Referendum proposal: Enable Lighting Redeem module, synchronize XCM V2, Bifrost mainnet upgrades to v0.9.6

Summary

In the last version of v0.9.4 upgrade, the Bifrost team first tried to decentralize the first listing on Karura DEX. It is a milestone for Bifrost and the first cross-chain application use case of the Polkadot ecosystem.

BNC officially listed Karura at 8:30 p.m. on Oct 21st. In the previous 48 hours, BNC and Karura kUSD used Bootstrap to lock up liquidity in advance, enabling BNC Listing to accumulate nearly 4 million USD in liquidity before the listing was officially opened.

After the Bootstrap ended, BNC Trading and liquidity mining started. As of Oct 26th, BNC/kUSD has accumulated 1,599,905.36 kUSD & 372,960.9666 BNC, liquid mining LP income has stabilized at around 130% APY, and a total of 200,000 BNC & 25,000 KAR will be released within three months.

Lighting Redeem

  • What is Lightning Redeem ?

Lightning Redeem is the first Liquidity release scenario for users participating in the Bifrost vsKSM Mint Drop. Users with vsKSM & vsBond-Bifrost can Redeem KSM at a fixed 10% discount via the Bifrost.app-vCrowldoan-Redeem module, for a total of 5614.72 KSM (136,816.20 KSM*5%) on a first-come, first-served redeem. At the same time, the user’s vsKSM + vsBond-Bifrost will vanish.

  • Liquidity Redemption Rules

Use vsKSM + vsBond to complete the single exchange of vsKSM to KSM redemption. The initial discount rate is 10%.

The Lighting Redeem Pool will release 30 KSM in the TBD block every 7,200 blocks (approximately 24 hours) for a total of 180 days.

v0.9.6

This upgrade of v0.9.6 mainly includes the simultaneous advancement of the Lighting Redeem module and XCM V2. Please note that within a few days after the upgrade is completed, the cross-chain between Bifrost and Karura will be temporarily closed until Karura upgrades to XCM V2. (Please do not try to cross-chain transact during this period.)

The v0.9.6 version upgrade mainly includes the launch of

  • Lighting Redeem module
  • XCM V2

Proposal

  • :raising_hand_man: Voting Period: #653,142
  • :rocket: Activate Period: #653,397
  • Execution:
    • Upgrade v0.9.6
parachainSystem.authorizeUpgrade('0xacedba7e2ed373213126b9c022b60b261de62e803c7561c550e1fb59a67e01c7')
  • Proposal preimage:
0x50d153618ec225396b8783e54d35e97db4ad014d1a90bc9a2dbdfa7d8892bec1
  • Proposal hash:
0x50d153618ec225396b8783e54d35e97db4ad014d1a90bc9a2dbdfa7d8892bec1