TL:DR
This batched proposal is to Accept/Open an HRMP channel with Composable from Moonbeam and register xcIBCMOVR, xcibcPICA, xcibcTIA, xcibcIST, xcibcBLD to the Moonbeam Asset Registry.
The previous proposal failed due to an incorrectly submitted preimage. We have also renamed the tickers to xcibc prior to the original ticker upon the request of the communtiy.
Summary
Our proposal is to open a bi-directional channel between Moonbeam and Composable. The main use case will be the transfer of trust-minimised assets from:
- IBC-enabled Cosmos chains on launch and Ethereum IBC once it goes live in late Q4.
- Parachains on Kusama, including Moonbeam’s canary parachain, Moonriver.
- Picasso and protocols built on Picasso, such as the Pablo DEX.
Tokens Metadata
xcIBCMOVR
Multilocation: { “parents”: 1, “interior”: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950355” }]}}
Decimals: 18
Name: IBC Moonriver
Symbol: xcibcMOVR
The UnitsPerSecond needs to be set 4025764895330112721
xcibcPICA
Multilocation: { “parents”: 1, “interior”: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950337” }]}
Decimals: 12
Name: Picasso
Symbol: xcPICA
The UnitsPerSecond needs to be set 16700847735031030
xcibcIST
Multilocation: { “parents”: 1, “interior”: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950361” }]}}
Decimals: 6
Name: Inter Stable Token
Symbol: xcIST
The UnitsPerSecond needs to be set 24950099
xcibcBLD
Multilocation: { “parents”: 1, “interior”: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950354” }]}}
Decimals: 6
Name: Agoric
Symbol: xcBLD
The UnitsPerSecond needs to be set 170842046
xcibcTIA
Multilocation: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950355” }]}}
Decimals: 6
Name: Celestia
Symbol: xcTIA
The UnitsPerSecond needs to be set 10460251
xcibcATOM
Multilocation: { “X3”: [{ “Parachain”: 2019 }, {“PalletInstance”: 59 }, { “GeneralIndex”: “79228162514264337593543950355” }]}}
Decimals: 6
Name: Cosmos Hub
Symbol: xcATOM
The UnitsPerSecond needs to be set 2900232
Please note that we have included the extrinsic to register the assetspersecond of these assets in order to make them legible for payment of XCM execution fees. This is because when users bridge via any IBC-enabled Cosmos chain to Moonbeam, we have created pallet-multihop, which executes IBC and XCM messaging in one transaction. It is akin to a packet-forwarding middleware package to enhance UX.
Without registering the assetspersecond of these assets, users would be required to hold an asset on the Composable chain to pay for the XCM execution fees and therefore, disrupting the one-click bridging process.
We are committed to serving as the second trust-minimised transport layer to Moonbeam (the first being XCMP) and bridge liquidity for the entire ecosystem of users, developers and applications.
We are excited to facilitate initiatives to bring in liquidity to Moonbeam such as bringing IST to the ecosystem.
On-Chain Proposal Reference
On-Chain Proposal #[__] with the associated hash: _____________ (Will be included later today)
NOTE: Ensure that the parachain’s sovereign account contains at least 10 DOT to be locked as collateral (5 for each channel direction), plus some DOT to pay for XCM execution fees, as this is a prerequisite.
Technical details:
The procedure for opening the channels is as follows:
- The Composable team sends a channel request from Composable to Moonbeam via OpenGov referendum.
- 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.
- Wait until the proposal on step 3 gets approved & enacted.
- Picasso accepts the Moonriver to Picasso HRMP channel.
- Wait for another session on Polkadot for the change to be effective.
- Picasso proposes to register Moonriver’s assets.
- 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: 2019, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , which hex-encoded is 0x6b0900e3070000e803000000900100010301000100e40b5402000000000000000000000002286bee02000400010700863ba10102000800
-
xcmTransactor.HrmpManage.Accept(sender: 2019, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , the call hex-encoded is 0x6b0901e3070000010301000100e40b5402000000000000000000000002286bee02000400010700863ba10102000800
If any user or dApp developer would like to see other assets from the Cosmos bridge to Moonbeam via IBC, please let us know in the comments.