The Centrifuge council has proposed a motion for opening the HRMP channel between Centrifuge and the parachains Statemint, Moonbeam and Acala. This will be made as a batch call that will send an
init request to the three parachains individually. At the same time, USDT, Axelar USDC, and aUSD will also be registered on the Centrifuge asset registry.
Statemint- to support USDT XCM transfers, the first pools currency on Centrifuge
Moonbeam- to support Connectors v1 and Axelar USDC
Acala- to support aUSD XCM transfers
This motion is being fast tracked at the same time and the council is voting on it now.
See Motion 23 in the portal here (while they are open).
See Motion 23 on Subsquare here.
See Motion 23 on Subscan here.
The governance process for this proposal will be as follows:
Create Council Motion 23 with pre-image hash
Once the motion has passed, there will be a public referendum (Referendum 9) that all CFG token holders can vote on. The voting period will be 7,200 blocks (~1 day with an average block time of 12 seconds)
This post will be updated once the motions pass and the referendum vote is live.
The whole process will require 3 steps in total before the HRMP channels are opened
Motion #1 on Centrifuge
This is the motion described in this post.
Motion #2 on Polkadot / Statemint
This will take place on Polkadot and the motion will be created by Parity so there will be NO referendum vote on this one on Centrifuge.
Motion #3 on Centrifuge
This third motion will serve to accept the HRMP channel requests that we will get back from Statemint when motion #2 is enacted and from Moonbeam and Acala once they accept the request we sent to them on step 1 and send us a request back. There will be a referendum vote that all CFG token holders can vote and we will create a separate post for this motion.
Estimated timeline for the opening of the channels:
Moonbeam and Acala: 2-3 weeks if they also fast-track their motions.
Statemint: 3-4 months, due to the long governance process on Polkadot (the voting and enactment period alone is 28 days for both)
You can read a more detailed description of the whole process here.
Remember, that you don’t lose your CFG by voting on referenda - they are just locked for the duration of the vote. After that, they will be available for transfer again. You can make your vote count for more by voting with conviction which means that you can vote with up to 6X the amount of tokens you have, by locking them for a longer period of time.
If you want to know how voting with conviction works, you can check this short post .