WIP43:下架 BUSD 以保障协议安全性 / Delisting BUSD to Ensure the Security of the Protocol

1 、前言


提案名称:下架 BUSD 以保障协议安全性

提案作者:Core Devs



2 、摘要

本提案中,核心开发团队建议下架 BNB、Moonriver 上的 BUSD 资产,并阐明动机。

3 、动机

BUSD 发行商 Paxos 被 SEC 以及纽约金融服务局(NYDFS)调查,目前已经宣布停止发行新的 BUSD,仅支持赎回。因此,BUSD 的市值将随时间逐渐减少。

尽管目前 Paxos 还能应对 BUSD 的赎回业务,但是,团队认为难以估计其储备金是否充足。

另一方面,一旦 BUSD 被法庭认为是证券,BUSD 将遭受极大的冲击,或导致其在 DeFi 领域的流动性大幅度下降,价格长期严重与美元脱锚。

为了保障协议的长期稳定运行以及用户的资产安全,防患于未然,核心开发团队提议下架 BUSD 资产。

4 、正文

4.1 下架涉及的链

涉及 BUSD 的链,共 2 条,分别是:

1、BNB chain


4.2 下架流程




准备金率提升至 100%,意味着用户的存款将不会有任何的存款收益,以推动相关用户取款。同时,用户取款会推高借款利率,如此将会推动相关用户还款。

第三步:提案通过 2 周内,将该资产的最大质押率调整为:0%


提案通过 2 周内,至多分两次将质押率调整为 0%。


免责声明: 因最大质押率调整造成的清算,属于市场行为,协议没有补偿义务。

五 、选项



--------In English----------

WIP43: Delisting BUSD to Ensure the Security of the Protocol

1. Preamble

Proposal Number: WIP43

Proposal Title: Delisting BUSD to Ensure the Security of the Protocol

Proposal Author(s): Core Devs

Related Proposals / Dependencies: N/A

Replacement Proposal / Replaces: N/A

2. Abstract

In this proposal, the core development team proposes to delist BUSD on BNB chain and Moonriver, and elaborates the motivation.

3. Motivation

BUSD issuer Paxos was investigated by the SEC and the New York Department of Financial Services (NYDFS), and will stop issuing BUSD in the future. Therefore, the market capitalization of BUSD will gradually decrease over time.

Although Paxos can currently handle BUSD redemption business, the team believes that it is difficult to know whether its reserves are sufficient.

In addition, once BUSD is recognized as a security by the court, BUSD will suffer a huge impact, may cause its liquidity in the DeFi field to drop significantly, and the price will be severely de-pegged for a long time.

In order to ensure the long-term stable operation of the protocol and the security of users’ assets, the core development team proposes to delist BUSD.

4. Specification

4.1 The Chains Involved

There are 2 chains involving BUSD, namely:

  1. BNB chain

  2. Moonriver

4.2 Standard Operating Procedure (SOP) of Delisting

Step 1: Disable the deposit/borrow function of the market

Disable the deposit/borrow function of the market, the withdraw/repay functions will not be affected; the delisted assets will be collapsed in WePiggy’s App, but users can easily find the delisted assets in “My Assets” until the user does not deposit or borrow any such assets.

Step 2: Adjust the reserve factor to 100%

Increasing the reserve factor to 100% means that there will be no deposit income from users’ deposits to push relevant users’ withdrawals. At the same time, users’ withdrawals will push up the borrowing interest rate, which will drive the relevant users to repay their borrowings.

Step 3: Adjust the maximum LTV ratio of the asset to 0% in 2 weeks after the proposal is passed

Within 2 weeks after the proposal is passed, users will be notified as much as possible to repay their borrowings of other assets and disable the asset as collateral.

Within 2 weeks after the proposal is passed, the maximum LTV ratio will be adjusted up to 2 times to 0%.

During which time the maximum LTV ratio adjustment will be executed immediately if there are no more users using that asset as collateral for borrowing.

Disclaimer: Liquidation caused by the adjustment of the maximum LTV ratio is a normal market behavior, and the protocol has no obligation to compensate.

5. Option

Option 1: For the plan

Option 2: Against the plan

1 Like