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.
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.
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.
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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Disclaimer
Source:
https://www.chaingpt.org/blog/chaingpt-dao-vote-result-approval-of-migration-from-cgpt-busd-to-cgpt-usdt-liquidity-pool-on-pancakeswap
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