Note: This proposal will not proceed to a vote until the Optimism deal has successfully passed a vote in both Balancer and BeethovenX governance. If that fails to happen, this proposal will be discarded. I only present it now so that all the cards are on the table so to speak.

Motivation

If the vote for BeethovenX to lead a Balancer Optimism deployment passes it represents a significant step forward in the partnership between the two projects. There is a strong financial incentive on both sides to direct emissions to Optimism. A treasury swap with voting rules would secure Optimism a base of guaranteed emissions in case veBAL wars heat up significantly and the ROI on bribes starts to approach zero.

70,000 BAL would be exchanged for the equivalent USD value of BEETS using the 90 day moving average price when the votes pass on both sides.

BeethovenX would purchase the necessary ETH using their treasury funds to provide BAL/WETH liquidity with no price impact and lock into veBAL for the max duration of one year. They will only vote for Optimism pools and they will be excluded from receiving any bribes on those pools.

Balancer can optionally purchase the necessary FTM using treasury funds to provide BEETS/FTM liquidity with no price impact and lock into fBEETS for the max duration of three months, once locking becomes available. If Balancer does not choose to lock fBEETS, they agree not to sell on the open market for at least one year. If a decision to sell is made after that time period, it must be staggered over the course of at least one month to minimize price impact. An option for directing BEETS towards Optimism will be added in the BeethovenX gauge vote and Balancer must vote for Optimism pools.

Specification

If approved, the DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will send 70,000 BAL to BeethovenX (address to be added before snapshot vote).
BeethnovenX Treasury on Fantom 0xa1e849b1d6c2fd31c63eef7822e9e0632411ada7 will send the equivalent USD value of BEETS to Balancer’s Treasury on Fantom 0xFe2022da08d17ac8388F5bEFE4F71456255105A4