Music Directors

Some of the expectations of Music Director committee members include (a non-exhaustive list):

• Read, understand, and provide feedback if necessary on Music Director committee discussions and other matters falling within the authority of Music Directors,
• Always vote in the best interests of the protocol,
• Not accept personal bribes or other favors for favors,
• Have an understanding of Beethoven’s key metrics, and
• Have an understanding of Beethoven’s product offering.

Powers#

Music Directors, also referred to as MDs or MD members, will oversee the following areas:

• Liquidity Pool Maintenance
• Emissions
• Voter Incentives
• Treasury Management
• Removal of Guide Tone members
• Responsibilities granted by BIPs

Liquidity Pool Maintenance#

• Design of protocol “Base”/”Core” pools.

• Where the pool owner = Beethoven multisig, change pool mechanics in response to market conditions and otherwise for the benefit of the protocol

• Change the Swap fee*

• Change the Amplification factor

• Swap fees can be changed in order to improve utilization rates and/ or revenue generated by a liquidity pool.

Emissions#

• Modification of base farm weights.
• As the committee is not involved in strategic or partnership discussions, the members of the Composers responsible for business development will source approval for any emissions requested as part of those discussions. This will be done over Discord in a channel for the MD members.
• Review all new requests to add pools to the gauge to ensure the prerequisites as defined in the Beets docs are met.
• Have the ability to stop gauge emissions if any gauge is being used to or seems reasonably likely to be used to harm any party, including but not limited to Beets, or to cause loss of funds by Ludwigs, any party referenced in this document, or a third party.
• If this were to happen the Music Directors would be required to make a public announcement as to events that led to this and why action was taken outside of a gauge vote cycle.

Voter Incentives#

• This section exists as a result of the approval of this BIP-24.
• Modifications to that proposal have a direct impact on the delegation of authority explained here.
• MDs determine to which pools voter incentives are offered based on their profitability to the Beets.
• The decision on which pools the incentives are offered shall be communicated in the Incentives Discord channel.

Treasury Management#

This framework gives Music Directors the following authority:

• The discretion to decide to allocate monthly protocol fees to which liquidity pools.
• To use up to a maximum of $10k USD per month (BEETS or otherwise) for voter incentives without a governance vote. This is separate from any other voter incentive allocations authorized by a separate governance vote.
• To reallocate up to a maximum of $200k per month of the treasury balance. This would include entering and exiting liquidity pools, moving funds cross chain or adding to existing deposits. Any reallocation greater than $200k will require a treasury vote.
• Is able to utilize up to a maximum of $20k per month of non-protocol fee revenue without a governance vote. This is separate from any other utilization or reallocation authorized by a separate governance vote.
• This relates to revenue from farming or other activities outside our core business of generating protocol fees.
• Utilization refers to redeposits into existing farms, adding to liquidity pools or holding the assets in a wallet.
• Music Directors are required to raise a governance vote the first time they seek to deposit assets into a new protocol. That proposal shall define the maximum exposure the treasury will have to that protocol's smart contract risk.
• These proposals will continue in parallel to the framework listed earlier.
• For activity around the moving of funds, the transaction hash with a short description of its purpose must be made public. This can be done on Discord.

Music Directors should also ensure the timely payment of:

• All bug bounty claims, and
• Only governance approved expenditures.

The community at any point can raise a proposal to revoke the MD committee’s authority powers over the treasury. This is to be done through a Snapshot vote and the transfer must move to a separate community-elected committee with a minimum of 3 members. A vote of this nature would require a vote in favor of at least 67% in order to pass

Removal of Guide Tone members#

If the MDs conclude that a GT is not acting within the interest of BeethovenX, they can vote to remove the GT. The GT will be removed upon a vote in favor by at least 75% of the MDs. Each MD shall have only 1 vote. If a MD is the GT that is subject to such a vote, the MD will not be eligible to vote and the 75% threshold will apply to the remaining MDs who are eligible to vote

MD Delegate Gauge votes#

Users may delegate their maBEETS voting power to the MD gauge delegation wallet: 0x641e10Cd6132D3e3FA01bfd65d2e0afCf64b136A.

Delegated voting power will be used to vote in gauge votes only - the delegation service wallet will not vote in other governance proposals. 80% of the voting power will be directed to optimize for incentive return. The remaining 20% of voting power will be directed according to the MD's discretion with the aim of serving the good of the protocol. Any and all bounties received for voting go to the delegator.

Composition#

The MD committee should consist of a minimum of 3 members and a maximum of 7. The structure should target that the Composers make up not more than 50% of the committee. In situations where there are less than 3 MDs, the MD(s) or Composers may recommend that an otherwise qualified applicant who is not a GT may become a MD via governance proposal. A Composer may also become a MD by governance vote without first being a GT. To avoid the disruption of MD operations, Composers may also make up more than 50% of the MDs if there are less than 3 MDs, with the goal of seeking to rebalance the 50% threshold as soon as reasonably practicable.

To qualify as a Music Director, a person must:

• Be promoted from the Guide Tones, made by recommendation of the MD(s) or Composers when there are less than 3 MDs, or
• be a Composer.
• MD members can resign at any time; however, it would be helpful to the community if some notice is given. Members of the committee can be removed if more than 70% of other committee members vote in favor of the removal. Each MD shall only have 1 vote
• In this event, within 48h the committee is required to make a public announcement of the removal, explaining the motivation behind it and (if applicable) open an election forum to bring someone new in.
• Opening of a new election is only mandatory if the number of committee members falls below the minimum threshold.
• Music Directors will receive 6000 BEETs per month. MDs that are also part of Multisig operations will receive an additional 6000 BEETs per month. MD members that are also members of the Composers are not eligible for this payment. Advisors are not considered as part of the Composers.

Publishing your Music Director Proposal#

Whenever there is a need to add new members to the committee, each prospective committee member will create a thread in an election forum. The first post should be your pitch to the Ludwigs about why you would be a good candidate. Your forum will serve as a space to engage the community on your proposal and answer any questions.

The following is an example template, but so long as the minimum requirements are satisfied, you have the freedom to be creative if you desire.

• Name:
• Discord username:
• I have read and understood the the scope and powers of the Music Directors:
• My reasons for wanting to be a Music Director:
• Period of time served on the Guide Tones:
• I am able to add value in the following ways: