BeethovenX

With this proposal the gauge vote results would only be applied to pools without any multichain bridged assets (based on normal gauge vote rules). Music Directors are given the rights to distribute the rest.

=========== Motivation The Multichain bridge situation is very alarming and we share the distress it has caused to our users. While fortunately almost all of the non-native Beethoven X treasury holdings have already been previously moved off Fantom, then we have to formulate a plan for how to proceed regarding the workings of the DEX itself. Multichain’s situation is still currently unclear and multiple different projects have shown interest in having their tokens more prevalent on Fantom and Beethoven X. Due to all of this the situation is changing faster than it is suitable for our regular gauge vote routine. Until everything settles into place again we propose the following actions:

1. Direct the gauge vote emissions only to pools without any Multichain bridged assets. Normal gauge vote rules would still apply.
2. Give Music Directors the rights to direct the rest of the emissions. These would be used for bootstrapping new pools when new partnerships are formed or moved towards maBEETS pool to increase the revenue of maBEETS holders.
3. If the situation is not clear before the next vote (with scheduled start on 20th July), then collected BEETS gauge vote incentives would still be distributed through the vote process, but the exact method will be decided later.

=========== Impacts This proposal will certainly have an impact on the DEX short-term. The long term effects are unknown, but will be closely monitored with an aim to intervene and ameliorate significant negative impacts if they become apparent. When the situation resolves and everything settles into place, the usual routine would be restarted. Short term impacts would be the following:

1. In the light of the Multichain’s situation, the pools containing Multichain bridged assets will very likely stop receiving BEETS incentives.
2. Larger share of emissions will be decided by the Music Directors, which will be used to bootstrap new pools or moved to maBEETS pool.

=========== Risk assessment While the proposal intends to lower current risks, then potential risks to be considered are:

1. Liquidity leaves the DEX from the pools where rewards will be stopped, but the current advice stands to de-risk from liquidity pools containing Multichain bridged assets.
2. It is unknown how the situation proceeds and when it would be possible/suitable to start the normal routine.

=========== Specification The Beethoven X contributors have the available tools/methods to implement the actions specified in the proposal.

=========== Execution plan Following successful vote, gauge vote results would be only applied to pools without any Multichain bridged tokens (usual rules would apply). Music Directors will be given rights to distribute the rest of the emissions to bootstrap new pools or to direct the emissions towards maBEETS.

=========== Discord Discussion Channel https://discordapp.com/channels/885764705526882335/1127555925176229949