Open HRMP channel between Bifrost/Karura and Statemine
NOTE: This is crossposted at Bifrost Governance Forum
According to Statemine’s latest progress, unidirectional cross-chain (Statemine => Bifrost) may be a doable way in short term. Bifrost hopes to give priority to establishing a unidirectional HRMP channel with Stamine in order to bring more assets such as USDT and other external assets into parachain ecology.
Bifrost Uses Cases
Kusama needs more external assets to meet the needs of users. For Bifrost, completing the cross-chain with Statemine will push us to achieve the following application scenarios:
Issue vToken to external POS chain
In the future, more public chains may choose to issue their own native tokens on Statemine, and Bifrost will make liquid derivatives for the native tokens of external PoS chains, such as vSOL, vAVAX, etc.
vsToken bond market
vsToken liquidity derivatives have contract properties. With sufficient assets, users will have demand for derivatives such as borrowing, leverage, and bonds. In the future, the combination of vsToken + vsBond will have a clear exercise period, and users are able to realize bond trading.
Add more trading pairs to Zenlink DEX
Bifrost parachain has integrated Zenlink DEX Pallet. Assets will create more trading pairs in Zenlink, and use Bifrost and other parachain HRMP channels to complete multi-chain routing to connect the liquidity between different layer-1.
Proposal
Due to the issue, it is not yet possible to reserve transfer assets back to Statemine. There are several pull requests related including 806, 4470, 833, trying to resolve this but seems not finalized yet, so we may start with Statemine → Bifrost unidirectional channel first.
Also notice that proposal raised by Acala already, maybe we can make multiple channel initialized open requests in a batch call.
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