Onboard Brale and Glo Dollar to Kusama AssetHub v2 - inc ability to create Kusama & Polkadot branded stablecoins

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7,704KSM
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Decision14d
Confirmation2d
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32.2%Aye
50.0%Threshold
67.8%Nay
Aye
131.01KKSM
Nay
276.3KKSM
  • 0.0%
  • 0.0%
  • 0.0%

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Support(0.22%)
31.91KKSM
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14.31MKSM
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Doing a bit of reverse engineering of the remark(nu:open remark | split chars | prepend ' ' | every 3 --skip | str join | decode hex) that wasn't submitted correctly as binary data, I arrived to the following text:

Date: 30/01/2024
Proposal to: Kusama common good fund
Summary: Onboard Brale and Glo Dollar to Kusama 
Approval: Simple Majority
Read full proposal: https://rfc.decent.partners/t/onboard-brale-and-glodollar-to-kusama-assethub/57

Spend sent in parallel to three separate verified beneficiary accounts.

Scheduled as two payments:

- 50% paid out to addresses 1 block after confirmation.
- 50% paid out 1612800 blocks after confirmation (16 weeks).

Optimistic grant assumes core integration and launch functions are completed within 16 weeks. 

Glo Consortium integrations and marketing are likely to continue beyond the 12 weeks. 

Any issues will be reported at least 2 weeks ahead of scheduled payment due date.

Kusama governance retains oversight of second payment.

If necessary second payment can be rescheduled or cancelled.

Unused volatility buffer returned to treasury. 

Beneficiary: Brale
Website: https://brale.xyz  
Verified address: F9ob8GJg7CCMpUKrR6PJdS9tpgDBKSw4CWNjGpEPgahnTVJ
Responsibilities: Issuance, regulations, insurance, redemptions, custody, audits.
Grant: $125,000
Volatility buffer 10%: $12,500
Total: $137,500
Date: 2024-01-30
KSM EMA30: $40.00
Total KSM: 3438 

Beneficiary: Glo Dollar
Website: https://glodollar.org 
Verified address: Fy3bL9Qw8LUpQCvv8tsoWNQcH8onZggg2PYT7bdL5LbhDTn
Responsibilities: Marketing, market making, partnerships and integrations
Initial liquidity: $25k KSM and $25k USDGLO
Glo consortium integrations & announcements: $75k
Total grant: $125,000
Volatility buffer 10%: $12,500
Total: $137,500**
Date: 2024-01-30
KSM EMA30: $40.00
Total KSM: 3438 

Total USD: $275,000
Total KSM: 6876

Beneficiary: Decent Partners
Website: https://decent.partners 
VAT number: GB306867875
Verified address: FvrbaMus8iASyrQYkajQWDxsYvG5gb72PFPuvy8TvkFFVGn
Responsibilities: Research, strategy, business development, stakeholder relations, proposal development.
10% Network Service Fee (NSF): $25,000
+10% volatility buffer: $2,500
Total: $27,500
-- GBP: £21,750
-- VAT @ 20%: £4,350
-- Total GBP: £26,100
Total USD: $33,100
Date: 2024-01-30
KSM EMA30: $40.00
Total KSM: 828

Total spend to be approved:

Grants: $275,000 (inc volatility buffer)|
Network Services: $33,100 (inc VAT, volatility buffer)
Total: $308,100
Total KSM: 7704
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hello team!,

Thanks for the proposal, nice to see the altruistic concept behind GloDollar and trusting the 100% asset backing mechanism.

We would be more than happy with leaving the proposal at Phase 1 as we see no benefits on the "white label" approach of repackaging same product into Polkadot or Kusama branding, just increased dilution, added complexity and maybe fostering confusion on where the tech dev & support efforts and related liabilities should be.

In conclusion, Aye for just Phase 1.

Cheers!...

Milos

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