This proposal will initiate opening XCM channels with almost all of the other active parachains.
The immediate goal is to open channels with Kilt and Zeitgeist in order to open money markets for KILT, ZTG since they have <18 decimals. However, once you’re sending an XCM message to the relay chain to open one channel, you can batch together opening multiple channels. The Interlay community was supportive of using a single referendum to open channels to KILT, ZTG, PLMC, and PEN, so I’ve pushed the limit by opening channels to most active parachains (not including Composable who lost their slot and Collectives which is new, Hyperbridge doesn't support XCM and BridgeHub where assets flow via AssetHub), which is a total of 12 new channels.
In other communities we have debated whether there is really any actual risk to having XCM channels open to other chains and the consensus has generally been that it is low to no risk. Opening each bi-directional XCM channel does require locking 20 DOT in Interlay's child account on Polkadot, but that child account also serves as the DOT reserve acct for all DOT transferred to the Interlay chain so it will always hold a LOT of DOT. As long as there are at least 400 DOT in use on the Interlay chain there are enough DOT in the Interlay child acct to lock for all of the XCM channels.
Note that after this referendum there will still need to be two more rounds of referenda to fully open these channels. First, there will need to be a referendum on the other chain that accepts the incoming channel, registers INTR and iBTC, and sends an open channel request back to Interlay. Second, Interlay governance would then accept the return channel and register the other parachain’s token.
This proposal compensates me for 5 hours of community discussion, crafting the call, Chopsticks testing, and creating the proposal.
5hrs x$100/hr = $500 = 35,360 INTR at $0.01414/INTR
Batching all of these channel open requests together will save the Interlay treasury money by reducing how many more referenda are required for this non-controversial topic.
Interlay is opening XCM channels with many active parachains to open money markets for KILT, ZTG, PLMC, and PEN. This requires locking 20 DOT in Interlay's child account on Polkadot. The risk of opening XCM channels to other chains is considered low to no risk. There will be two more rounds of referenda needed to fully open these channels. This proposal compensates the proposer for 5 hours of work with $500 or 35,360 INTR at $0.01414/INTR. Batching these channel open requests together will save the Interlay treasury money.