Repurchase first-batch SALP unredeemed KSM to vKSM and burn

TL:DR

The 1st batch of Kusama SALP corresponding vsBond is about to be expired, Bifrost had repurchased 75% unredeemed KSM to vsKSM, and trasnfered remaining 25% to Bifrost treasury. This proposal is aiming to burn those repurchased vsKSM.

Summary

Due to each SALP crowdloan requires users to redeem their underlying KSM mannually, if not do so, the vsBond will expired and loss of acceptance. (Learn about why expire time for vsBond) Bifrost uses unredeemed underlying KSM to repurchase vsKSM and burn, to maintain a long-term healthy price of vsKSM-KSM. The repurchasing and burning stracture as follow:

  • Repurchase 75% unredeemed KSM to vsKSM;

  • Remaining 25% KSM goes to Bifrost treasury;

For the first batch of unredeemed KSM, this proposal is to burn repurchased 755.55 vsKSM. Check repurchase & burn data here.

Proposal

Technical details:

  1. Repurchased unredeemed 313 KSM (75%) to 755.55 vsKSM;
  2. Transfered 104.099782 KSM (25%) to Bifrost Treasury: Transaction;
  3. Transfered 755.55 vsKSM to a blackhole address (bixYxFRJkFMwMRnSCH9GQbYsurmL6n88eKnh6ron8ZvhMNY): Transaction;
  4. Call set_balance “0” to vsKSM in the blackhole address: On-going Proposal