: GitHub PR

• Proposer
• Summary
• Goals
• Q1 Budget Recap
• Anticipated Q2 Beanstalk Farms Output
• Q2 2022 Current Staffing & New Hires
• Amounts
• Custody
• Snapshot Processes
• Initial Allocations
• Incentive Alignment
• Competitive Pay
• Effective

Proposer

Beanstalk Farms

Summary

• Mint 2,000,000 Beans to fund Beanstalk Farms to retain, grow and support a group of core contributors through the end of Q2 2022.

Goals

We designed the Q2 2022 budget to enable core contributors to work towards the same goals outlined in the Q1 proposal, specifically:

• Decentralized Development - A diverse organization without any single point of failure or dependence.
• Scale - Grow the team to roughly 60 dependable core contributors, which we estimate will provide the protocol with ample full-stack support.
• Seamless Onboarding and Accountable Work Streams - Maintain an onboarding process that empowers new contributors to quickly get up to speed and produce at a high level.

Q1 Budget Recap

The Q1 2022 budget minted 2,000,000 Beans to fund protocol development. It also restructured the Beanstalk development community into two independent, symbiotic organizations with distinct mandates: Beanstalk Farms and Bean Sprout (a Beanstalk accelerator program).

Beanstalk Farms is a decentralized team of 46 core contributors, operating across the stack on technical and non-technical problems. In Q1, Beanstalk Farms received 1,200,000 of the 2,000,000 Beans to fund team compensation and marketing initiatives. 839,299.06 Beans were spent, supporting the development of major accomplishments, including:

• Silo Generalization I
• The Farmers Market
• Improvements to Weather Adjustments
• Efficiency Improvements to Soil Issuance
• Beanstalk Website Landing Page & Blog
• The Bean Pod Podcast
• BEAN:3CRV Liquidity Pool Launch
• Building Out Balanced Team Comprised of Seven Departments:
  • Business Development
  • Community
  • Copy
  • Design
  • Engineering
  • Marketing
  • Operations

Anticipated Q2 Beanstalk Farms Output

• Marketing Partnerships with Seratonin, Luna and CRE8R DAO
• Silo Whitelisting Pipeline
• Generalized Minting / Convert
• Generalized Bean Farm
• Transferable Deposits
• Fully-Staffed Community Department with Dedicated Social Media and Events Planning Team Members
• Exploratory Metaverse Initiatives
• Educational Video Series Produced In-House

Q2 2022 Current Staffing & New Hires

Business Development (currently 2FT/3PT, scaling up to 3FT/4PT)

• Full-time Business Development Associate
• Part-time Business Development Associate

Design (currently 3FT/3PT, scaling up to 4FT/6PT)

• Full-time Design Associate
• Part-time Design Associate
• Part-time Video Associate
• Part-time Graphic Designer

Community (currently 1 FT/6PT, scaling up to 2FT/7PT)

• Part-time Community Associate
• Full-time Metaverse Associate

Copy (currently 0FT/5PT, scaling up to 1FT/5PT)

• Full-time Head of Copy Department

Engineering (currently 6FT/9PT, scaling up to 8FT/11PT)

• Full-time Engineer (2)
• Part-time Engineer (2)

Marketing (currently 2FT/0PT, scaling up to 3FT/1PT)

• Full-time Marketing Associate
• Part-time Marketing Associate

Operations (currently 1FT/4PT, scaling up to 2FT/5PT)

• Full-time Human Resources Manager
• Part-time Operations Associate

Amounts

We propose a total of 2,000,000 Beans are minted to fund Beanstalk Farms through the end of Q2 2022. 383,209.94 Beans remain unspent by Beanstalk Farms in Q1. These Beans will be rolled over into Q2, resulting in a total budget allocation of 2,389,209.94 Beans.

Custody

In Q2, the funds for Beanstalk Farms will be custodied by a multi-sig wallet with keys held by various community members and Publius. We propose continuing the current keyholder designations for Q2 and adding deezbeanz and sweetredbeans to the Beanstalk Farms multi-sig wallet.

Beanstalk Farms Multi Sig Wallet Signatories

Dumpling

Silo Chad

0xAustin

stolenhamburger

JWW

Publius

Publius

deezbeanz

sweetredbeans

We also propose that ereal serve as backup for the wallet in case a key holder is compromised or unable to perform their duties.

Snapshot Processes

As was the case in Q1, we will continue utilizing the following processes for Snapshot votes:

• Optimistic approvals
• Tiered quorum

For more information on each process, please refer to the Q1 budget here.

Initial Allocations

Each new Beanstalk Farms contributor will have an individual Snapshot proposal after the Budget Proposal is passed by a vote of the DAO, utilizing the above processes. Current contributors will only require a Snapshot proposal if their role or pay has significantly changed since Q1, or the entire payment from their previous proposal has been made.

Incentive Alignment

The Beanstalk community has decided to disallow core contributors from receiving any portion of their compensation in Pods. Beginning in Q2 2022, contributors will receive 100% of compensation in Beans.

In the future, whenever Deposits become transferrable, Beanstalk Farms will try to offer the ability to Deposit all or a portion of ones Bean allocation upon approval of their Snapshot proposal, and then make payment in the form of Deposited Beans.

Competitive Pay

Beanstalk Farms recognizes that its ability to pay contributors competitive wages is essential to Beanstalk’s long-term success. As a result of the community’s recent decision to disallow compensation in the form of Pods, as outlined above and in Beanstalk Governance Memorandum 1, several pay increases will be proposed via Snapshot.

Effective

Effective immediately upon passage.