Decoding the BEETronix Maturity Curve
Part 2 — How does it impact $fBEETs holders
Hey everyone,
Welcome to Part 2 of Decoding the BEETronix Maturity Curve.
After unpacking what the BEETronix maturity curve is, in this piece we’ll take a closer look at how it impacts $fBEETs holders, specifically addressing:
- Impact on Voting Rights
- Impact of Farm Rewards
Deep technical knowledge of Reliquary is not required, just a familiarity of what BEETronix is. So before we dive in, let’s recap what it looks like
Different levels of Maturity
“But Souv, what are these numbers on the chart?”
Those represent each week’s percentage of maturity. As we explore the changes Reliquary introduces, these percentages form the foundation or “basic steps” of the model.
Impact on voting rights
As a relic moves through the maturity curve so does a person’s voting power.
The maturity percentage represents the relative power that the fBEETs in the relic holds.
As an example, if you had 100 $fBEETs in a level 1 relic, you will only have 4% voting power. In other words 4 votes. As the relic levels up, so does your voting power.
Fast forward a few weeks and the same 100 $fBEETs in a level 5 relic now have 44% voting power, represented by 44 votes.
Finally, when the relic reaches level 11, it carries 100% of the voting rights of the underlying $fBEETS.
This effect of growing voting power applies to all voting strategies, including the gauge allocation of BEETs.
Comparison vs the current structure
In the current version of $fBEETs, 1 BPT (Beethoven Pool Token) is always equal to 1 vote.
If we had to take the same 100 $fBEETs from the earlier example, here is how many votes you have look side by side.
Impact on farm rewards
Like with voting rights, as a relic moves through the maturity curve so do a person’s farm rewards.
Total farm rewards are allocated based on the boosted number of $fBEETs across all relics. This boosted number of $fBEETs is calculated after applying a bonus based on the relic’s current maturity level.
Wait, what?
Let’s break it down into its components:
- The maturity level of the relics results in a boost in the $fBEETs that receive rewards.
- The total farm reward is then divided by the total number of boosted $fBEETs, resulting in an average reward per boosted $fBEET.
- This average reward is then applied to the number of boosted $fBEETs you own.
The Boost
Like with your voting power, the maturity percentage of your relic serves as the base for the boost. In this case, a multiplier.
The total boosted number of $fBEETS is dependent on the amount of $fBEETS held in each maturity level.
As an example, the table below illustrates your boosted number of $fBEETs if you hold 100 $fBEETs per level.
The boost you receive is a product of the total number of $fBEETS held within a position, as a result, your position could be higher than another user’s position in a higher level holding less $fBEETS.
To illustrate this impact, the table below shows a comparison of how you hold 100 $fBEETs in level 6 vs other users holding 50 $fBEETs in other levels. It is the baseline of how the average reward per boosted $fBEETs is calculated.
What about the rewards you receive?
If in this example there was a total of 10,000 BEETs available as farm rewards. Your rewards would be calculated using the formula:
BEETs rewards = (Total BEETS rewards / Total number of boosted $fBEETS) * The number of boosted $fBEETs you own
We can see the total boosted number of $fBEETs is 31,200.
This number is then applied to the total rewards of 10,000 BEETs (10,000 / 31,200) to give us a value of 0.32 BEETs per boosted $fBEETs.
This is then applied to the number of boosted $fBEETs you own and gives a total of 1,474 BEETs (4,600 x 0.32)
If we were to look at how the rewards are distributed across the example table we can see the trend of the BEETs reward per boosted $fBEETs resembles that of BEETronix.
Comparison vs the current structure
So while the reliquary offers you a boost on your rewards, let's see how it compares to the current version.
We will use the following information for the purposes of the comparison:
- Total BEETs available: 10,000
- Total number of $fBEETs: 1,100, with 100 per level
- Total number of boosted $fBEETs: 57,800
- Number of $fBEETs you own: 100 (all in the same maturity level)
In the current version the calculation of rewards is:
BEETs rewards = Your $fBEETs in the farm / Total $fBEETs in the farm
In this example under the current model, you hold 9.09% (100 / 1,100) of the total $fBEETs, meaning you would earn 909 BEETs (9.09% * 10,000)
Using BEETronix we can see that the higher your relic level the higher your earning potential. The graph below illustrates what you would earn on your 100 $fBEETs in the different levels.
Pretty cool!
Now I know that this is only one scenario, and you may have many “what if?” questions. To help with this I have created the “Reliquary Playground”.
It’s a place where you can try different combinations and it will tell you what your output is. You can make your own copy of it here:
BeethovenX BEETronix Playground
Go Play!
