Proposal #440

Phase out incentives for BUSD

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
55.68% / 20.00%

Voting period

Voting ended100.0%
Voting start 2023.02.21 at 13:53:46
Voting end 2023.02.26 at 13:53:46

Vote distribution

93.54%
107 992 122 osmo
Yes
0.28%
326 778 osmo
No
0.01%
8 779 osmo
Veto
6.16%
7 116 850 osmo
Abstain

Vote on this proposal

Voting is closed for this proposal.

Details

logo
Proposer
-
Total deposit
1 600 osmo
Submit time
2023.02.21 at 13:51:49
Deposit end time
2023.03.07 at 13:51:49

Description

This proposal would wind down all OSMO incentives involving the BUSD stablecoin over the following two weeks.\n\n## Details\nOn the 13th February 2023, Paxos, the issuer of the BUSD stablecoin, released a statement that they will cease further issuance on the 21st February 2023.\n\nThis impacts Osmosis as we have recently voted to recognise BUSD as a stable asset, onboard a Core Stableswap pool containing BUSD, incentivise the BUSD/OSMO pool and bootstrap it by allocating initial liquidity incentives.\n\nWhile the cessation of issuance is concerning, Paxos have attestations of full backing and intend to support redemption of BUSD until February 2024. Therefore this proposal is not an emergency proposal and will stagger the removal of incentives from BUSD related pools to give users time to unbond.\n\n## Proposed Plan\nThis signalling proposal lays out the path to removing BUSD incentives and has no direct effect.\n\nAt the first routine incentives proposal after passing the following would occur:\n* Minimum Incentive allocation to Pool 879 removed (Proposal 426 Reversion), lowering incentives to a standard level for a stable pool.\n\nAt the second routine incentives proposal after passing the following would occur:\n* Removal of Osmosis Incentives from OSMO/BUSD pool (Proposal 425 Reversion)\n* Removal of Osmosis Incentives from USDC/USDT/BUSD pool (Proposal 404 Reversion)\n* Removal of BUSD as a Stable asset (Proposal 403 Reversion) \n\nCommonwealth Thread: https://commonwealth.im/osmosis/discussion/9998-busd-wind-down

Votes

Voter
Answer















Proposal #440: Phase out incentives for BUSD - Osmosis (OSMO) Mainnet Explorer