Lowering or removing existential deposit - in the long run

sourabhniyogi · December 24, 2023, 4:35am

@joe What would be the exact OpenGov referendum process to have the community vote on lowering the ED from 0.1 DOT to 0.005 DOT on Assethub?

github.com

polkadot-fellows/runtimes/blob/30e0dbfdcb78722ed61325c0ebf1efdcdb6033ba/system-parachains/asset-hubs/asset-hub-polkadot/src/constants.rs#L21


      
          // distributed under the License is distributed on an "AS IS" BASIS,
          // WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
          // See the License for the specific language governing permissions and
          // limitations under the License.
          
          pub mod currency {
          	use polkadot_core_primitives::Balance;
          	use polkadot_runtime_constants as constants;
          
          	/// The existential deposit. Set to 1/10 of its parent Relay Chain.
          	pub const EXISTENTIAL_DEPOSIT: Balance = constants::currency::EXISTENTIAL_DEPOSIT / 10;
          
          	pub const UNITS: Balance = constants::currency::UNITS;
          	pub const DOLLARS: Balance = constants::currency::DOLLARS;
          	pub const CENTS: Balance = constants::currency::CENTS;
          	pub const MILLICENTS: Balance = constants::currency::MILLICENTS;
          
          	pub const fn deposit(items: u32, bytes: u32) -> Balance {
          		// 1/100 of Polkadot
          		constants::currency::deposit(items, bytes) / 100
          	}

This hasn’t been updated in nearly two years, and now with
(a) RFC #32 Minimal Relay Chain
(b) assetconversion pallet finally coming to AssetHub

I think we should to battletest AssetHub on Polkadot with the same kind of level of DotOrdinals activity as this by bringing on new users here in large numbers, following what you said here earlier:

I’m unclear why an RFC process would determine this rather than an OpenGov referendum. Can you explain?

The original 0.1 DOT was clearly semiarbitrary as would be 0.005 DOT – the latter just makes it more accessible. What is the security/storage math required to determine a reasonable value to lower the ED to, e.g. airdrop the entire DOT holders an XYZ token on AssetHub, where we wish to battletest DOT/XYZ swaps with assetconversion?

XYZ could be USDC or USDT (sufficient) or some crazy memecoin DED (not sufficient). Lowering this ED and getting massive liquidity for the central case of DOT/USDC and DOT/USDT [or a DOT/DED fun coin] would bring significant growth to AssetHub usage now and very much worth it!

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Lowering or removing existential deposit - in the long run

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