Background:
Following the recent announcements by Binance and Paxos on the discontinuation of BUSD, the ChainGPT community has voted decisively in favor of migrating our liquidity pools on PancakeSwap from CGPT/BUSD to CGPT/USDT. This strategic shift is essential to ensure the stability and liquidity of CGPT, especially in light of the phased removal of BUSD.
Voting Options Presented to the Community:
Migrate CGPT/BUSD Liquidity Pool to CGPT/USDT on PancakeSwap: This option, which was overwhelmingly supported, involves transitioning our liquidity from the CGPT/BUSD pair to the CGPT/USDT pair on PancakeSwap.
Maintain CGPT/BUSD Liquidity Pool: This alternative proposed continuing with the current liquidity pool setup, without any migration to a USDT-based pool.
Migration Plan:
Initial Phase:
The first step, as dictated by the community's overwhelming support for Option #1, involves gradually moving liquidity from CGPT/BUSD to CGPT/USDT on PancakeSwap. This measured approach allows for continued support for both BUSD and USDT during the transition, accommodating all user preferences.
Final Phase:
By February 2024, we plan to have fully transitioned all CGPT/BUSD liquidity to the CGPT/USDT pool, in anticipation of a market shift away from BUSD to USDT.
Throughout this migration, there will be no trading interruptions or limitations.
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:
With the successful vote to transition from BUSD to USDT, ChainGPT reaffirms its commitment to proactive and community-led decisions that bolster the stability and health of our ecosystem in the dynamic crypto landscape.
DAO Voting Outcome
📜 DAO Proposal #13 - "Migration Of CGPT/BUSD Liquidity Pool To CGPT/USDT On PancakeSwap"
✅ Option #1 Passed
🗳 >99.98% Support
🏆 Following the community's mandate, we will shift our PancakeSwap liquidity from BUSD to CGPT-USDT.
Voting Options were:
1️⃣ Migrate CGPT/BUSD Liquidity Pool to CGPT/USDT on PCS - Selected
2️⃣ Don’t Migrate
Stay updated on all the proposal's progress via our governance dashboard!
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