# Ithaca ‘Ipanema’ (PteJgr89X)

**URL:** https://forum.tezosagora.org/t/ithaca-ipanema-ptejgr89x/4085
**Category:** Proposals
**Created:** [December 31, 2021, 8:19pm UTC](https://forum.tezosagora.org/t/ithaca-ipanema-ptejgr89x/4085 "2021-12-31T20:19:21Z")
**Posts on this page:** 3
**Page:** 1

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### Author: ![tezosagora](https://forum.tezosagora.org/letter_avatar_proxy/v4/letter/t/e274bd/32.png) [@tezosagora](https://forum.tezosagora.org/u/tezosagora)
#### Post date: [December 31, 2021, 8:19pm UTC](https://forum.tezosagora.org/t/ithaca-ipanema-ptejgr89x/4085/1 "2021-12-31T20:19:21Z")

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This is the Ithaca upgrade with one amendment (‘Ipanema’ amendment) to switch the Liquidity Baking subsidy from the failed tzBTC-XTZ pairing to a USDtz-XTZ pairing, which is far more capable for producing the goal liquidity amount which tzBTC never came close to achieving, as well as far more capable of producing enough volume to mitigate the LB subsidy let alone benefit the Tezos ecosystem. LB with a scaled USDtz will lead to algocoins being more scalable while maintaining stronger pegs at lower stability fees. It will also extend convertibility to the rest of the Tezos DeFi ecosystem, enabling more liquidity across the ecosystem in a multiplier effect. The last time this was proposed it achieved 45% of the vote.

USDtz updates based on last time:

- Multi-sig implementation on both administrative and collateral contracts
- US participation agreement reached, to be implemented before March 1st

Agora threads:

1. [Original thread for ‘H’ upgrade](https://forum.tezosagora.org/t/usdtz-for-liquidity-baking/3524)
2. [New thread for ‘I’ upgrade](https://forum.tezosagora.org/t/ithaca-ipanema-amendment-injected-why-lb-is-great-and-its-tzbtc-thats-the-problem/4086)

## [Proposal archive](https://yourlabs.io/pyratzlabs/liquidity-baking/-/tree/without-snapshot)

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### Author: ![Ableson](https://forum.tezosagora.org/user_avatar/forum.tezosagora.org/ableson/32/1596_2.png) [@Ableson](https://forum.tezosagora.org/u/Ableson)
#### Post date: [January 1, 2022, 10:40am UTC](https://forum.tezosagora.org/t/ithaca-ipanema-ptejgr89x/4085/2 "2022-01-01T10:40:05Z")

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too bad there’s only two more days to vote.

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### Author: ![Swarles](https://forum.tezosagora.org/letter_avatar_proxy/v4/letter/s/838e76/32.png) [@Swarles](https://forum.tezosagora.org/u/Swarles)
#### Post date: [January 1, 2022, 10:58am UTC](https://forum.tezosagora.org/t/ithaca-ipanema-ptejgr89x/4085/3 "2022-01-01T10:58:31Z")

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It does seem late but total participation is only at 6.76% so there is plenty of room for this amendment to get the most votes.