[Proposal: 34] Picasso proposal to Open/Accept HRMP channel with Moonriver and Register Asset xcPICA

Picasso XCM Disclosures


This batched proposal is to Accept/Open an HRMP channel with Picasso and Register Asset xcPICA


We propose to open a bi-directional channel between Moonriver and Picasso. The main use case will be to support the transfer of assets to Moonriver in a trust-minimised manner with the following chains:

  • Parachains on Polkadot, including Moonriver’s canary parachain - Moonbeam, pending approval of the related governance proposal.
  • Picasso and protocols built on Picasso, such as the Pablo DEX.
  • Trust-minimised connection to IBC-enabled Cosmos chains and Ethereum once our IBC implementation on Ethereum is live.

The proposal also includes the PICA asset registration as xcPICA, with the following details:

Multilocation: {“parents”:1,“interior”:{“X1”:{“parachain”:2087}}}

Decimals: 12

Name: Picasso

Symbol: xcPICA

xcPICA will have the following asset ID and XC-20 address:

Asset ID: 167283995827706324502761431814209211090

XC-20 address: 0xFffFfFFf7dD9B9C60ac83e49D7E3E1f7A1370aD2

On-Chain Proposal Reference

On-Chain Proposal #34 with the associated hash: * 0xd2e913e5044e0a5d61897639b9bd61ae2d0a01f23b8453c7818ba60801613558

Technical details:

The procedure for opening the channels is as follows:

  1. The Composable team sends channel requests from Picasso to Moonriver via OpenGov referendum. (Already sent)
  2. Moonriver proposes to accept the Picasso to Moonriver HRMP channel and open a Moonriver to Picasso HRMP channel via this proposal [Moonriver Governance Batch call] and add xcPICA to the Moonriver asset registry.
  3. Wait until the proposal on step 3 gets approved & enacted.
  4. Picasso accepts the Moonriver to Picasso HRMP channel.
  5. Wait for another session on Polkadot for the change to be effective.
  6. Picasso proposes to register Moonriver’s assets.
  7. XCM-based cross-chain transfers will be possible at this stage.

The extrinsics that need to be sent with xcm messages so they can be executed on the relay chain are as follows for step 2:

  • xcmTransactor.HrmpManage.InitOpen(recipient: 2087, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , which hex-encoded is 0x6b090027080000e803000000900100010301000100e8764817000000000000000000000002286bee02000400010700863ba10102000800

  • xcmTransactor.HrmpManage.Accept(sender: 2087, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , the call hex-encoded is 0x6b090127080000010301000100e8764817000000000000000000000002286bee02000400010700863ba10102000800

The asset will be registered with the metadata described in the summary. The setAssetUnitsPerSecond was calculated using the value for PICA, $0.00047 on Oct 18th 2023, targeting an XCM transaction cost of $0.02.

yarn calculate-units-per-second --d 12 --a picasso --xwc 800000000 
Token Price is $0.00046282
The UnitsPerSecond needs to be set 54016680350892355

NOTE: Ensure that the parachain’s sovereign account contains at least 20 KSM to be locked as collateral (10 for each channel direction), plus some KSM to pay for XCM execution fees, as this is a prerequisite.

Link to the on-chain proposal:

1 Like

Updated proposal due to error in previous call: https://moonriver.polkassembly.io/referenda/34

1 Like

I am in support of this as it continues the support of Moonriver and extends intra-parachain reachability

1 Like