This proposal describes the steps that will be performed in the migration process including creating new pools/farms, adding ASH rewards to new farms, and stopping ASH rewards for the deprecated pools.
Motivation
Since Paxos has halted minting BUSD and will stop supporting redemption by February 2024 and Binance has announced that it will gradually stop BUSD products, to accommodate to this change and protect users, AshSwap will start migrating from several BUSD pools to other stablecoins pools.
Actions
The changes and timeline are as follows:
December 6th
2 pools will be created, USDC/USDT pool as the main stable pool to replace the old USDC/USDT/BUSD pool, and EGLD/USDC to replace EGLD/BUSD.
2 farms for the new 2 pools will be created.
2 proposals to stop ASH rewards for the 2 old farms and 2 other proposals to start ASH rewards for the 2 new farms will be proposed to the DAO. We recommend the veASH holders to vote in favor of these 4 proposals.
December 7th
The voting period of the 4 proposals will commence.
USDC/USDT pool's LP token will be used as the trading fee reward for veASH holders.
December 14th
Trading will be stopped for the 2 pools, USDC/USDT/BUSD and EGLD/BUSD.
Users are encouraged to start migrating the liquidity to the new pools as soon as possible.
Summary
This proposal describes the steps that will be performed in the migration process including creating new pools/farms, adding ASH rewards to new farms, and stopping ASH rewards for the deprecated pools.
Motivation
Since Paxos has halted minting BUSD and will stop supporting redemption by February 2024 and Binance has announced that it will gradually stop BUSD products, to accommodate to this change and protect users, AshSwap will start migrating from several BUSD pools to other stablecoins pools.
Actions
The changes and timeline are as follows:
December 6th
December 7th
December 14th
Users are encouraged to start migrating the liquidity to the new pools as soon as possible.