Open HRMP channels between Turing and Karura

TL:DR

I propose to open bi-directional HRMP channels between Karura and Turing.

Summary

This proposal intends to enable:

  1. Holding and transferring native Turing tokens (TUR) on the Karura network
  2. Holding and transferring native Karura tokens (KUR, aUSD) on the Turing network

Proposal

On-chain proposal #TBD

We (the OAK Network) request Karura governance approval to open bi-directional HRMP channels between Karura and the Turing Network.

The near term goal of this proposal is to enable TUR to be transferred and traded with the native tokens of the Karura network. The long term vision is to unlock trustless automation for Karura dapps, including stop loss and limit orders, automated yield farming, portfolio rebalancing, and other use cases for event-driven execution powered by Turing and XCM.

Steps to enact this proposal would be the same as other parachains who have opened HRMP channels with Karura. These extrinsics need to be called with the parachain’s sovereign account as origin. Sovereign accounts for both parachains must contain at least 10 KSM to be locked as collateral (5 for each channel direction), plus some KSM to pay for xcm execution fees.

  1. :outbox_tray: Karura requests to open HRMP channel with Turing:

hrmp.hrmpInitOpenChannel(recipient: 2114, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400)

  1. :white_check_mark: Turing (OAK) accepts the request from Karura to open channel.

hrmp.hrmpAcceptOpenChannel(sender: 2000)

  1. :inbox_tray: Turing (OAK) requests to open HRMP channel to Karura

hrmp.hrmpInitOpenChannel(recipient: 2000, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400)

  1. :white_check_mark: Karura accepts the request for Turing to Karura HRMP channel

hrmp.hrmpAcceptOpenChannel(sender: 2114)

Turing Network:

The Turing Network is OAK’s canary network, a custom event-driven parachain on the Kusama relay chain. The OAK Network is the payments and finance infrastructure for Web3, empowering connected blockchains and decentralized applications with trustless and secure automation. OAK’s event-driven execution model enables executing blockchain transaction based on time, price, or state change of another chain or smart contract.

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