### TL; DR

This referendum proposed by Phala Network aim to unlock $PINK from Phala soverign account (on polkadot) to Phala sibling account (on AssetHub) on AssetHub. Thoese $PINK are airdrop we received from PINK team, and is plan to distribute to Phala community.

### Background

Recently, PINK team send the $PINK to all the projects including Phala who join the their lunch game earlier. Within this [extrinsic](https://assethub-polkadot.subscan.io/extrinsic/0xca5c3d7937402d9e737e5c845ef8b88b6ef5167c3c84051ff7cdc4171ff120b0), Phala's soverign account [13YMK2efovqo4yTgPvgeUnDeKWiLpGXkspJfhJo4YuiehJwG](https://assethub-polkadot.subscan.io/account/13YMK2efovqo4yTgPvgeUnDeKWiLpGXkspJfhJo4YuiehJwG) has received 18,862,885 $PINK in total.
However, due to our mistake (there is nothing regarding to PINK team), we provide the soverign account to PINK team, whereas we should provide the sibling account **[13cKp89Utf2hCaBpwvdjbRZTZzPeXgarwTx6xGKZRdkDZ2Z8](https://assethub-polkadot.subscan.io/account/13cKp89Utf2hCaBpwvdjbRZTZzPeXgarwTx6xGKZRdkDZ2Z8)** instead. By the design of XCM protocol, we have no control of the sovereign account on AssetHub, thus we don't have the ability to move asset through XCM.
For now, the $PINK was unlocked on sovereign account, it is safe because no one else has the ability to move it.

### Why we need this referendum

Generally, the admin of an asset (based on pallet-asset) have the ability to move assets between any account, but to make the community truly decentralized, PINK team has already renounced the admin role. So the only way to move $PINK out is to send XCM message from Polkadot (the relay chain), this operation need to have a referendum to do so.

### What we will  do if the proposal passed

After $PINK being move to our sibling account 13cKp89Utf2hCaBpwvdjbRZTZzPeXgarwTx6xGKZRdkDZ2Z8, we will follow the google sheet [here](https://docs.google.com/spreadsheets/d/14E-IvAwnottmkGN8-E3TxVBPElyeJJYVkb7Msa4TKuA/edit?usp=sharing) to distribute $PINK to the luck users.  The distribution strategy was entirely discussed and proposed by Phala community, check [here](https://phala.subsquare.io/posts/16).

Much appreciated for your voting.

- **Problem Statement:** Phala Network needs to move $PINK from the sovereign account to the sibling account on AssetHub due to an initial error in providing the wrong account to the PINK team.
- **Significance:** The referendum is crucial as the only way to move the $PINK out is through a referendum since the admin role has been renounced for decentralization.
- **Proposed Solution:** If the proposal passes, $PINK will be moved to the sibling account for distribution to the Phala community following a predetermined strategy.
- **Expected Outcomes:** Successful distribution of $PINK to the intended users based on the community-approved strategy.

#693 Proposal for unlocking $PINK from Phala soverign account to sibling account

No Active Proposals