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Executed
Requested:
4.04K KSM
#471 Retroactive Funding for Braleโs Public Good Stablecoin Integration with Kusama Asset Hub (now live)
Description
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Timeline
Evaluation
On Chain Info
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Full proposal here.
Latest Brale deck inc Kusama/Polkadot: here. (added 8.12.24).
Proponent: Decent Partners collective
Request: $125,000 + 10% volatility buffer any excess will be returned.
Total USD: $137,500 Total KSM: 4044 (EMA7 $34)
Beneficiary: Decent Partners organisation on krievo, sovereign account on relay chain.
Address: G2zmdwA3V1je5nrXdwDYGPC6hqvqaomoaHmNdMy1JPL7frh
Members: Four organisations with 1 vote each - decent, Brale, Virto, KSM collective.
Governance: optimistic approval - proposals pass by default unless majority organise to reject.
Contact: Decent Partners public matrix inc representatives from member organisations.
Summary
This proposal seeks retroactive funding of $125,000 in KSM to reimburse Brale for completing the integration of their community driven stablecoin issuance platform with Kusama AssetHub, which establishes a significant public good, unlocking exciting new opportunities for collectives.
By leveraging the Kusama-Polkadot bridge, Brale allows any organisation operating on either network to issue US regulated and yield generating stablecoins that can be exchanged at zero cost across 15 connected blockchains.
Ethereum, Base, Solana, Optimism, Polygon, Ethereum Classic, Celo, Hedera, Arbitrum, Avalanche, Cosmos, Coreum, Vechain.
The first stablecoin is decent/dUSD and it has been minted on Asset Hub with ID 50,000,002.
Brale have onboarded to krievo, joining the Decent Partners collective alongside decent, Virto and KSM collectives.
They are committing their KSM fee to driving adopton of dUSD.
A concurrent proposal requests a KSM liquidity subsidy for kickstarting a KSM:dUSD trading pair on Asset Hub.
Brale are committing $300k of dUSD to the pool.
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Users are saying...
Based on all comments and repliesOverall 75 % of users are feeling optimistic. The P<><K bridge will allow seamless movement of assets between Kusama and Polkadot networks, enabling access to stablecoin infrastructure and easy minting of assets. The $125k integration fee will be used to bootstrap the first stablecoin dUSD, with no ongoing costs. Collaborations with Kreivo for stablecoin loans show promise for treasury fund management. Polkadot Hungary DAO supports this initiative, recognizing the importance of expanding stablecoin options within the ecosystem.
Overall 25 % of users are feeling neutral. The discussion involves seeking clarification on plans for leveraging the P<><K bridge and requesting additional details on the budget allocation of $125k. Specific breakdown of costs and potential future maintenance expenses are also being requested to ensure transparency and understanding of financial implications.
AI-generated from comments
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Hw38...c75M
HI,
Could you specify your plans with the P<><K bridge ?
You say you want to leverage on it, so what do you have in mind there ?
Fvrb...FVGn
"Could you specify your plans with the P<><K bridge ?"
With the bridge in place KSM+DOT and arbitrary assets can move between networks.
That means users/collectives can access the Brale stablecoin infra across both networks, minting assets on Kusama AH.
Stablecoins issued there can also move freely between networks.
With the Kusama integration done it would also be easy to enable the integration on Polkadot AH - for example if people preferred to mint a Polkadot Dollar (pUSD) there for branding purposes.
Hw38...c75M
Please also provide mroe details about your 125k$.
You're throwing a number without any details.
Thx to provide a full breakdown of the costs.
We don't even know if there are some maintenance costs that the Treasury may have to pay in the future ot not.
Fvrb...FVGn
The $125k is Brale's standard integration fee.
We have negotiated for this KSM cost to be leveraged to bootstrap the first stablecoin dUSD rather than it being used as a straight up fee.
No ongoing / maintenance costs.
GqPD...ikoV
I voted AYE but I feel Decent Partners better promice to provide some more contributions for this 4K if this proposal passes.
4K KSM is a lot of value guys!
EPrE...WpL2
Lucky Friday have voted ABSTAIN. Please consider this a temporary notification after our vote has gone on chain. If you would like additional feedback on our rationale for this vote, please join our OpenGov Public Forum on Telegram here: https://t.me/+559tyPSfmGg0NzUx
Lucky Friday provides feedback once per week (Fridays) if specifically requested in our OpenGov Public Forum, and we respectfully ask that all proponents of referenda interact with us here for the sake of transparency. Please tag our Director of Protocol Relations โPhunkyโ with your referendum number so that he can gather the relevant commentary from our internal deliberations.
(Edited)
On behalf of the Polkadot Hungary DAO:
We have voted Aye on this proposal. The project is intriguing, and expanding the use of centralized stablecoins beyond USDC and USDT is essential. Providing support for other stablecoin issuers is necessary to maintain a diverse stablecoin portfolio within the ecosystem.
We are especially glad to see the collaboration with Kreivo to enhance treasury fund management through stablecoin loans. If this initiative is successfully tested on Kusama, it would be worth considering the implementation of the same concept on Polkadot.
You can view how the Polkadot Hungary DAO evaluated ref. 471 on our public page here.
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#509 KSM RFP #1 - Shielded Kusama Hub Transfers - $50k Total Prize!
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This RFP was adapted over several weeks on AAG to turn a treasury proposal in discussion to an RFP with refined scope and oversight.
To apply for the prize pls fill out this form.
Prize Pool: $43,000
Finderโs Fee: $2,000 **
Supervisors: $5,000
Supervisors (Bounty Curators)
- Flipchan
- Byte (Erin)
- James Slusser
Excess or unused funds will be returned to the treasury by Bounty Curators.
Timeline
Monday, March 17 - AAG Discussion & this forum post! โ
Monday, March 24 - Single-ref Bounty + Curators โ
4 Weeks after Bounty Funding - Submission Deadline Thursday
July 31 - Project Completion (Pending Kusama Hub Launch)
Project Scope
Smart Contract Development
- A Solidity-based smart contract deployed on Kusama Hub
- ZK enabled for private deposits & withdrawals
- Compatibility with all Kusama Hub assets
User Interface
- Browser-based, mobile-ready UI hosted on IPFS
- Support for: Deposits, Withdrawals, Transfers, XCM Transfers
- Compatible with popular ecosystem wallets (Nova Wallet, Talisman, Subwallet)
Anti-correlation Attack Mitigations:
- Fixed deposit amounts (e.g. 1, 10, 100, 1000 units)
- Batch payouts for withdrawals to multiple users
Interoperability - Ability to receive assets via XCM from any Kusama-connected parachain and transfer them to Kusama Hub for use in shielded pool.
Open-Source Delivery
- All code (smart contracts and UI) published under the MIT license
- Publicly accessible repositories Project updates shared transparently via Polkassembly, Subsquare, or Polkadot Forum from Team with Milestone deliveries
- Developer & User documentation
Milestones
Milestone 1, Initial Pools & Basic UI:
$16,200 USD
1 month
- Tests - Smart contract test
- Smart contract - ZK shielded smart contract with KSM and multi asset support on Westend or Paseo
- Basic UI - A basic UI for interacting with the smart contract
Milestone 2, UI + XCM:
$9,900
1 month
- Tests - tests for all features
- User interface design - UI design
- XCM transfers - XCM transfer assets in UI
- Fixed amount transfer only - Allow fixed amount transfers in the UI
Milestone 3, Mainnet Deployment:
$16,900
1 - 1.5 months
- Contract Migration to Kusama Assethub - Migrate contract from Testnet to Kusama Hub
- Public documentation - Documentation for using Kusama shield and developer integration documentation
- Test - tests for contract
- V1 UI - User tested & something we can be proud of
** re: Finderโs Fee: this payment is set aside to incentivize a broad search for the right implementor. Finderโs Fees are paid out at time of team engagement. Teams that submit themselves can collect their own Finderโs Fee at completion of project.
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