BeethovenX

This proposal considers whether Beethoven X should join the 0xDAO partnership and transfer its veNFT to 0xDAO.

0xDAO v2 was launched last week as a yield optimizer for Solidly and offers partner protocols to exchange veNFT for oxSOLID at a 1:1 rate of the locked SOLID in veNFT (#20 in the case of BeethovenX).

At the time of writing of the proposal, the status of veNFT #20 is listed below

	veNFT #20
SOLID locked	749,145.46
Voting Power	744,269.91
Vest Expires	2026-03-04

Pros:

1. This would likely strengthen our relation with other 0xDAO partner protocols;
2. This will make our veNFT position liquid by exchanging that with oxSOLID, which can be sold on market or staked to earn SOLID and OXD emissions.
3. As a partner, we will also receive partner benefit for OXD emission, which is the governance token of 0xDAO and determines the solidly gauge vote of the SOLID owned by 0xDAO. The emission formula is complicated and please refer to https://docs.oxdao.fi/general-information/0xdao-for-launch-partners
4. In the long run, if 0xDAO dominates SOLID, we will have a stronger position in the Solidly ecosystem.

Cons:

1. We will lose the direct voting power by our own veNFT, and our voting power would be indirect through OXD (though it is possible to sell oxSOLID to get some SOLID back);
2. At least initially, we would have less gauge voting power (unless we market buy OXD), and thus the BEETS/fBEETS pool on solidly will likely receive less SOLID emissions;
3. Joining the partnership would expose us to additional smart contract risks of 0xDAO.

Note that due to the need of active managing SOLID, oxSOLID, OXD positions, the vote outcome will also grant the treasury management of the corresponding assets. In particular, if we vote to join 0xDAO, the treasury will manage oxSOLID, OXD, and SOLID positions obtained from 0xDAO; and if we vote not to join, the treasury will manage SOLID accumulated from our farming position on Solidly and also collected as protocol revenue of BeethovenX.

Options:

1. Yes. Join 0xDAO as a partner.
2. No. Keep managing veNFT ourselves.