[Proposal: MR27/MB4] Convert aUSD to aSEED in Moonbeam Dapps and Moonscan

Governance Democracy Proposals
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Hi, Moonbeam Community! I’m Yuzhu from the Acala team and I’d like to propose the Moonbeam Network convert aUSD to aSEED in Moonbeam(Moonriver) Dapps and Monscan.

Abstract

This proposal aims to convert aUSD to aSEED on Moonbeam(Moonriver) Dapp and Monscan. The main objectives are:

Motivation

Acala released a new Roadmap and product plan — [ Exodus Plan ] in June. The new plan provided a path forward for the aUSD product line via aUSD Seed (aSEED) token. The goal is to provide options to exit existing aUSD holdings or vaults or to participate in Acala’s future growth.

Now, aUSD has been converted to aSEED 1:1 across all avenues including account balance, and liquidity pools on the 20th of July. The on-chain assetRegistry has been updated with the new symbol (aSEED) and name (aUSD SEED) and all of aUSD balance and aUSD pools on Acala & Karura have already been aSEED balance and aSEED pools.

Ensure all aSEED displays the correct symbol and name, I propose Moonbeam community can convert aUSD symbol and name to aSEED uniformly.

What is aSEED?

The goal of aUSD Seed (aSEED) is to provide a path forward for aUSD with options to exit existing aUSD holdings/vaults or to participate in Acala’s future growth.

And aSEED supply is fixed as no more aUSD can be minted after aSEED launch. aSEED holder will share aSEED Treasury growth and can redeem the underlying assets after certain criteria are met for example after 12 months and aSEED value >= $1. aSEED Treasury growth can come from these sources

  • Collateral asset appreciation
  • Collateral asset staking rewards
  • Acala network revenue share (% of network revenue will be sent to aSEED Treasury via governance)

Technical Details

Moonriver Proposal

Asset Set Metadata: 0x68133328828dbfd5d1d5867ca6ba0fa026b0a11461534545441c786361536565640c00

NotePreimage: 0x3e008c68133328828dbfd5d1d5867ca6ba0fa026b0a11461534545441c786361536565640c00
Preimage Hash: 0x14e0debb1c52ef44e9902012aec1583a98e17b9be3b9b752b649b5a9c4598bfc

Referenda Submit Proposal (Root Track): 0x400000000214e0debb1c52ef44e9902012aec1583a98e17b9be3b9b752b649b5a9c4598bfc230000000164000000

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Moonbeam Proposal

Asset Set Metadata: 0x681333daec24d6b2f7b6b2f497bb57926ac5521461534545441c786361534545440c00

NotePreimage: 0x3e008c681333daec24d6b2f7b6b2f497bb57926ac5521461534545441c786361534545440c00
Preimage Hash: 0x06c29cd849f20189ba8d869472e5f24a940e536af1eb4c0e9f7489d85a005ef4

Referenda Submit Proposal (Root Track): 0x400000000206c29cd849f20189ba8d869472e5f24a940e536af1eb4c0e9f7489d85a005ef4230000000164000000

Link & Reference

Do not forget to correctly tag your post with the appropriate tag from the list: [Idea|Awarded|Closed|Voting|Passed|Rejected]

5 Likes
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@AlbertoV19 if you can please check on this, on some on the tech side

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Looks good! I provided the original encoded call data haha

They need to do the Moonbeam proposal once OpenGov is live :slight_smile:

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Don’t see any reason why this shouldn’t be supported.

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For continuity and consistency reasons: AYE!

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Here is the link to the on-chain proposal on Moonriver:
https://moonriver.polkassembly.io/referenda/27

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Link to the on-chain proposal on Moonbeam:

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Referendum 4 on Moonbeam is now in “Deciding” for the next ~14 days and still requires about 3.3M GLMR of support to pass.

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@aaron.mbf my calculation says that 5.4m GLMR support needed to pass.
Looks like support is measured based on total supply rather than circulating supply.
But maybe @AlbertoV19 can double-check :pray:

Everybody keep in mind that Support doesn’t take conviction into account.
So 5.4m AYE won’t do the trick as it’s not 5.4m support.

//EDIT
Ohh , sorry , I think I misread the comment and you mean it requires 3.3m MORE to pass :see_no_evil:

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Agree with this proposal
ups, a little bit late :smiley:

1 Like