Transition Liquidity to SushiSwap

Abstract Basis Cash liquidity providers (BAC/DAI & BAS/DAI) can benefit from higher yields by transitioning the respective liquidity pools to SushiSwap and earning SUSHI rewards.

Motivation There is approximately $112m & $14m in liquidity in the BAC/DAI & BAS/DAI pools on Uniswap. These pools can be migrated to SushiSwap and added to their Onsen program. As a result, these pools will be eligible to earn SUSHI rewards, which is distributed to liquidity providers. There is no additional benefit in having the liquidity pools on Uniswap, whereas there is an additional, quantifiable benefit in migrating the liquidity to SushiSwap.

The BAC/DAI pool is earning approximately 22% APR from trading fees alone. This can be augmented up to as high as 596% APR (highest APR currently on Onsen) in the form as SUSHI rewards. In addition, to the approximately 2.5% BAS (daily) rewards. The additional yield will attract new entrants to the Basis.Cash ecosystem and help jumpstart the crucial bootstrapping phase.

Specification

1. Transition the BAC/DAI & BAS/DAI liquidity pools to SushiSwap.
2. Modify smart contracts related to BAS emissions as applicable to reward the SushiSwap pools.
3. Cease BAS emissions rewards to the Uniswap pools.
4. Promote and refer to the SushiSwap liquidity pools as the official liquidity sources for the Basis.Cash ecosystem.

For: Migrate liquidity to Sushiswap. Against: Do not migrate.