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Maturity Adjusted BEETS



Bringing power back to the people, maBEETS unlocks the ability for users to influence the evolution of the protocol through decentralized governance.

maBEETS are the key to governance power on the protocol and are essential for participating in BIPs (Beets Improvement Proposals) and emission allocations through Gauge Votes.

Additionally, a portion of the total protocol fees flows to users who mint a maBEETS position in the form of a Gauge Bounty. This mechanism ensures users actively contributing to the protocol can claim BEETS bounties via engaging in the Gauge Vote.

How to participate?

The primary source of liquidity for the BEETS token is the Fresh Beets 80/20 pool on Fantom. Users who enter this pool and mint maBEETS unlock maturity-adjusted voting power and BEETS rewards. Upon the creation of a maBEETS position, users also receive a receipt token in the form of an evolving financial NFT.

This mechanism utilises an innovative maturity-powered primitive known as the Reliquary.


The Reliquary is a yield and voting power distribution primitive that offers an evolution of the MasterChef contract, as well as an alternative solution to the shortcomings of the current vote escrowed model.

Building from the MasterChef contract, the number of rewards emitted for a position is no longer purely based on the size but also the age or ‘maturity’ of the staked LP.

Additionally, utilising evolving financial NFTs, the Reliquary offers users the freedom and flexibility to enter a governance position without locking any capital away.

How does it work?

Instead of users needing to lock a position to gain voting power and boosted emissions, the Reliquary incorporates a concept known as maturity. Maturity persuades users / DAOs to earn additional incentives/governance power by cultivating a position over time. Maturity scales a position's power up relative to different levels, with each increasing tier progressively unlocking more rewards and voting power.

This system is essentially the reverse of the vote escrow(ve) model; voting power is no longer dictated by how long users are willing to lock tokens for but instead by how long they have been a participant in the protocol. Users are not forcibly locked and can exit their positions whenever they choose.

For the maBEETS position, the Maturity levels for both voting power and emissions are as such: image

Creating a maBEETS position

To create a maBEETS position users head to the maBEETS section on the UI and click “Get maBEETS”. Upon depositing BEETS/FTM 80/20 into this pool, the backend will seamlessly utilise the Reliquary contract to create a maturity-adjusted BEETS position. There are 4 stages to this process.

Fresh BEETS Pool

Unlike other protocols that utilise single staking for protocol governance, Beethoven X incorporates a far more efficient mechanism. Harnessing the flexible Balancer tech stack, Beethoven X governance operates via an 80/20 BEETS/FTM weighted pool.

What are the benefits?

Deeper liquidity — BEETS staked increase the liquidity of the token, rather than reducing it. Hedging and price appreciation relative to FTM. Efficient incentive program. Asymmetric upside potential.

This specific pool is known as Fresh Beets, with an underlying LP token called fBEETS.


Funkadilicallly fresh, fBEETS is the LP token of the Fresh Beets Pool. fBEETS don’t carry any voting power nor the ability to earn additional BEETS incentives. It is simply the receipt token of the Fresh Beets Pool. To activate the fBEETS position, it must be deposited into the Reliquary contract.

Reliquary Contract

Innovative, evolutionary and promising. Harnessing the power of the Reliquary, users’ fBEETS tokens are activated once deposited into the Reliquary contract. The technology unlocks the positions underlying voting power and BEETS rewards and boosts them in relation to maturity. Users also receive a financial NFT known as a Relic that serves as a receipt token for the position.


Users who deposit their fBEETS into the Reliquary unlock the ability to earn maturity-adjusted voting power and BEETS rewards. As a position matures, the underlying fBEETS are boosted into an increasing number of maBEETS relative to the maturity curve. The BEETS fNFT Relic tracks a users evolving maBEETS position.

Maturity effect on voting power

As a user’s position increases in maturity, it boosts the underlying voting power relative to the maturity curve. Whereas previously, 1 fBEETS was equal to 1 vote, users will have to wait till week 11 before achieving this same relationship. Here is a simple overview of how fBEETS scale into maBEETS for voting alongside maturity:

  • 100 fBEETs at Week 1 = 4 maBEETS
  • 100 fBEETS at Week 7 = 50 maBEETS
  • 100 fBEETS at Week 11 = 100 maBEETS


Maturity effect on BEETS rewards

maBEETS are the maturity-adjusted fBEETS that a user holds. Upon entering a maBEETS position, users receive an NFT receipt token that tracks these underlying Maturity Adjusted BEETS. These maBEETS scale up in relation to the maturity curve. As the maBEETS increase, the amount of rewards distributed to the position increases too. Here is a simple overview of how fBEETS scales into maBEETS alongside maturity:

  • 100 fBEETs at Week 1 = 400 maBEETS
  • 100 fBEETS at Week 7 = 5000 maBEETS
  • 100 fBEETS at Week 11 = 10000 maBEETS

Users BEETS rewards = (Total BEETS rewards / Total number of maBEETS) * The number of boosted maBEETS a user owns image


Upon the creation of a maBEETS position, users receive a financial NFT as a receipt token of their position — a Relic. This NFT holds all the information regarding a user’s position. And as the position is directly tied to the NFT, not the user’s wallets, it opens up a plethora of flexible opportunities:

  • Fully Liquid Position — Ability to exit at any time
  • Gamified evolving NFT — Level up, and unlock increasingly more powerful NFTs.
  • Transferable position — Transfer, merge, shift and split positions.
  • Secondary markets — Harness secondary markets in which mature positions will likely sell at a premium


Levelling up

Levelling up is a seamless and simple process. Users can level themselves up directly on the UI every time their maBEETS Relic has reached a new maturity level. The duration to the next qualifying maturity step is shown directly on the maBEETS page. Levelling up is a super simple process and only requires the minimal cost of FTM gas to do so. However, to ensure that users do not miss out on levelling up, Beethoven X will also automatically level up positions that are 3 days past the minimum level requirement. We will call this function daily.

Check out this article for a full rundown on everything Reliquary

Last updated on March 1, 2023