BeethovenX

We ask our community to decide whether the treasury should sell its veNFT #20 in an over-the-counter (OTC) swap for $1M in stablecoin, as is currently offered to us. We are also open to other buyers with potential higher bids over the voting period.

The revenue of the sale will be split between the treasury holdings and also as protocol revenue sharing with fBEETS holders, while details will be postponed to further governance votes, potentially combined with discussions for fBEETS locking.

The current information of veNFT #20 BeethovenX treasury holds can be found below (note that this week’s rebase has not been claimed by the treasury)

	veNFT #20
SOLID locked	865,647.29
Vest Expires	2026-03-18

Pro:

1. This generates an immediate income for the protocol (and eventually to the treasury and/or fBEETS holders);
2. As the treasury is under multisig, it will not be able to actively manage the veNFT for fee farming, and thus holding the veNFT generates little income;
3. As this will be an OTC swap, it won’t cause market damage of SOLID and potentially impact other protocols and users;

Con:

1. The veNFT #20 was airdropped to BeethovenX as a “free” gift, and hence BeethovenX treasury does not really have any cost needs to recover from the sale;
2. BeethovenX will lose its veNFT #20 and consequently its voting power over Solidly (in particular the BEETS/fBEETS farm on solidly would likely no longer be incentivized);
3. In case Solidly becomes successful in the long run, BeethovenX would lose its share of the protocol (recall that solid locked in veNFT will not be diluted);
4. The pricing of speculative assets like SOLID is extremely difficult, so it is hard to judge the fair value of the sale.

Please cast your vote under serious considerations. For more discussion, please go to our discord channel at https://discord.gg/cUAUNVev