tl;dr: deposit 2261 DOT into the Polkadot relaychain "Child" accounts of fourteen parachains to make it easier to open XCM channels between chains.
It takes a bit of work to open XCM channels between Polkadot parachains. Besides XCM runtime configuration, the team needs to deposit DOT into the parachain's Child account, or governance needs to sell some of their token for the DOT. Then Chain A passes a referendum to initiate opening one HRMP channel, Chain B accepts and sends a channel open request back. Then Chain A governance accepts the channel back. 10 dot need to be 'bonded' in each direction, so 20 DOT on each side of a bidirectional XCM channel. If dev teams are primarily working on their own chain's use case they might not spend time figuring out the XCM calls to make this happen. It's also important to know that when you bridge (XCM transfer) your DOT from the relaychain to one of the parachains, the DOT tokens don't actually leave the relaychain but instead are held in the sovereign acct, the "Child" acct on the relaychain corresponding to the destination parachain. Therefore for any DeFi chain receiving DOT, its Child acct will already hold plenty of DOT to use for opening XCM channels. But non-DeFi chains won't naturally have this DOT in their Child accounts.
Therefore I'd like to work on submitting lots of parachain governance proposals to open more XCM channels such as:
This should make a lot more parachain tokens more accessible to Polkadot DeFi on Hydration, Bifrost, Moonbeam, Astar, increase the amount of XCM traffic, and remove one technical barrier to further integration and use case development between chains.
I collected initial feedback on X and the results indicate that 72% of the 36 voters thought this would be a good initiative to seed several of the child accounts with some DOT (Option 1 above) to accelerate opening channels.
https://x.com/spazvt/status/1819234741343678970
I propose that we target an account balance of 205 DOT for chains that are more niche or smaller market cap or don't have as many imaginable connected use cases vs a target balance of 305 DOT in the Child accts of 'larger' parachains. In the table below Gap
is the amount of DOT that I propose sending to each child account in order to reach the Target
balance.
Chain | Parachain ID | DOT in acct | Target | Gap |
---|---|---|---|---|
Centrifuge | 2031 | 141 | 305 | 164 |
Crust | 2008 | 95 | 205 | 110 |
Darwinia | 2046 | 199 | 255 | 56 |
EnergyWebX | 3345 | 0 | 205 | 205 |
Frequency | 2091 | 0 | 205 | 205 |
InvArch | 3340 | 22 | 205 | 183 |
Kilt | 2086 | 25 | 205 | 180 |
Mythical | 3369 | 24 | 305 | 281 |
Neuroweb (OT) | 2043 | 49 | 205 | 156 |
Peaq | 3338 | 25 | 205 | 180 |
Phala | 2035 | 249 | 305 | 56 |
Polimec | 3344 | 67 | 205 | 138 |
Robonomics | 3388 | 0 | 205 | 205 |
Subsocial | 2101 | 63 | 205 | 142 |
This totals 2261 DOT which would be sent from the Polkadot treasury to parachain accounts.
The corresponding extrinsic call data is:0x1a003813030b00109ed77d010070617261ef07000000000000000000000000000000000000000000000000000013030b00f81b1d00010070617261d807000000000000000000000000000000000000000000000000000013030700e09962820070617261fe07000000000000000000000000000000000000000000000000000013030b0094854ddd010070617261110d000000000000000000000000000000000000000000000000000013030b0094854ddd0100706172612b08000000000000000000000000000000000000000000000000000013030b00fc7f14aa0100706172610c0d000000000000000000000000000000000000000000000000000013030b00505c18a30100706172612608000000000000000000000000000000000000000000000000000013030b00440d418e020070617261290d000000000000000000000000000000000000000000000000000013030b00f03e376b010070617261fb07000000000000000000000000000000000000000000000000000013030b00505c18a30100706172610a0d000000000000000000000000000000000000000000000000000013030700e09962820070617261f307000000000000000000000000000000000000000000000000000013030b00e8684e41010070617261100d000000000000000000000000000000000000000000000000000013030b0094854ddd0100706172613c0d000000000000000000000000000000000000000000000000000013030b0078989e4a01007061726135080000000000000000000000000000000000000000000000000000
I have already submitted preimage 0x6bcfbb1e62181ab53611b17187adca2dc341f4171301305454f7f9024e02dbca
for review and it includes the call data above that you can decode and verify yourself.
While opening new XCM channels via parachain governance, I'll also register tokens on chains that have the assetRegistry
pallet. After I successfully open at least 50 XCM channels, I plan to submit a tip request for around $3000, paid in DOT.
Are there any tweaks to this proposal that you'd suggest before I submit it as an official Polkadot referendum?
Polkadot is a blockchain network that allows different chains to communicate with each other through XCM channels. However, opening these channels can be difficult and time-consuming. To make it easier, the proposal is to deposit DOT into the Polkadot relaychain "Child" accounts of fourteen parachains. This will make it easier to open XCM channels between chains.
Several OG chains still only have one or two XCM channels open, and some users want their favorite parachain token to be available on the Hydration DEX. This proposal will make more parachain tokens more accessible to Polkadot DeFi on Hydration, Bifrost, Moonbeam, Astar, increase the amount of XCM traffic, and remove one technical barrier to further integration and use case development between chains.
There are three solutions proposed to open XCM channels between chains. The first solution is to deposit DOT into the Child accounts of several non-DeFi parachains. The second solution is to open XCM/HRMP channels without requiring a DOT deposit/bond for the channels. The third solution is for parachain governance proposals to XCM transfer some of their tokens to a DEX, swap for DOT, and then transfer that DOT to the parachain's Child acct on the relaychain.
The proposal suggests targeting an account balance of 205 DOT for chains that are more niche or smaller market cap or don't have as many imaginable connected use cases vs a target balance of 305 DOT in the Child accts of 'larger' parachains. This totals 2261 DOT which would be sent from the Polkadot treasury to parachain accounts.
Once new XCM channels are opened via parachain governance, tokens will be registered on chains that have the assetRegistry
pallet. After opening at least 50 XCM channels, a tip request for around $3000, paid in DOT, will be submitted.
This is such a low cost effort that I think it should be fully supported!
But at the same time many of these connections are kind of going to be very very un-utilized. I think the Polkadot Asset Hub + Hydration cases are easily justified and would expect the Bifrost+Moonbeam to have already thought about this as being high ROI .. so I wonder why its not already there??
I'll bet for the Interlay case your own activism answers the question of "why open a channel" because you have a vision of what is enabled and are going to champion it, so I'm glad you are doing it and suggesting the other parachains do the same. Thank you for your leadership
For all the other cases, its a "oh why not" vs "but why?". For EWT, KILT, CRU, PLMC, XRT, MYTH at least some answers to the why and each team chiming in might be justified. If no one on either side of the channel champions it the way you would for Interlay, its a bit of having train tracks to the North + South pole. Can you get each parachain team to say "hell yeah" here?
Edited
big YES
Especially the xcm channel with hydration, because hydration is the center of DeFi
Logical, Based, Synergistic - Symbiotic cohesion. Strong AYE!