A little bit of chit chat
After securing a parachain slot on Polkadot, Kilt is officially moving its parachain from Kusama to Polkadot. According to its founder, the ParaID was swapped via XCM, so the move from one relay chain to another will be seamless. This is a first-of-its-kind move and demonstrates yet another use-case for XCM.
Let’s bring chaos where chaos is expected. 🐦
A governance proposal named the Kusama Innovation Cost Reduction Act 2022 asks community members to lower the deposit fees on Kusama, which some are higher than on Polkadot, in order to reduce the entry barriers and foster experimentation, living up to Kusama’s values and vision.
The proposal is mainly targeting the following deposits and fees:
Registrar (reserve) – Reserve a Para Id on the relay chain.
Registrar (register) – Register head data and validation code for a reserved Para Id.
crowdloan(create) – Create a new crowdloan campaign for a parachain slot with the given lease period range.
hrmp(hrmpInitOpenChannel) – Initiate opening a channel from a parachain to [the] given recipient channel.
hrmp(hrmpInitAcceptOpenChannel – Accept a pending open channel request from the given sender.
Using a 30D Moving Average (MA), it’s only 9.1% more expensive to launch a parachain on Polkadot. However, when it comes to a 1Y MA, launching on Kusama is 21.1% more costly than Polkadot. As of writing, 80% of the votes agree the launching fees on Kusama should be around 1% of those in Polkadot.
A new approach to Grants. 🤝
A community member, @theteriyakidon, proposes to create a framework for the Moonbeam Community to adjudicate grants to foster ecosystem growth in the next six months. It will be active before Polkadot Governance v2, which is supposed to make it more accessible for the community to participate in the networks’ governance.
The proposal intends to create a Grants committee with five members, two from the Moonbeam Foundation and three from the greater community. This committee will have to vote accordingly based on the amount of funds requested by the grantees and looks like follows:
Level 1: Up to $50K – Only two positive votes from the committee are needed (at least one from the Foundation), and the funds should be paid in USD or USDC.
Level 2: Between $50K and $150K – Three approvals are needed (At least one from the Foundation), and funds can be paid on USDC or GLMR.
Level 3: $150K or more – To be openly approved by the community (GMLR holders) and the committee. It can be paid on either USDC or GLMR.
The program also has some considerations in terms of budgeting. Level 1 and 2 applications will have a budget of 1.5M USD or GLMR, whichever is lesser. Meanwhile, Level 3 grants will have a budget of up to 12M GLMR.
This week’s crowdloans
Weekly Spot: A recently spotted Polkadot /Kusama native NFT
Elefunky is a generative collection of jolly crypto elephant. His thirst for adventures is endless, naked emotions displayed on his face.
Wrap Up
If you like our newsletter, share it with your friends so they can be also on top of the latest and the greatest (and sometimes not so great) of the Polkadot ecosystem.
In the meantime, feel free to follow us on Twitter @zkvalidator and visit our website to stake with us.