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

:raising_hand_man: :gear:

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.

:two: :athletic_shoe:

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.

:no_entry_sign: :coin: :ballot_box:

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

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Please vote in the motion councillors.

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

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!

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:x: Council motion 16 has not passed, due the reason @mikiquantum explained in the post above :point_up_2:

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.

what is altair blocktime?

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.

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