Title
Freeze BUSD on AstarNetwork EVM
Author
@SeiyaChida (Starlat Chan Initiative)
Summary
The plan involves a phased approach to remove BUSD liquidity from Starlay on Astar EVM and transition to other assets. This is due to regulatory developments affecting BUSD.
Motivation
Please refers to the BUSD offboarding plan for more context and the comprehensive plan
Following regulatory actions by the SEC and NYDFS, and Binance’s decision to cease support for BUSD, it’s crucial to offboard BUSD from Starlay to maintain the platform’s stability and compliance.
Specification
Freezing BUSD and lower the LTV and liquidity threshold
Freeze operations include no new supply, borrow, but allow repayments, withdrawals, liquidations, and interest accrual. Additionally we lower LTV and LT of BUSD in the Astar EVM pool.
- Freeze operation
- Decrease LTV from 80% to 75%
- Decrease LT from 85% to 80%
Ticker: BUSD (BUSD)
Contract Address: 0x4Bf769b05E832FCdc9053fFFBC78Ca889aCb5E1E
Next Action
We will put the proposal to a vote via Snapshot in 3 days
Voting Schedule
Snapshot Voting: Dec 11th, 09:00 UTC - Nov 14th, 09:00 UTC.
Voting Option
YES - Approve the proposal
NO - Reject the proposal - Finalizing token listing evaluations and integration.