This proposal is to seek whitelist fast track for registering Stellaswap’s stDOT controller ( 0x002D34d6a1b4A8E665fEc43Fd5D923F4d7Cd254f ) on xcmTransactor pallet for index 5.
*We are seeking assistance from the technical committee to whitelist the pre-image so that the whitelist track can be used to accelerate this proposal.
The rationale to apply for technical committee whitelist is to allow StellaSwap to launch a liquid staking derivative for DOT (native to Moonbeam) to align with the much anticipated major event for DOT on October 24 will see ~100M DOT being unlocked from parachain crowd loans. With a nominal value of ~$365M, this represents a huge chunk of DOT that could bring in capital inflows towards Moonbeam.
|Moonbeam||35,759,931||October 24, 2023|
|Acala||32,515,980||October 24, 2023|
|Parallel Finance||10,751,519||October 24, 2023|
|Astar||10,333,552||October 24, 2023|
|Clover Finance||9,752,487||October 24, 2023|
As the largest DEX on Polkadot with the highest trading volume, we have created a strong brand across the ecosystem and we’re confident of capturing a share of the soon-to-be-unlocked DOT. Capturing 10% of DOT unlocks will bring in approximately $36M to the Moonbeam ecosystem, which would almost double Moonbeam’s TVL.
The stDOT codebase is a fork of open source code from the Mixbytes team for sunsetted stDOT.
To stake DOT on Polkadot Relay Chain the xcDOT on Moonbeam needs to be sent over to a SS58 address on Relay Chain. To avoid any centralization risk or hacks we want to utilize the Multilocation derivative account functionality to allow us to derive and control relay chain addresses from our controller smart contract.
You may read more about it here: XCM: Remote account converter by mustermeiszer · Pull Request #6662 · paritytech/polkadot · GitHub
The derivation will be based off of Moonbeam’s sovereign account on Relay Chain ( 5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN )
The accounts sequence will look like:
//5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN//5//1 //5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN//5//2 //5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN//5//. //5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN//5//. //5Ec4AhPVjsshXjh8ynp6MwaJTJBnen3pkHiiyDhHfie5VWkN//5//n
The registration of derivative indexes is a sudo function and requires governance thus we’re asking for whitelist approach to meet the unlock date of Oct 24, 2023.