BIP-27: Bean Sprout Q4 2022 Budget
Proposed: September 29, 2022
Status: Passed
Link: Snapshot
Proposer
Bean Sprout
Summary
- Mint 100,000 Beans to fund Bean Sprout to seed, grow and support various Beanstalk-related integrations, projects, and initiatives through the end of Q4 2022.
Links
Quorum
Quorum is a majority of the Stalk supply voting For, or about 28,952,861 Stalk voting For based on the time of proposal.
Key Q4 Deliverables
- Launch at least one more Beanstalk-based company (e.g., begin development and raise capital)
- Focus on onboarding businesses and real world assets into the Beanstalk ecosystem
- Conduct a thorough customer discovery process
- Implement a Beanstalk custody solution
- Recruit world-class builders and businesses onto Beanstalk
- Finalize at least one wallet and banking partnership to support Beans such that the introduction of a Bean Card is possible alongside a seamless fiat to Beanstalk onramp
- Root product launches (pending audits, fingers crossed!)
- Fungible Deposited Bean-Denominated-Value ERC-20 Tokens
- Seaport Fork Facet added to Beanstalk
- Grow FDBDV liquidity and attempt to accelerate acceptance in protocols across DeFi
Q3 Output
- Continued to incubate Root;
- Onboarded 3 full-time Solidity engineers building on Beanstalk within Root;
- Coordinated the design of Root v1;
- Helped coordinate the formal proposal of BIP-24 to the DAO;
- Finished the development of a Fungible Deposited Bean-Denominated-Value ERC-20 Token contract, which is ready for audit; and
- Q1 2023 Trail of Bits audit retainer prepaid by Root, which will include Beanstalk code;
- Negotiated and funded the Bean portion of the Halborn retainer (Root paid the non-Bean portion);
- Began initial ideation and incubation of new Beanstalk-based companies;
- Began due diligence on Layer 2 scaling solutions, including multiple calls with Arbitrum, Starkware, and Optimism.
- Includes exploration of token incentives, grants, and/or direct investments from L2 partners
Q4 2022 Current Staffing
Current Bean Sprout Core Staff
- mistermanifold (FT) - 20,000 Beans a month (paid twice per month)
Anticipated Q4 2022 Bean Sprout Hires
Amounts
We propose a total of 100,000 Beans are minted to fund Bean Sprout through the end of Q4 2022. Bean Sprout currently custodies 73,333 Bean from the Q3 2022 budget.
Expected Use of Funds
- 60,000 Beans paid to mistermanifold
- 110,000 Beans issued as grants to newly formed Beanstalk companies
Note: Bean Sprout grants are designed to facilitate incentive alignment among incubated companies, vendors, and other partners. Bean Sprout thoroughly vets the intended use of funds of any grant, and operates with a mandate to drive net Bean demand to the Beanstalk ecosystem.
Previous examples of Bean Sprout grants include 40,000 Beans to both Halborn and Root, for smart contract security services and legal services, respectively. Both entities have retained their Bean exposure.
Custody
In Q3, the funds for Bean Sprout will continue to be custodied by a multisig wallet with keys held by various community members and Publius. We propose the following signers for the Bean Sprout Multisig (BSM).
BSM Signers
- mistermanifold (current signer)
- austin (current signer)
- Bean Merchant (current signer)
- Brean (current signer)
- Publius (current signer)
- ereal (current signer)
- aloceros (new signer)
One Publius wallet will be removed. We also propose that mod323 and sweetredbeans serve as backups for the BSM wallet in case a key holder is compromised or unable to perform their duties.
Snapshot Processes
We will utilize the process for Bean Sprout Proposals (BSPs), as per BFP-81, with the following amendment:
Proposals to spend more than 25,000 Beans must reach a quorum of 10% of total outstanding Stalk at the time the BSP was submitted to Snapshot and a majority vote For in order to pass—proposals to spend less than or equal to 25,000 Beans are optimistically approved like before.
For more information on BSPs, please refer to the Farmers’ Almanac here.
Competitive Pay
Bean Sprout recognizes that its ability to pay contributors competitive wages is essential to Beanstalk’s long-term success. This budget proposal ensures that it can meet or exceed market rates.
Effective
Immediately upon commitment.