Upcoming Centrifuge Runtime Upgrade 1014

Centrifuge Runtime Upgrade 1014

Hello Community! :raised_hand:
We are ready to propose a runtime upgrade with the following content:

Reduce Council threshold

The Centrifuge Council currently has 9 seats (Vedhavyas, Cassidy, Mikiquantum, Lucasvo, DeFI Capital Markets, Branan, Yaroslav, Kirill, Ash) and this is one of the biggest numbers in the Polkadot Ecosystem.

A large number of seats in the Council helps to take into account the opinions and feedback of the different groups of people, represented in the Council.

We recently discovered a critical issue on Altair, and in this regard, we are faced with the fact that the current number of votes (7 votes) for the fast-track is too high, and reaching 7 votes could take significant time.

Due to the current size of the Council and different timezone of Councillors and in order to prevent and fix critical issues in a fast and efficient way, we would like to propose a change in the council’s fast-track logic that can ensure that the process is smoother and still secure:

  • Lower the council threshold to 50% for both external_propose_majority and fast-track: This means that at least 5 councilors are needed to push forward a motion (instead of the current number of 7). This is relevant because the councilors are spread across several time zones and it will make it possible to react faster in urgent situations.

Please note that we only are proposing to lower the threshold for these motions. The number of Council seats remains as before.

Commit: https://github.com/centrifuge/centrifuge-chain/pull/1013

Support MultiAssets Outbound Transfers

With the current BaseCallFilter set in all our runtimes, it is not possible to build custom XCM message using pallet_xcm or orml_xtokens to transfer multiassets all together. We introduced this call filter to block all backdoors that would allow users to transfer Tranche tokens through XCM without the right permission checks. At the time we had no use case needing those calls in the first place, we just blocked them all.

However, we now have an upcoming use case where to transfer xcUSDC tokens from Centrifuge to Moonbeam we will need either transfer_multiassets or transfer_multiasset_with_fee



* Remove leftover migration code (https://github.com/centrifuge/centrifuge-chain/pull/1013) 

Release: v0.10.21


The Council will propose the Runtime Upgrade on Centrifuge.

As soon as the Council motion has been initiated for the upgrade, we will keep you posted with the governance process in this section of the Forum:

Centrifuge: Proposals - Centrifuge Governance Forum