ChainGPT DAO Proposal: Migration of CGPT/BUSD Liquidity Pool to CGPT/USDT on PancakeSwap

Background:

In light of the recent announcements by Binance and Paxos regarding the discontinuation of BUSD, we propose a strategic migration of ChainGPT’s liquidity pools on PancakeSwap from CGPT/BUSD to CGPT/USDT. This move is critical to safeguard the liquidity of CGPT and mitigate potential volatility due to the phasing out of BUSD.

Binance Statement: “As Paxos has ceased the minting of new BUSD, Binance will discontinue support for BUSD products from December 15th, 2023. It is important to note that BUSD will remain fully backed 1:1 by USD and redeemable through Paxos until at least February 2024.” (Source: Binance Announcement https://www.binance.com/en/support/announcement/notice-regarding-the-removal-of-busd-and-conversion-of-busd-to-fdusd-1c98ce7bb464422dbbaeda7066ae445b)

Migration Plan:

Initial Phase:

We will start by partially migrating the liquidity from CGPT/BUSD to CGPT/USDT on PancakeSwap (V2 and V3 liquidity pools). This approach ensures continued support for both BUSD and USDT in the interim, accommodating users who may still prefer BUSD. The initial phase will begin prior to December 15th.

Final Phase:

Prior to the complete discontinuation of BUSD in February 2024, we will fully transition the remaining CGPT/BUSD liquidity to the CGPT/USDT pool. This anticipates a market shift away from BUSD towards USDT among DeFi users.

Liquidity Monitoring:

The health of CGPT’s liquidity can be continuously monitored on ApeBond’s liquidity health dashboard (ApeBond: https://apeswap.finance/liquidity-health/56/0x9840652dc04fb9db2c43853633f0f62be6f00f98). With over $1.6 million in CGPT liquidity predominantly controlled by the protocol, our liquidity health on DEXs is robust. This migration plan aims to preserve and enhance this strength.

Conclusion:

The proposed migration from BUSD to USDT is a proactive measure to ensure the stability and health of ChainGPT’s liquidity in the evolving cryptocurrency landscape. We believe this transition is in the best interest of our community and stakeholders.

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Disclaimer:

The information provided is for informational purposes only and should not be considered legal, financial, or investment advice. Participants should consult professionals and conduct their own research before engaging in any activities. The project team and organizers are not responsible for any financial losses or legal consequences. Participation in this DAO proposal and potential event is restricted for residents of the following countries: USA, Canada, Tunisia, Qatar, Nepal, Morocco, Iraq, Egypt, China, Bangladesh, Algeria. Participants should not expect any profits or increased value of the utility token CGPT from this event.