Proposal to protect the Polkadot & Kusama community from Parachain opportunists.
Dear Council / Community,
I would like to submit the following proposal (For Parachains with tokens only !)
4 of the parachain auction winners from batch 3 on Kusama who won the auctions at the end of 2021 are delaying one of the core features of the parachain launch process on purpose and are literally holding us captive. Their excuse is "We're building a product and we'll give you the tokens after". However, I believe if that's the case, they should not have crowdloaned if they couldn't commit to the launch phases. The feature I'm referring to is enabling token transfers.
These are the following parachains that are delaying token transfers:
Picasso
Zeitgeist
Basilisk
Bitcountry Pioneer
(There are others but these 4 are the oldest).
The official structure of the parachain launch process posted by Parity which was happily followed by previous parachain auction winners such as Karura, Moonriver, Shiden etc is the below:
- Check the stability of the parachain
- Set up council
- Enable governance
- Remove sudo key
- Enable token transfers
Because we don't have any mandatory or clear rules for parachain auction winners to follow these steps and they can at their own choice delay step 5 for as long as they want, even after 11 months when the lease is over. I fully support teams taking their time to develop a product, but they can simply do so as a parathread or on test net and crowdloan when they are ready and it should not be done at the expense of us, the community.
I would like to impose a restriction (either backward compatible if possible) or going forward for all new parachain auction winners from the moment the proposal passes.
The restriction I propose is as follows:
Each parachain auction winner gets a 4 month and a half grace period to perform the last step (enable token transfers) as long as their parachain is in a stable state and is producing blocks.
Should this not be done, I propose to run the extrinsic which would deregister the para id for not complying and being fair to the community who have locked their KSM or DOT in support.
https://github.com/paritytech/polkadot/blob/d5f16df743931d535441f28c605e619c16b971a3/runtime/common/src/paras_registrar.rs#L253
This is not to punish any teams, but it should be seen as a way to protect the community from potential opportunists who ignore the fact that the community locked their hard earned KSM and DOT in exchange
for supporting a project and being rewarded and have not done so for charity purposes while missing out on Kusama or Polkadot staking rewards in the process as well as not being able to vote in governance, ultimately losing value in the process.
Kindly review this proposal and let me know what are the following steps that need to be taken for this to be pushed forward or implemented.
Note that this proposal also came to life after discussions with the Polkadot community who agree with me and have voted in a poll to show support for this proposal and will likely do so in the comments of this proposal.
Kinds Regards,
Claudio (KryptosChain)
Comments (22)
Sorry just to clarify... You're wanting teams to rush launching a token, rather than focusing on building functioning chains & products, just so you can personally capture the gain? This is an incredibly self-motivated proposal that would incentivise teams in completely the wrong way. Not only this, but it would set an incredibly negative precedent for any future teams wanting to build in this ecosystem. Kusama is already struggling with traction relative to other ecosystems, and yet your solution is to add additional hurdles and toxicity, again, purely for your own gain. All the teams you mentioned have shown no signs of malicious intent, other than taking longer than perhaps initially expected when acquiring there slots. So, I would genuinely encourage to reconsider your logic here. Crowdloans have inherent risks attached - that is your responsibility as an investor to be prepared for delays, and possible adjustments to timelines. You're literally getting tokens with 'only' risk of opportunity cost and time. If you do not want the potential gain of 'free tokens' then do not participate in the crowdloans. This entire proposal reads as a lack of judgement on your behalf, of which you're attempting to shift on the rest of the ecosystem.
This is ridiculous. There is no protocol nor promise of when a coin will be released or even available to trade on an exchange. This is simply a desperation move for the people who want to dump their rewards, which you're free to do, but only when a project is ready. The project should not rush a coin to market. it's better if they wait to have it trade until they can remove SUDO, which with SUDO still active they can do whatever they want with your coins up to and including force transfers. A project should TGE and distribute based on when they are ready & protect against having no utility and risk becoming a forgotten ghost chain which is detrimental to the entire ecosystem. While missing a chance to sell your initial rewards onto those who have done 0 research can be a profitable exchange, if the chain has no utility and adoption, by the time your next vestings unlock, then what? You want to sell the bottom? Rushing the project to market only hurts the project and longterm investors & overall adoption in the entirety of the DOTsama ecosystem. Forcing a TGE only helps the shortterm dumpers and benefits nobody but themselves.