## TL:DR

This batched proposal is to Accept/Open an HRMP channel with Bifrost and to register the BNC token

## Summary

We propose to open a bi-directional channel between Moonbeam and Bifrost. Initially, the main use case will be to transfer GLMR and BNC between the two chains, but it can be further expanded to other use cases. The proposal also includes the BNC asset registration as xcBNC, with the following details:
 - Multilocation: *{ "parents": 1, "interior": {"X2": [{ "Parachain": 2030},{ "GeneralKey": "0x0001"}]}}*
 - Decimals: *12*
 - Name: *BNC*
 - Symbol: *xcBNC*

xcBNC will have the following asset ID and XC-20 address:
 - Asset ID: 165823357460190568952172802245839421906
 - XC-20 address:  0xffffffff7cc06abdf7201b350a1265c62c8601d2

## Proposal

Proposal #11 with the following hash: *0x650a666ffd4a88125f8fad43dc70b48de262429d186f62465b5e04e8a23f7708*

## Technical details:

The procedure for opening the channels is as follows:

 - Bifrost: already proposed to open an HRMP channel to Moonbeam
 - Moonbeam: democracy batched proposal:
     - Open Moonbeam to Bifrost HRMP channel
     - Accept Bifrost to Moonbeam HRMP channel
     - Register BNC asset as an XC-20
 - Bifrost: democracy proposal to accept Moonbeam to Bifrost HRMP channel

Once the HRMP channels are ready, XCM based cross-chain transfer will be possible. The extrinsics that need to be executed on the relay chain, are:
 - To accept the HRMP channel to Moonbeam: *hrmp.hrmpAcceptOpenChannel(sender: 2030)* , which hex-encoded call data is *0x3c01ee070000*
 - To open the HRMP channel from Moonbeam: *hrmp.hrmpInitOpenChannel(recipient: 2030, proposedMaxCapacity: 1000, proposedMaxMessageSize: 102400)*, which its hex-encoded call data is *0x3c00ee070000e803000000900100*
 
The *proposedMaxCapacity *and *proposedMaxMessageSize *are set to the values of Polkadot’s *configuration.activeConfig.hrmpChannelMaxCapacity* and *configuration.activeConfig.hrmpChannelMaxMessageSize* values, respectively.

These extrinsics need to be called from the parachain’s sovereign account as origin, via a democracy proposal. The proposal will use *polkadotXcm* pallet to send XCM message to the Relay Chain with the following items:
 - Withdraw asset: take funds out of the Sovereign Account of the origin parachain (in the relay chain) to a holding state
 - Buy execution: buys execution time from the relay chain, to execute the XCM message
 - Transact: provides the call data to be executed
 - Deposit asset (optional): refunds the leftover funds after the execution. If this is not provided, no refunds will be carried out

The asset will be registered with the metadata described in the summary. The *setAssetUnitsPerSecond* was calculated using the value for BNC value on October19th 2022, targeting a XCM transaction cost of 0.02$.

If you are interested, the hex-encoded call data for this proposal in [Moonbeam](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fwss.api.moonbeam.network#/extrinsics/decode ) is:

```
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
```

As a prerequisite, the parachain’s sovereign account must contain at least 20 DOT to be locked as collateral (10 for each channel direction), plus some DOT to pay for XCM execution fees.

- The proposal is to open a channel between Moonbeam and Bifrost.
- They want to transfer GLMR and BNC between the two chains.
- They also want to register the BNC asset as xcBNC.
- They have a proposal number and a hash for the proposal.
- They need to execute some extrinsics to make the channels work.

Open/Accept HRMP channel to/from Bifrost and Register BNC Asset

No Active Proposals