Constantly searching for ways to improve the $CGPT ecosystem, the ChainGPT community has been presented with a proposal to deepen token liquidity by aggregating pools onto a single chain/venue.
A new proposal, Proposal #9, “Migration Of ChainGPT Liquidity From Uniswap (ETH) To PancakeSwap V2 (BSC)” has been submitted to the ChainGPT DAO for community consideration.
Liquidity is the economic lifeblood of a digital asset. It is the instrument that facilitates trade and mediates market state. For $CGPT, liquidity is a key component of the token’s well-being.
Since its initial launch on the BSC (Binance Smart Chain) network, the $CGPT token has been plugged into experimenting with multi-chain market forces and bridged to the ETH (Ethereum) network via ChainPort.
The decision to expand to ETH was based around the thesis of demand for AI on their network. As empirical evidence would show us, after months of deployment, demand from the BSC network continues to increase while the (still) unfriendly UX, computational constraints, and communities on ETH show minimal intentions for involvement.
Rather than having liquidity fragmented across networks on different platform, ChainGPT proposes unifying it all on a single chain and venue to increase the depth of token pools on-chain liquidity (which would result in tighter spreads and less slippage).
Currently, there is roughly $100,000 of $CGPT/$USDT {ETH} liquidity tied up on UniSwap, and ~$485,000 $CGPT/$USDT {BSC} liquidity on Pancake Swap (split into v2 $235,000 and v3 $250,000). Bringing the ETH side liquidity over to BSC would boost the chain’s state of liquidity by over 20%.
Specifications:
📜 Proposal submitted: September 26th
📅 Voting Begins: September, 26th 10:37 AM (UTC)
📅 Voting Ends: September 29th, 10:37 AM (UTC)
Voting Options:
1️⃣ Migrate Uniswap LP to PCS V2
2️⃣ Don’t Migrate Uniswap’s LP
Option Breakdown
1. Migrate Uniswap LP to PCS V2
Withdraw all of the $CGPT liquidity that was allocated to Uniswap on the Eth network and inject it into the liquidity pools that are on Pancake Swap.
2. Don’t Migrate Uniswap’s LP
Keep the current on-chain liquidity profile of the $CGPT token as it currently is.
ChainGPT encourages as many DAO community members as possible to participate in these deliberations and voice their opinions about $CGPT’s on-chain liquidity.
Stay updated on the status of the proposal by monitoring the governance dashboard here or directly in the proposal interface here.
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