Summary: If enacted, the present proposal will help restore block production on the Basilisk parachain by force-upgrading its runtime. It also brings forward reasons for a fast-track by the Technical Committee.

Preimage hash: 0x47d229a4cd7ffcb17358a901eb76abc024a411610e9fc7b2c4e99af839a095cc

Wasm: https://github.com/galacticcouncil/Basilisk-node/releases/tag/v12.0.1

Detailed description:

On 07.11.22, block production on Basilisk halted at block #2,145,599. The incident was caused by a panic due to corrupted storage after upgrading to polkadot v0.9.29. For more information regarding the incident, our actions and key takeaways, please refer to our post mortem.

This proposal aims to restore block production by calling paras.forceSetCurrentCode which would upgrade the runtime of parachain id 2090 (Basilisk) to v12.0.1. The proposed runtime contains a fix which increases MaxAuthorities from 10 to 50.

Impact / why fast-track?

The aim of Basilisk is to enable permissionless liquidity in the Kusama ecosystem by empowering young projects to bootstrap initial liquidity using LBP, and furthermore expanding liquidity within the ecosystem using our Snek Swap (XYK) pools with time-based incentives.

Any (longer) disruption in block production has serious consequences for a DeFi project. This is even more the case if this happens amid extreme market volatility - changing prices can create impermanent loss for liquidity providers who have no option to exit their positions.

Kusama needs liquidity which also means it needs DeFi. Help send out a signal of support by fast-tracking this proposal.