CP54: Runtime Upgrade 1019

Centrifuge Governance Proposals
, ,
1

Uses component: CP3
Author: k/f
Proposal on Github: CP54
Date proposed: 2023-06-09

About this proposal

Upgrade Centrifuge Chain to Runtime Version 1019

List of content of this Runtime Upgrade

  • Add block rewards as proposed in CP6 (#1198, #1342)

  • Time-wise, rewarding is tightly coupled to sessions (6h in block time) in contrast to epochs (12h) from CP6. Thus, the proposed amounts are halved and rewarded in 6 hour periods

  • Collator rewards = 16.65 CFG per collator per epoch / 2 sessions per epoch = 8.325 CFG = 8325 * MILLI_CFG per collator

  • Total rewards = 20,096 CFG per epoch / 2 sessions per epoch = 10048 CFG

  • Treasury rewards = Total rewards - Collator rewards

  • Add EVM wallet support (#1252, #1349)

  • Until we enable full EVM support soon™️, the production runtimes filter all non-root calls to the EVM pallet and disallow creating contracts via the EVM RPC calls

  • Upgrade to Polkadot v0.9.37 (#1241)

Breaking changes

  • Loans: LoanId out from ActiveLoan (#1367)

  • Loans: Add unchecked amount support by (#1368)

  • Loans: Add multiple triggers for write-offs (#1314)

  • Loans: Adapt to Oracle valuation implementation (#1311)

Migrations

This upgrade includes multiple smaller migrations.

  • Block rewards: Sets up the required block rewards storage for our current collators. (#1342)

  • Without this migration, none of the collators would be eligible to claim rewards.

  • Block rewards base: Mints ExistentialDeposit worth 1 µCFG to the sovereign account of the BlockRewardsBase (#1342)

  • Without this migration, not all rewards can be claimed from the reward recipients.

  • Session: Clones the existing AuRa session keys for every collator to the new block_rewards entry of SessionKeys (#1342)

  • Without this migration, all of our collators would have to update their session keys manually. E.g., none of the collators would actually be recognized by the session transition inside pallet_block_rewards because the block_rewards entry of SessionKeys is unset.

  • Loans: Updates the WriteOffPolicy storage as a result of #1314

  • Asset registry: Sets the AssetMetadata.location of all the Tranche tokens registered in the AssetRegistry to None (#1340)

  • EVM: Sets our parachain ID 2031 as our EVM chain id (#1349)

The corresponding preimage hash is 0xb0c975c60b10c31574317a8174965721cc860d6f0c7d7fcfa09e2811fbce1fec.

Relase Notes: Release Centrifuge 1019 & Altair 1027 Release · centrifuge/centrifuge-chain · GitHub

Full Changelog: Comparing v0.10.26...v0.10.27 · centrifuge/centrifuge-chain · GitHub

Governance process for this proposal

  1. Council Motion (externalProposeMajority + fastTrack)

  2. Referendum vote open for 50,400 blocks (~7 days)

If the referendum passes, the Runtime Upgrade will be authorised and can be enacted right after.

Council Motion 67 has just been submitted so please vote at your earliest convenience councillors.

:ballot_box: Vote in the portal: CP54: Runtime Upgrade 1019

:ballot_box: Vote on SubSquare: CP54: Runtime Upgrade 1019

@branan @Yarosl6 @cassidy @prankstr25 @thespaceacatjr @vedhavyas @Ash

3 Likes
2

The Council Moption 67 has become a public referendum (Referendum 38) that all CFG token holders can vote on.

The referendum is open until block #3,293,312 (Estimated Time: 2023-07-01 12:42 (+UTC)).

:ballot_box: You can vote on SubSquare here .

2 Likes
3

Referendum #38 has successfully passed with SimpleMajority Approval!

The result:
Aye 3,365,608.8 CFG
Nay 17.48 CFG

image
image1251×718 31.4 KB

Thanks, everyone for participating!

1 Like
4

As can be verified below, the block rewards have already started to send CFG to the treasury! :boom: :fire:

This is a huge step towards the sustainability of the protocol!

2 Likes