BIP-17: Bean Sprout Q2 2022 Budget Proposal

Proposed: April 14, 2022

Status: Failed (the governance exploit occurred during the Voting Period)

Link: GitHub PR

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

Proposer

Bean Sprout

Summary

• Mint 3,000,000 Beans to fund Bean Sprout to seed, grow and support various Beanstalk-related integrations, projects, and initiatives through the end of Q2 2022.

Goals

We designed the Q2 2022 budget to enable Bean Sprout to support the Beanstalk ecosystem in a complementary fashion to Beanstalk Farms, which is dedicated to improving the protocol more directly. With that in mind, Bean Sprout intends to focus on the following goals:

• Deepen liquidity within the Silo and Beanstalk assets
• Grow the Beanstalk ecosystem by incubating and accelerating valuable Bean use cases
• Strategically acquire assets such as CVX to promote Beanstalk’s market positioning
• Attract, support and retain talent to operate Bean Sprout

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).

Bean Sprout currently operates in tandem with Beanstalk Farms’ Business Development, Marketing and Operations departments. In Q1, Bean Sprout received 800,000 of the 2,000,000 Beans to fund marketing, integration and community initiatives, in addition to contributor compensation. 101,950 Beans were allocated, supporting various major accomplishments including:

• Supporting and seeding the Beans on the Table poker tournament
• Funding Layer3 Bounties
• Funding the ongoing Guess the Beans contest
• Developing and distributing Beanstalk merchandise to core contributors and community members
• Originating and preparing to seed new Bean stableswap pools
• Building a deep network within DeFi to source numerous near-term protocol integrations

Anticipated Q2 Bean Sprout Output

• Prepare for a Bean-denominated 4pool
• Launch Root Finance, a fixed income product and liquidity aggregator built on top of Beanstalk
• Incubate a fee-free NFT marketplace
• Seed at least five new stableswap pools
• Strategic acquisitions of CVX when the price of Bean is materially above $1 in order to bootstrap Curve gauge voting share to at least the minimum vlCVX (~45,000) needed to receive gauge
• Ongoing monthly marketing initiatives
• Host a second Beans on the Table poker tournament
• Design and distribute additional merchandise
• Hire 1-3 additional full-time contributors
• Continue seeding projects interested in building on top of Beanstalk

Q2 2022 Current Staffing & New Hires

Current Bean Sprout Core Staff

• Mister Manifold (FT) - 7,500 Beans semi-monthly

Anticipated Q2 2022 Bean Sprout Hires

• Origination Associate (FT)

  Responsibilities include:

  • Project management across various internal and external Bean Sprout initiatives
  • Sourcing new ideas for integrations or Bean Sprout-funded projects
  • Frequently updating the Beanstalk community about the project developments

• Liquidity Pool Project Manager (FT)

  Responsibilities include:

  • Managing relationships with stableswap pool counterparties
  • Frequently updating the Beanstalk community about new and existing pools

• Chief of Staff (FT)

  Responsibilities include:

  • Liasing between Bean Sprout and Beanstalk Farms teams to facilitate clear and efficient cross-organizational workstreams
  • Managing internal Bean Sprout processes

Amounts

We propose a total of 3,000,000 Beans are minted to fund Bean Sprout through the end of Q2 2022. 698,050 Beans remain unspent by Bean Sprout in Q1. These Beans will be rolled over into Q2, resulting in a total budget allocation of 3,698,050 Beans.

Custody

In Q2, the funds for Bean Sprout will be custodied by a multi-sig wallet with keys held by various community members and Publius. We propose the following keyholder designations for Q2.

Beanstalk Sprout Multi-Sig Wallet Signatories

• Dumpling
• Mistermanifold
• Bean Merchant
• captain_levi
• ereal
• Publius
• Publius

Snapshot Processes

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

• Optimistic approvals
• Tiered quorum

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

Bean Sprout’s Snapshot process is subject to change via a vote of the DAO.

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 Sprout 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

Bean Sprout recognizes that its ability to pay contributors competitive wages is essential to Beanstalk’s long-term success and will ensure that it meets or exceeds market rates.

Effective

Effective immediately upon passage.