Open HRMP channel between Shiden Network and Genshiro

Shiden Network (Kusama) Proposal
1

TL;DR

We propose to open HRMP communication between Shiden Network and Genshiro. This will require actions on both chains.

Summary

We propose to open a bi-directional channel between Shiden Network and Genshiro. The primary use cases will be:

  1. To transfer Shiden’s native token (SDN) and Shiden’s ecosystem assets to Genshiro to integrate with Genshiro’s suite of DeFi products.

More specifically, users would be able to use their SDN tokens and other Shiden’s ecosystem assets on Genshiro to:

  1. stake in money market to earn yields,

  2. collateralize them to borrow other crypto assets (including stablecoins with Genshiro’s curve-like stableswap),

  3. collateralize them to margin trade on Genshiro’s fully on-chain orderbook DEX (e.g. margin trade KSM/ EQD pair without having to own either one of these tokens)

  4. Genshiro’s native token (GENS) can be transferred to Shiden Network to be used in the ecosystem, including the protocols that are built on top of Shiden Network.

Proposal

There is no on-chain proposal yet. The proposal created in this forum acts as an official proposal between Genshiro and Shiden Network.

Technical details:

The procedure for opening the channels is as follows:

  1. Genshiro initializes a proposal to open the Genshiro-to-Shiden Network HRMP channel via Shiden forum.
  2. Wait until the proposal on step 1 gets approved & enacted.
  3. Onboard Genshiro’s testnet on the Rococo relay chain and exchange public endpoints and parachain-ids.
  4. Wait until onboarding was successful on testnet.
  5. Shiden Network proposes to accept the Genshiro-to-Shiden Network HRMP channel and open a Shiden Network-to-Genshiro HRMP channel via [Shiden MuliSig Governance Batch call].
  6. Wait until the proposal on step 5 gets approved & enacted.
  7. Genshiro accepts Shiden Network-to-Genshiro HRMP channel.
  8. Wait for another session on Kusama for the change to be effective.

The extrinsics that need to be sent with xcm messages to they can be executed on the relay chain , are:

For step 1: hrmp.hrmpInitOpenChannel(recipient: 2007, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , which hex-encoded as 0x3c00d7070000e803000000900100

For step 3: The first call is hrmp.hrmpAcceptOpenChannel(sender: 2024) , second call is hrmp.hrmpInitOpenChannel(recipient: 2024, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400) , so the final batch call hex-encoded as 0x1800083c01e80700003c00e8070000e803000000900100

For step 5: hrmp.hrmpAcceptOpenChannel(sender: 2007) , which hex-encoded as 0x3c01d7070000

The proposedMaxCapacity and proposedMaxMessageSize are set to the values of Kusama’s configuration.activeConfig.hrmpChannelMaxCapacity and configuration.activeConfig.hrmpChannelMaxMessageSize values, respectively.

These extrinsics need to be called with the parachain’s sovereign account as the origin. To achieve this, on the Genshiro side we will use polkadot-xcm pallet to send XCM messages to the relay chain, by executing the following extrinsic from the parachain. Shiden Network should make an open request call and an accept request call with its pallet.

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.

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Thank you for your post. We definitely need to open more channels on Shiden.

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Any assets coming to Shiden?
Feel free to also share the workflow to request the channel on Genshiro.

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Yes, Genshiro’s native token GENS and its native asset-backed overcollateralized stablecoin EQD will be coming to Shiden.
As for the technical workflow, the steps are already outlined in the proposal above. But pls let us know if you need any further information.

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Open HRMP Channel between Shiden & Genshiro
  • Yes
  • No

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Voting started! @Ambassadors @Core

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