Meterians,
We present this Improvement Proposal to implement the planned sunset of BUSD token from the Meter Network and Meter Passport Ecosystem. This proposal comes in response to the forthcoming wind-down of BUSD as announced by Binance and Paxos.
Background
As Paxos has halted the creation of new BUSD tokens post the developments with the SEC, the circulating supply of BUSD will progressively decline to zero. This will be further influenced by an expected wind-down state by February 2024, during which Paxos has confirmed that BUSD redemptions will be honored.
CoinTelegraph – PAXOS to stop minting BUSD stablecoins for Binance
PAXOS – PAXOS will halt minting new BUSD Tokens
Binance encourages users to convert BUSD to other stablecoins prior to February 2024
Recognizing this trajectory and statements from Binance, it is time for the protocols within the Meter Ecosystem to begin gradually sunsetting BUSD, aligning our strategy with the broader industry response.
Proposal Details
- Build up Phase (11/17/2023 to 12/1/2023)
-
Communication and Notifications: Develop and disseminate clear communication to users about the imminent sunset of BUSD through
- Forum Discussion (7 days discussion period)
- Social Communications – Twitter, Telegram, Discord, Medium, Subscriber email
- Governance Proposal Ratification (3 days voting duration)
- Transition Phase 1 (12/1/2023 to 12/22/2023)
- Meter Passport will enable support for USDC from BSC for both Meter and Theta
- Users encouraged to remove BUSD.bsc liquidity from Voltswap Finance
- 3 weeks’ notice (12/1/2023 to 12/22/2023)
- Bridge out BUSD.bsc and bridge in USDC from BSC
- Major Pairs affected (BUSD.bsc-USDC.eth, BUSD.bsc-USDT.eth, MTRG-BUSD.bsc)
- Transition Phase 2 (12/22/2023 to 1/12/2024)
- Meter Passport will cease support for BUSD.bsc for both Meter and Theta
- Users encouraged to swap remaining BUSD.bsc to USDC.eth on Voltswap Finance
- BUSD.bsc - USDC.eth pool support
- 3 weeks’ (12/22/2023 to 1/12/2024)
- Complete Transition (1/12/2024)
- Stop BUSD.bsc - USDC.eth pool support on Voltswap
- Convert remaining BUSD.bsc reserves on Bridge to USDC
- Users still holding BUSD.bsc on Meter or Theta need to reach out individually to the team
Timeline Review
| Phase | Action | Duration | Start Date | End Date |
|---|---|---|---|---|
| Build up | Forum Discussion | 7 days | 11/17/2023 | 11/24/2023 |
| Governance Proposal Ratification | 3 days + communications | 11/24/2023 | 12/1/2023 | |
| Transition 1 | Meter Passport – Enable USDC support from BSC | Immediate | 12/1/2023 | - |
| Remove BUSD.bsc Liquidity from Meter and Theta | 3 weeks | 12/1/2023 | 12/22/2023 | |
| Transition 2 | Meter Passport – Cease support for BUSD.bsc | Immediate | 12/23/2023 | - |
| Provide BUSD.bsc - USDC.eth pool support on Voltswap | 3 weeks | 12/23/2023 | 1/12/2024 | |
| Completion | Stop BUSD.bsc - USDC.eth pool support on Voltswap | Immediate | 1/12/2024 | - |
| Convert BUSD.bsc reserves on bridge to USDC | Immediate | 1/12/2024 | - | |
| Manual Support for any remaining BUSD.bsc | Immediate | 1/12/2024 | - |
Voting Information
Vote timing: The proposal will incorporate any feedback from the community before it is presented to the governance forum. In case there are no updates requested by the community to the proposal, the governance vote will be scheduled on 24 November 2023 (post 7 day community review)
Vote metrics: The vote needs a simple majority of those who vote to pass.