Good day Community!
The Centrifuge Council has proposed a motion for opening the HRMP channel between Centrifuge and HydraDX.
This motion is being fast-tracked at the same time and the council is voting on it now.
See Motion 58 in the portal here (while they are open).
See Motion 58 on Subsquare here.
See Motion 58 on Subscan here.
The governance process for this proposal will be as follows:
Create Council Motion 58 with pre-image hash
Once the motion has passed, there will be a public referendum (Referendum 30) that all CFG token holders can vote on. The voting period will be 50,400 blocks (~7 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 several steps in total before the HRMP channels are opened
The procedure for opening the channels is as follows:
1. HydraDX proposes to open the HydraDX to Centrifuge HRMP channel.
2. Opensquare Snapshote vote: CP34(GI): Open HRMP channels between Centrifuge and HydraDX
3. Centrifuge proposes (a batch) to accept the HydraDX to Centrifuge HRMP channel and open the Centrifuge to HydraDX HRMP channel
4. Wait until the proposal on step 3 gets approved & enacted.
5. HydraDX accepts the Centrifuge to HydraDX HRMP channel
6. Wait for another session on Polkadot for the change to be effective.
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 .