Picasso aims to become the DeFi hub of Kusama, connecting parachains with the broader Cosmos ecosystem. Through opening this XCM channel, Statemine assets will have access to Picasso dapps, thereby increasing the utility and TVL of USDT and other Statemine tokens.
For example, we will setup pools for USDT and KSM on Pablo, as well as integrating them within our later released pallets such as CosmWasm. This opens up the possibility to also support these tokens within our IBC bridge that will launch in the future too.
A force transfer 11 KSM from Kusama treasury (F3opxRbN5ZbjJNU511Kj2TLuzFcDq9BGduA9TgiECafpg29) to Statemine (F7fq1jSNVTPfJmaHaXCMtatT1EZefCUsa7rRiQVNR5efcah). 10 KSM used as deposit for channels. 1 KSM for transaction fees payments.
Send XCM message to Statemine to execute 0x1f000101000214000400000000070010a5d4e81300000000070010a5d4e800060003009435775c1802083c01270800003c0027080000e803000000900100140d01010000000004000101006d6f646c70792f74727372790000000000000000000000000000000000000000
This message does the following:
F3opxRbN5ZbjJNU511Kj2TLuzFcDq9BGduA9TgiECafpg29Picasso is a platform that connects different blockchains. It is like a hub for DeFi on Kusama.
Picasso will connect with Statemine assets, which will increase the use of USDT and other Statemine tokens.
Picasso will set up pools for USDT and KSM on Pablo and integrate them into their later released pallets such as CosmWasm.
A force transfer of 11 KSM from Kusama treasury to Statemine will be made. 10 KSM will be used as deposit for channels, and 1 KSM will be used for transaction fees payments.
A message will be sent to Statemine to execute a batch transaction and open a channel request from Picasso 2087.