GM Everyone – this proposal, if approved, will:
- Transfer
60,000 DOT from the HydraDX Treasury to the Pure Proxy on the Polkadot Relay Chain which was created under HydraDX referendum #90
- Polkadot Pure Proxy address:
13RSNAx31mcP5H5KYf12cP5YChq6JeD8Hi64twhhxKtHqBkg
If this referendum enacts, then the Pure Proxy will hold ~305,000 DOT from the HydraDX Protocol Owned Liquidity (POL) – it should be noted that 30,000 DOT in this Pure Proxy has previously been reserved as part of the recent parachain slot auction which HydraDX won.
The goal is to transfer these DOT to the Pure Proxy on Polkadot and stake them – this primarily will ensure that the protocol has enough DOT in the future to pay for Polkadot Coretime. The HydraDX Council has a Staking Proxy multisig assigned to the Pure Proxy and will stake these DOTs.
Staking rewards are distributed to a second Pure Proxy on Polkadot 14kovW62mmGZBRvbNT1w5J7m9SQskd5JTRTLKZLpkpjmZBJ8 – where the only proxied account associated with this Pure Proxy is parachain 2034 (HydraDX) as an Any Proxy – this simplifies the monitoring of staking rewards.
Important Note
These DOT are NOT being removed from the Omnipool – they are currently sitting idle in the HydraDX Treasury.
Referendum #43 approved 1.33M DAI to be diversified into DOT for the second parachain lease period - HydraDX recently secured this slot for 30,000 DOT (~$204K at the time) and therefore these DOT are not currently allocated to a specific purpose.