Centrifuge Parachain Launch Process Update

Hey CFG community - get ready for the Centrifuge parachain launch!

Detailed below is what this launch process will look like. Read on to learn more about CFG claims, new features, downtime to expect, and how to prepare for the parachain launch!

Remember - just like Altair, the parachain launches as an empty shell tomorrow, March 11. So don’t worry, you have time to prepare.

Update: The core migration is complete. At this point token holders are asked to elect council members for the new council on the Centrifuge parachain. Crowdloan claims are live.

A fix to enable claims for Parallel, Bifrost, and Equilibrium users is expected to be live by May 6

Launch Process

Because Centrifuge chain is already live as a standalone PoS chain, caution needs to be taken in the migration process from the existing chain to the parachain.

Goals:

  • Migration is as quick as possible
  • Remove opportunities for security risks
  • Ensure enough time to monitor stability

Note that with the proposed approach we will not be able to enable transfers until 2-3 days after the migration is done. i.e. 2-3 days of downtime once the state migration begins

Timeline

1. Monitor Stability: March 11 - March 28 [COMPLETE]

Since the moment the Centrifuge parachain shell is on-boarded onto Polkadot, stability of the chain will be monitored until the migration process begins. This means:

  • Constant monitoring and alerting
  • Ensure block times are stable
  • Subscan enabled
  • Third parties aligned and supported
  • Time period for testing

2. Bootstrap Council: expected week of March 28 [COMPLETE]

Update the Council on the parachain from the standalone PoS chain

3. State Migration: expected to begin April 4 [COMPLETE]

This is the crucial step, and involves:

  • Pausing the Centrifuge <> Ethereum bridge
  • Disabling transfers on standalone PoS chain
  • Take Snapshot and execute migration of data with Sudo

It is important to note that after the snapshot of the standalone PoS chain is taken, any action taken on the existing chain will not be migrated over to the Centrifuge parachain.

4. Enable Governance [COMPLETE]

  • Allow Democracy and Council Calls
  • Enable TX Fees

5. Remove Sudo + Enable All Calls [COMPLETE]

  • Prepare runtime upgrade that does both things (just like for Altair)
  • Propose this upgrade to on-chain democracy with a voting period of 24h

6. Enable Crowdloan Claiming [COMPLETE]

  • Prepare and propose Runtime Upgrade to enable crowdloan claiming on April 19
  • Voting period of 24h with Crowdloan claim functionality expected to go live April 20

7. Implement Collator Strategy [after a period of stability]

  • Council will begin to add external collators
  • Collators stay tuned for the selection process coming ASAP

8. New Features!

It is time to take the next big step towards the Centrifuge vision. Once the launch process is complete, new features can be proposed and implemented on Centrifuge chain. The first big thing on the horizon is migrating Tinlake pools over to Altair and then Centrifuge chain.

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Thanks for the detailed and very transparent launch process. The community can barely wait to see Centrifuge as a parachain on Polkadot!

Especially the new features (Tinlake on Centrifuge chain) will be a game changer

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Good luck with the migration!

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Centrifuge Parachain Launch Process Update

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Hi, I am wondering if you could provide any further detail regarding the migration of Tinlake pools…

-Will all borrowing + financing activities move to Centrifuge? What about NFTs currently locked for ‘x’ amount of time in Tinlake shelf contracts?

-Does this require (current Ethereum) borrowers to create mirrored Polkadot accounts? Is the expectation for all borrowers + asset originators to go through this process manually?

-At what level will Tinlake on Ethereum be maintained / supported?

Thanks in advance.

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Fantastic! Love hearing about the roadmap and updates. Bravo Centrifuge Team!

Especially excited to hear more about the collator strategy and implementation. Good Karma standing by to serve.

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Hey @spenc, to answer your questions!

Will all borrowing + financing activities move to Centrifuge? What about NFTs currently locked for ‘x’ amount of time in Tinlake shelf contracts?

We’re building pools on Centrifuge Chain, yes, but we have no plans to shut down or migrate Tinlake in the near term!

Does this require (current Ethereum) borrowers to create mirrored Polkadot accounts? Is the expectation for all borrowers + asset originators to go through this process manually?

They’ll only need to create Polkadot accounts if they intend to launch on Centrifuge Chain once pools are live there. Since it’s entirely new on-chain tech, accounts wouldn’t need to be mirrored — just new Polkadot addresses that will get permissions for the pool.

TBD as to which/how many borrowers/asset originators will launch or migrate!

At what level will Tinlake on Ethereum be maintained / supported?

Definitely fully in the near term. Can’t comment yet with the long term — depends on user behavior! Obviously team has best interests of LPs + asset originators.

Hope that helps!

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@cassidy said migration, you said no migration, which makes people confused.

Good evening dear CFG Community!
A little update about the parachain launch process:
Due to an update from Parity Signer, the parachain launch process will be delayed for one week. We expect that the launch process will begin on the week of April 4th.

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Hi @Smile2u,

Just to clarify, Cassidy talks about the migration from a standalone chain to parachain:

Devin talks about migration of Tinlake.

It’s two different things.

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Hello everyone,

We are going to initiate the migration process in the next few hours following on the process above.

We have successfully completed step 1 of stability and now we are moving on to step 2 & step 3 so we have initiated a Council fastrack vote to propose one last runtime upgrade in the Standalone chain
with the following release code: Release Centrifuge v2.0.0-RC6 - 246 - Disabling Calls · centrifuge/centrifuge-chain · GitHub

As soon as that code is enacted in the next hours, the standalone chain will not allow any transfers until the migration to the new parachain is done.

We will keep updating here with any updates about each step of the process.

All the best,

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The council just voted on the motion to upgrade Centrifuge to v2.0.0-RC6 - 246 which disables all calls. The democracy proposal is active for 8hrs at which point if it passes the chain will stop allowing balance transfers as well as most other transactions. Following this step we will take a chain snapshot and migrate it to the Centrifuge parachain and activate our parachain.

This is what is going to happen:

  1. DONE Council to vote on runtime upgrade
  2. Vote now! on Democracy motion #44 which disables all transactions including CFG transfers, vote is over at approximately 04:30 UTC 2022-04-05.
  3. At approximately ~03:00 UTC 2022-04-05 Bridge will temporarily halt transfers during migration
  4. 2022-04-05 08:00 UTC migration work begins
  5. Migration will take ~24-36hrs with the final step removal of the sudo key enabling transfers on the parachain and all other transactions
  6. Council Elections: At this point token holders will be asked to elect council members for the new council on the Centrifuge parachain.

We will share another update with everyone as we get closer to steps 4-6.

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Referendum 44 was executed. Currently the standalone chain will not progress any further. We are entering in step 4 and 5.

More information here once we progress on these steps.

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Hello everyone,

Step 4 & 5 have been executed successfully. Accounts and Balance transfers are enabled and the Sudo Key has been removed.
This wraps up the core part of the migration. More information will come soon.

Thanks for staying with us along the way

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06.04.2022 updated info about the migration process:

  1. DONE Council to vote on runtime upgrade
  2. DONE Vote now! on Democracy motion #44 which disables all transactions including CFG transfers, vote is over at approximately 04:30 UTC 2022-04-05.
  3. DONE At approximately ~03:00 UTC 2022-04-05 Bridge will temporarily halt transfers during migration
  4. DONE 2022-04-05 08:00 UTC migration work begins
  5. DONE Migration will take ~24-36hrs with the final step removal of the sudo key enabling transfers on the parachain and all other transactions
  6. Council Elections: At this point token holders will be asked to elect council members for the new council on the Centrifuge parachain.

when enable staking?

Hi h2134.

With the parachain launch Centrifuge switches from Validators to Collators and staking will not be the same. It will for sure take quite a while. Please take a look into the protocol roadmap for an outlook:

https://gov.centrifuge.io/c/cfg-governance/collator-introduction-cfg/7

https://medium.com/centrifuge/real-world-defi-with-centrifuge-our-protocol-roadmap-d2fc14ff6acb

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Good evening dear CFG Community!

CFG Crowdloan reward claims have been delayed — but just until next week.

Our engineers need more time to test all aspects of the crowdloan claim implementation!

These comprehensive tests are very important for the health & security of our newly launched parachain :chains: :closed_lock_with_key:.

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Thanks for the update, Ivan. Delays can happen and it’s important to understand that Blockchain technology requires complex coding and testing.

For the sake of safety it’s better to make sure everything works as designed

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Runtime Upgrade 3 Proposal

We are finally ready to propose the runtime that will bring in the crowdloan claiming capabilities with this [release] - Release Centrifuge parachain PRTU 3 - Enabling Crowdloan Claming · centrifuge/centrifuge-chain · GitHub

Currently, the Council is voting on the proposal, you can follow the progress - Subscan | Aggregate Substrate ecological network High-precision Web3 explorer

After that is done the Council will propose to fasttrack the proposal with a voting period of ~24h.
Best regards.

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