This runtime upgrade consists of major improvements and breaking changes for the Liquid Staking protocol as follows
- LKSM staking cap is now lifted with sub-account implementation
- Minting fee and redeem fee are replaced by a uniform commission (1%) contributing to the Karura Treasury
- Unstake normally will take maximum of 7 Days and 6 hours and no more. The predictability is expected to help asset planning for users.
- Unstake instantly now can choose to use a redemption pool (with a fee at 1%) in combination with using Karura Swap to redeem KSM back instantly. This is expected to reduce costs and improve efficiency of redemption.
- On January 4, stake and unstake operations will be disabled temporarily to ensure data integrity etc. A referendums will then be created for runtime upgrade.
- On January 4, after #1 is done, the first runtime upgrade will be completed, subsequently the new liquid staking module will be configured with related parameters.
- On January 5, a second runtime upgrade will be executed to remove the old and deprecated module code.
- after #3 is completed, LKSM’s stake & unstake operations will be resumed.
Details will be posted here