BIP-31: Beanstalk Farms Q1 2023 Budget

Proposed: December 31, 2022

Status: Failed

Link: Snapshot


Beanstalk Farms

Proposer Wallet: 0x4fe7788deb22c548e57c4e95a365600ed377265b



Beanstalk Farms is an independent decentralized development organization of core contributors working on Beanstalk. Beanstalk Farms has historically been funded by the Beanstalk DAO and proposed quarterly budget BIPs that mint Beans to cover operating expenses and compensate contributors.

Beanstalk Farms designed the Q1 2023 budget to enable core contributors to work towards the following goals:

Q4 2022 Spending and Output

At the beginning of the quarter on October 1, 2022, the Beanstalk Farms Multisig (BFM) held 160,702 Beans and 190,094 USDC.

The Q4 2022 Beanstalk Farms budget of 1,000,000 additional Beans was minted per BIP-25 on October 5, 2022 to fund protocol development and support initiatives.

As of December 31, 2022, the BFM had 419,577 Beans and 139,407 USDC, resulting in a quarterly spend of 741,125 Beans and 50,687 USDC.


Beanstalk Farms monthly operations reports:

The output of Beanstalk Farms during Q4 2022 includes (but is not limited to):


On-chain Development


Frontend + Design

Content, Community and Marketing

Current Organization

image image

Anticipated Q1 2023 Output


On-chain Development


Frontend + Design

Content, Community and Marketing


We propose a total of 750,000 Beans are minted to fund Beanstalk Farms through the end of Q1 2023. 419,577 Beans in the BFM remain unspent at the end of Q4 2022, resulting in a total available budget of 1,169,577 Beans.

139,407 USDC also remains in custody of the BFM as of December 31, 2022.

Beanstalk Farms is spending approximately 260,000 Beans worth of value per month based on a three month average. This is expected to slightly increase as the Beanstalk Farms Committee hires more contributors, particularly in engineering.

The philosophy behind Beanstalk Farms’ budget BIPs is to overestimate the number of Beans needed to fund protocol development for the quarter. It is better to have budget Beans that can be rolled over into the following quarter’s budget than to not have enough Beans to fund important initiatives and pay potential high value contributors interested in working on Beanstalk.


Audit Fund

We propose a total of 250,000 Beans are minted to create the Audit Fund. The Audit Fund will be solely dedicated to funding audits of Beanstalk and Beanstalk ecosystem code. The Audit Fund is expected to be used to cover future Halborn audits, a Code4rena audit competition and to potentially engage another smart contract auditing firm.

The Audit Fund will be custodied by the BFM. All spending from the Audit Fund will require approval through a Beanstalk Farms Budget Proposal (BFBP), and the balance of the Audit Fund will be reported in the Beanstalk Farms Operations Reports.


The funds for Beanstalk Farms budget and the Audit Fund will be custodied by the BFM wallet with keys held by various community members and Publius. We propose the following signers and backup signers for the BFM:

BFM Signers (all current signers)

The following serve as backup signers for the BFM, in no particular order:


Beanstalk Farms will continue to utilize the processes for Beanstalk Farms Committee Proposals (BFCP) and Beanstalk Farms Budget Proposals (BFBP), per the processes outlined in BFP-81 and amended in BIP-25. The Beanstalk Farms Committee (BFC) is responsible for oversight of other Beanstalk Farms contributors. More information on the BFCP and BFBP process can be found here and here.

We propose that the minimum threshold for which a BFBP-C is required be changed from transactions valued at >10,000 Beans or USDC to transactions valued at >20,000 Beans or USDC.

We propose that the BFM be able to vote on governance proposals using its Stalk at the discretion of the BFC. The BFM will not vote on BFCPs due to the conflict of interest. Note that not all budget Beans are Deposited—see Incentive Alignment.


Beanstalk Farms values all feedback from the DAO. However, due to limited resources, it is not feasible to prioritize every request. Beanstalk Farms prioritizes work that it deems the highest leverage contributions that it can provide to Beanstalk given current bandwidth. If a request is not taken on, Beanstalk Farms may still offer guidance or assistance to help the community address the issue in other ways, such as helping facilitate direct and permissionless contributions through governance or other organizations in the Beanstalk ecosystem.

BFC members will make every effort to attend DAO meetings regularly and address any questions that arise, but otherwise do not have a duty to respond to specific inquiries within a certain time frame. Ultimately, the BFC and contributors are accountable to the DAO through the selection of BFC members by the DAO in governance.

Initial Allocations

Each new Beanstalk Farms contributor must have a new individual Snapshot proposal, either via BFCP-A or BFBP-A, utilizing the above processes. Current contributors will only require a Snapshot proposal if their pay rate has increased or role/commitment has significantly changed since the terms of the proposal in effect.

A budget of 15,000 Beans per month will be allocated to the community grant program to reward creators of new Beanstalk-related content that focuses on Beanstalk and its role in the broader DeFi ecosystem. Unused Beans in a month will not roll over to subsequent months, including the unused Beans rolled over throughout Q3 and Q4 2022. More information here.

Incentive Alignment

In order to best align the incentives of contributors to Beanstalk with its long term success, Beanstalk Farms will continue using the Deposit compensation structure as described in the Incentive Alignment section of BIP-22.

The BFM will execute a plant transaction when Earned Beans increases the amount distributed by greater than 1% or when a contributor has departed from Beanstalk Farms.

Competitive Pay

Beanstalk Farms recognizes that its ability to pay contributors competitive compensation is essential to Beanstalk’s long-term success. This budget proposal ensures that it can meet or exceed market rates.

Contract Changes


Beans Minted

The init function on the InitMint contract at 0x077495925c17230E5e8951443d547ECdbB4925Bb is called.

We propose a total of 1,000,000 Beans are minted for the budget and the Audit Fund to the BFM address (0x21DE18B6A8f78eDe6D16C50A167f6B222DC08DF7) upon the execution of BIP-31.


Immediately upon commitment.