Aye

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Set DOT Asset Rates for USDT and USDC

inWhitelisted Caller

2 days ago

Deciding

Sets DOT asset rates for USDT and USDC. The asset rates were not mapped during the migration and therefore need to be redefined. Since the asset IDs (XCM locations) were not re-anchored, they cannot be used correctly in their current form. Whitelisted by 432.

Context

Asset rates are used to verify the maximum spend amount allowed for each Governance track.
Every track has a maximum permitted spend defined in DOT terms, and the asset rates define the conversion of a given asset relative to them.

This batch includes calls to remove the unmapped asset rates and re-add them using the corrected asset IDs while preserving the same rate values.

Each rate is represented as a Fixed-Point 128-bit unsigned integer, using a divisor of 10¹⁸.
Internally, the type is a wrapper around u128 and decodes accordingly.

Concrete Value

The constant value of 1,000,000,000,000,000,000,000 in the call is the same as before and calculated as:

DOT denomination: 1e10
USDC (asset 1337) and USDT (asset 1984) denomination: 1e6
Precision of the FixedU128 type that stores the value: 1e18

To calculate the ration for 10$ per DOT:
USDC per DOT = 1e10/((1e6*1,000,000,000,000,000,000,000)/1e18) = 10

Comments (1)

21 hours ago

Dear Proposer,

Thank you for your proposal. Our first vote on this proposal is AYE. Below is the evaluation of our voting policy v0.3 on this referendum:

WHITELISTED CALLER
------------------
8 available members
🟢 4 • 🔴 0 • ⚪️ 0
✓ ≥50.0% required participation met
▶ Ayes ≥60.0% of all votes
🟢 AYE

Below is a summary of our members' comments:

Votes indicated widespread approval for reconfiguring the DOT asset rates for USDT and USDC. Participants expressed that the measure was vital for treasury USDx referenda and overall treasury functionality. They acknowledged that the amendment preserved the rate at 10 USD per DOT and resolved issues arising from misconfigured asset mapping. Some emphasized the significance of this upgrade in maintaining accurate treasury operations while also expressing hope that future adjustments might incorporate real-time oracle tracking. The decision rectified long-standing migration discrepancies and was unanimously supported by voters, illustrating a consensus on stabilizing asset rate management for improved governance and treasury efficiency.

The full discussion can be found in our internal voting.

Please feel free to contact us through the links below for further discussion.

Kind regards,
Permanence DAO
Decentralized Voices Cohort V Delegate

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Voting Period

Decision Period

2 / 28 days

Confirmation Period

0 / 10 minutes

Summary

Aye

Nay

Aye (13)0.0 DOT

Support0.0 DOT

Nay (0)0.0 DOT