Announcing BIP-30: Generalized Pipeline

Beanstalk Farms is pleased to announce that BIP-30—Generalized Pipeline and ERC-20 and ERC-721 Permit Support—has passed by a vote of the DAO.

BIP-30 was proposed by Beanstalk Farms to improve the composability and the economic efficiency of Beanstalk.

Generalized Pipeline

BIP-30:

• Implements a version of Clipboard in the farm function such that Farmers can copy return values from any function call into the function calldata of subsequent functions; and
• Wraps Pipeline functionality in a Depot Facet such that Farmers can access Pipeline through the use of the farm function.

Pipeline is a sandbox contract which can be used to execute an arbitrary number of actions within the EVM from an externally-owned account (EOA) in a single transaction. Used in tandem with the Clipboard—a spec for copy-pasting calldata within Pipeline—Pipeline can bundle the following in a single transaction, for example:

1. Loading Pipeline with ETH;
2. Wrapping ETH → WETH via WETH9;
3. Swapping WETH → USDT → BEAN via tricrypto2 and the BEAN:3CRV pool, and;
4. Copying the amount of BEAN from the swap into a Deposit.

This is how the Root UI can mint Roots in a single transaction using Beans or another stablecoin.

The Depot is a wrapper for the Pipeline that supports:

1. Loading assets (ERC-20 / ERC-721 / ERC-1155 / Deposits) into Pipeline;
2. Using them; and
3. Unloading them, in a single transaction.

The combination of Pipeline, Depot and Clipboard allows EVM users to perform arbitrary valid actions, through arbitrarily many protocols, in a single transaction.

ERC-20 and ERC-721 Permit Support

BIP-30 adds EIP-2612 permit support for ERC-20 tokens and EIP-4494 permit support ERC-721 tokens in Circulating balances.

This streamlines the Beanstalk UX by allowing Farmers to perform approvals through permits without the need for a separate transaction.

Sunrise Incentive Adjustment

BIP-30 reduces the base sunrise incentive reward in order to minimize Bean sell pressure without sacrificing demand for sunrise calls.

Currently, the majority of the transaction fee from sunrise calls comes from the priority fee. Optimizing the base reward is expected to reduce the Beans that Beanstalk issues to pay for the sunrise call by up to 60,000 Beans per month.

About Beanstalk

Beanstalk is a decentralized protocol that allows anyone to realize the value of an open, permissionless fiat stablecoin. The Beanstalk community of lenders, borrowers and savers secures a protocol-native stablecoin, Bean, with the goal of creating the world’s most accessible digital money system. By eliminating collateral requirements, Beanstalk can be the catalyst for a trustless money that unlocks the potential of decentralized finance for everyone.