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, Phala's soverign 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 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 to distribute $PINK to the luck users. The distribution strategy was entirely discussed and proposed by Phala community, check here.

Much appreciated for your voting.