Proposed: August 9, 2022
Status: Passed
Link: Snapshot
Bean Sprout
In the past few months since the Beanstalk governance exploit, Bean Sprout has remained unwavering in its commitment to revive Beanstalk and strengthen its position post-Replant. The primary achievement of Bean Sprout since the exploit has been the incubation of Root, which has already paid dividends for Beanstalk in the following ways:
Current Bean Sprout Core Staff
Anticipated Q3 2022 Bean Sprout Hires
Operating Manager (FT)
Responsibilities will include:
Previous experience in traditional finance, on-chain finance, capital formation, and mergers and acquisitions is helpful.
We propose a total of 150,000 Beans are minted to fund Bean Sprout through the end of Q3 2022. Bean Sprout custodied 691,800 Beans from the Q1 2022 budget that became 691,800 Unripe Beans at Replant. 300,000 Unripe Beans will be allocated for retroactive compensation for contributions post-exploit (see Incentive Alignment below).
In the event that Beanstalk Farms is not able to fully compensate contributors in Unripe Beans per the BFRPP outlined in BFP-81, Bean Sprout may use their remaining Unripe Beans to do so. Otherwise, Bean Sprout plans to utilize any remaining Unripe Beans towards its budget as the value of the Unripe Beans increases, as well as fund initiatives directly with Unripe Beans when possible.
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
One Publius wallet will be removed. We also propose that Brean (Brian) and mod323 serve as backups for the BSM wallet in case a key holder is compromised or unable to perform their duties.
We will utilize the process for Bean Sprout Proposals (BSPs), as per BFP-81. For more information on BSPs, please refer to the Farmers’ Almanac here.
Retroactive Payment
We propose that 300,000 of the 691,800 Unripe Beans in the BSM be used to compensate mistermanifold for contributions since the exploit. The achievements of Bean Sprout post-exploit outlined in Post-Exploit Output are primarily due to their efforts. Compensating them in Unripe Beans at an increased amount rewards them for their contributions since the exploit, has minimal impact on Beanstalk (given the Unripe Beans have no value at Replant), and significantly increases their alignment with the success of Beanstalk.
Future Compensation in Deposits
Before the passage of the Q2 2022 budget, the Beanstalk community decided to disallow contributors from receiving any portion of their compensation in Pods.
Given that Deposits are now transferrable, Bean Sprout can instead align contributors with the success of Beanstalk by Depositing allocated Beans in the Silo and paying contributors with Deposits that have accrued Beans, Stalk and Seeds.
Therefore, we propose that a contributor’s allocated quarterly Bean payment is Deposited in the Silo when their hiring proposal passes (which can be part of a BIP, BOP or BSP).
In order to simplify accounting, if a contributor is already hired at the beginning of a quarter and:
For example, if a contributor’s compensation is 10,000 Beans/month, 30,000 Beans will be Deposited in the Silo on their behalf at the beginning of the quarter (if permitted by the accounting structure above). For each bi-monthly payment, the contributor is paid 5,000 Beans in the form of a Deposit that includes the proportional accrued Beans, Stalk and Seeds.
If a contributor leaves or is dismissed from Bean Sprout while they still have unpaid Deposits allocated to them, the Beans will be Withdrawn, Claimed, and then allocated to the rest of the Bean Sprout budget.
For the sake of simplicity and experimentation, the BSM will have discretion over when and how often to execute mow() and plant(). We expect this cadence to be codified in a future budget BIP.
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.
Immediately upon commit by the BCM, which will happen as soon as possible upon the passage of BIP-23.