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Proposal #403

Recognise BUSD as a Stablecoin asset

PassedText Proposal

Passed on 23 Jan 2023 with 82.8% of the votes for yes.

Yes

82.8%

99.2% without abstain

Veto

0.0%

of votes cast

Ended

23 Jan 2023

The ballotvotes cast · final tally
Yes

82.77%

of votes cast

Abstain

16.58%

of votes cast

No

0.64%

of votes cast

Veto

0.00%

of votes cast

This proposal would recognise BUSD as a Stablecoin asset on Osmosis.

Details

[Hidden link] defined Stablecoins as an asset type to used in the incentive category structure. Assets defined as Stablecoins are currently eligible for:

  • Access to the Osmo/Stable Category for their incentivised pools
  • Access to the Stable/Stable Category for their incentivised pools
  • Automatic matching of External incentives within the Stable/Stable Category as per [Hidden link]

In the [Hidden link], BUSD is currently the USD Stablecoin with the 3rd greatest share of Stablecoin marketcap at ~12%. On Osmosis, BUSD is [Hidden link] canonically via the [Hidden link], however, this proposal authorises whichever BUSD is authorised as the canonical asset on Osmosis as the stable asset.

About BUSD

BUSD is a 1:1 USD-backed stablecoin approved by NYDFS and issued by Paxos on Ethereum. Binance provides Binance-Peg BUSD on other chains by locking an equivalent amount of assets on Ethereum. The current version of BUSD in use on Osmosis arrives from Ethereum via the Axelar bridge. Website: [Hidden link]

Commonwealth Thread: [Hidden link]

Timeline

  1. Submitted18 Jan 2023
  2. Voting started18 Jan 2023
  3. Voting ended23 Jan 2023
  4. Deposit deadline01 Feb 2023

Proposer

Address
Deposit1.6K

Rules

Not recorded for this proposal.