TL;DR
We propose to open HRMP communication between Shiden and Basilisk. This will require actions on both chains.
Summary
We propose to open a bi-directional channel between Shiden and Basilisk. The primary use cases will be:
-
$SDN can be transferred to the Basilisk Snek Swap and be permissionlessly paired and traded with any other listed asset.
Snek Swap UI has been completely revamped and beside the Trading page and wallet it freshly includes the Liquidity Mining programme, Order routing & Cross-chain transfers. -
Shiden ecosystem projects will be able to leverage Basilisk LBP for future token distribution.
Proposal
The integration will be tested on the Rococo network first.
Technical details
The procedure for opening the channels is as follows:
- Shiden proposes to open the Shiden to Basilisk HRMP channel
- Wait until the proposal on step 1 gets approved & enacted.
- Basilisk accepts the Shiden to Basilisk HRMP channel, requests opening of the Basilisk to Shiden HRMP channel and adds SDN to its asset registry.
- Wait until the proposal on step 3 gets approved & enacted.
- Shiden proposes to accept Basilisk to Shiden HRMP channel
- Wait for another session on Kusama for the change to be effective.
These extrinsics need to be called with the parachain’s sovereign account as the origin. To achieve this, on the Basilisk side we will use polkadot-xcm pallet to send XCM message to the relay chain, by executing the following extrinsic from the parachain.
As a prerequisite, the parachain’s sovereign account must contain at least 10 KSM to be locked as collateral (5 for each channel direction), plus some KSM to pay for XCM execution fees.