[SIP-34] - BUSD Migration

Overview:

Last spring (2023), Paxos and Binance both announced plans to deprecate BUSD over the ensuing year. Paxos would no longer issue BUSD and then both Paxos and Binance would sunset all redemptions and convert existing BUSD sitting on exchanges to alternatives. https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/

The Synapse DAO passed a proposal last year to setup the groundwork for a migration to pools that don't support BUSD [https://snapshot.org/#/synapseprotocol.eth/proposal/0x7f25df5f1a630ccb09bb872c26cbf4dd74300cf21212de7d8ea05aa278872670]

As the one year mark approaches, moving towards the new pool (which can be found here [https://old.synapseprotocol.com/pools/bscnusd] ) needs to be actioned in a material way. The easiest way to do this is to shift all emissions (52k SYN/ month) on BNB Chain to the new pool.

To action this, the DAO has proposed the following:

Decrease emissions on the “legacy” BSC Stableswap pool to 0. Increase the emissions on the “new” BSC Stableswap pool to 41k SYN/month Liquidate all Synapse DAO Treasury BUSD and BSC-USD holdings Regarding the liquidation of BUSD and BSC-USD holdings, the following course of action is put forward:

Given deep liquidity on BNB chain venues like Pancake Swap, the assets should be swapped for USDC on PancakeSwap. Prices as of now show positive slippage for such a swap but slippage parameters should be capped at 1%. Swaps can be done in one transactions. The swaps should occur before March 29th before the full BUSD migration occurs.