ChainGPT DAO Vote Result: Approval of Migration from CGPT/BUSD to CGPT/USDT Liquidity Pool on PancakeSwap

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.

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.”

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:

Migrate CGPT/BUSD Liquidity Pool to CGPT/USDT on PCS - Selected

Don’t Migrate

Stay updated on all the proposal's progress via our governance dashboard!

About ChainGPT‍

ChainGPT is the leading provider of AI-powered Infrastructure for the crypto, blockchain, and Web3 industry. From automated smart contract generation and auditing, to autonomous community management, advanced Web3 AI chatbot, AI-powered news aggregation, AI Trading Assistant and NFT generation, ChainGPT is the most sophisticated, end-to-end AI solution on the market.

Disclaimer

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