Welcome to the Bi-Weekly Bean, the newsletter that recaps the latest developments in the Beanstalk ecosystem.

This issue covers Seasons 9599 through 9961 which spanned 1/1/23 – 1/15/23.

What is Beanstalk? Beanstalk is a permissionless fiat stablecoin protocol built on Ethereum. Learn more at bean.money.

Beanstalk Governance Updates

• BIP-31, the Q1 2023 budget for Beanstalk Farms, did not pass. Beanstalk Farms currently has enough Beans to continue compensating contributors through 2/15.
• BIP-32, an implementation of Seraph - a blockchain security notary service offered by Halborn - did not pass.
• BFCP-C-2, the BFC’s Q4 2022 Term Extension, passed, extending the terms of guy, Silo Chad and sweetredbeans.

Feel free to drop by Beanstalk’s Discord if you have any questions—the Beanstalk community is full of curious Farmers who enjoy answering questions and discussing interesting ideas.

Protocol Summary - Seasons 9599-9961

The Bean price did not cross its dollar peg and Bean liquidity decreased 0.7% to ~$26.2M.

The Pod Rate (outstanding Pods per Bean) decreased 0.7 percentage points to 2288%.

The Temperature increased by 524 points to 6349%.

Notes and Recordings

• Beanstalk DAO Meeting #53 — January 5, 2023

  • Beanstalk repo updates, UI updates, Wells, etc.

• Beanstalk DAO Meeting #54 — January 12, 2023

  • BF updates, Wells code in team review stage and in-depth discussions of BIP-31 & 32 following their failure to pass.

Beanstalk Farms Updates

Audits in Progress

• BIP-X: Sunrise Improvements — final stages of audit
• BIP-X: Remove Withdraw Timer — final stages of audit
• Tractor (Automated Farming) — nearly ready for audit

Development Updates

• Wells code is now in final review by various contributors. Wells will create an optimal execution environment for providing liquidity to exchanges. Next steps include the Halborn audit and, ideally, a Code4rena audit before deployment.
• The Beanstalk UI hosted at app.bean.money is now open source. View the source code here.
• The Beanstalk repo has been refactored to include the protocol, UI, SDK and subgraphs. This creates a cleaner, more organized code base for auditors and the public to review.

Community Updates

• Publius published a blog post reflecting on the state of DeFi and its development ethos
• Publius published a Beanstalk Development Update
• Beanstalk Farms Monthly Operations Report
• Beanstalk Farms' 2022 Roundup
• A new episode of the The Bean Pod featuring Hats Finance was released
• A new song from Beanstalk Farms, "Season 1 Million", was released

Thanks for reading!

If you have any comments, suggestions or feedback, please reach out to [email protected]