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Polkadot OpenGov TOP-UP KILLER: utility.batch treasury.spends with USDC + USDT
This video details how Polkadot OpenGov proposers can use utility.batch with treasury.spend call with USDC + USDT! Its meant to inform proposers and OpenGov voters.
- Video: utility.batch treasury.spends with USDC + USDT
- Slides: utility.batch treasury.spends with USDC + USDT
- Cheat Sheet: utility.batch treasury.spends with USDC + USDT
Instead of using EMA7+EMA30 guesswork (which predictably gets unpredictable results, especially this week 😅) and asking for annoying topups later when DOT falls, this process saves everyone from all that guesswork and gets stable results.
Instead of proposers getting paid everything up front (too risky for OpenGov Treasury) or paid retroactively if it passes (too risky for proposer), proposers can deliver milestone by milestone with this FAIR utility.batch.
If proposers fail to deliver, OpenGov can use treasury.voidSpend to cancel the proposal execution.
This means: NO MORE TOP UPS!
Note: this is not a declaration from OpenGov or a Wish-for-change, just an educational video.
We hope someone will make a better video but I think its urgent that everyone know about and use this for efficient Treasury spends.
Also note from @replghost from this tweet -- ** DO NOT USE ** your relay chain multisig to request USDC or USDT funds from the treasury at the current time. You need to set up a separate AssetHub multisig to receive stablecoin funds from the treasury.
Comments (4)
Requested
Proposal Passed
I have my doubts regarding this proposal. I appreciate the videos and formation provided, as I believe are helpful to many proponents. However, I am concerned that this type of proposal, if approved, would be considered a "declaration" from OpenGov for all proposals to be executed in this way, which I do not consider to be correct, since it would place limitations that I do not know if can be applied to all cases. For now, I will be abstaining.
@EzioRed
Ah, I didn't think about that! No, this is not a "Wish for change" or a declaration of OpenGov to make this normative (though I think it should be).
Just my first attempt at an educational video since 2 other folks asked me. I literally needed to have a cheat sheet for myself and others started to ask me about it.
Hope someone else with better video editing skills does a better job. Even more importantly, I hope someone will find a bug so the next guy who uses this (I think important) gets it right on the first try.
Voting in favor of Referendum #1052 supports the introduction of stablecoins (USDC and USDT) in treasury spending, which can bring stability, efficiency, and better financial management to the Polkadot ecosystem. These benefits align with the broader goals of maintaining a robust, secure, and innovative ecosystem. The proposal's focus on utility.batch operations further enhances its efficiency, making it a prudent choice for managing and allocating treasury funds.