Council Motion 16: Proposal to use 1M AIR for liquidity mining on Karura Swap

[Rhano]

The Altair council has proposed a motion for allowing using 1M AIR for liquidity mining rewards to bootstrap the AIR/aUSD pool on Karura Swap. You can read about the proposal here and see the result of the community poll here.

The proposal consists of two steps:.

• send 1M AIR from Altair’s Treasury account to a temporary hot wallet in Altair with the address: kAHS3pSGHqPymTUmcCoVXUt8PVVgPgfWHG98yHvz8UiLeXpii

• once the proposal is approved and executed, we will make an XCM transfer of 1M AIR + fees from said hot wallet to the following address in Karura controlled by the Acala team: qmmNufxeWaAVN8EJK58yYNW1HDcpSLpqGThui55eT3Dfr1a

See the motion in the portal here (while it is open).

See the motion on Subscan here.

See the Treasury Proposal on Subscan here.

Given that the treasury funds can only be unlocked by the council, there will be no public referendum to vote on.

[Rhano]

Please vote in the motion councillors.

@Ash , @branan , @lucasvo , @Yarosl6 , @Ilhan , @Fab

[mikiquantum]

Everyone, sorry for pivoting here a bit, we realized that the treasury funding will take too long 15 days due the the altair blocktime.
So the current motion will not be executed on time, therefore we just opened a few council motions to propose the transfer from the Treasury account to the Hot wallet specified above. Will keep updating the progress here.
Thanks!

[Rhano]

Council motion 16 has not passed, due the reason @mikiquantum explained in the post above

A new motion (Council motion 17) has been initiated by the council to fast-track the proposal - and this time there will be a referendum for AIR token holders to vote on.

[Vad]

what is altair blocktime?

[Rhano]

Right now it is around 30 seconds in average, but ideally it should be around 12 seconds.

Quite a few parachains are experiencing this issue with long block times.

You can check the block time in real time here.