🔔WEEKLY UPDATE: 10.10.22🔔

It’s a new week - breathe in the fresh air, stretch your hip flexors, and grab your coffee, it’s a busy one ☕️
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We have two live events this week, both on Wednesday - we’d love to see you there!

🦢 Beamswap AMA: Wednesday, October 12, 11:00 AM UTC

Join our host, Jay from Beamswap, and our Product Manager Alex for a live AMA about Interlay, Beamswap, and DeFi.
🔗 Twitter Space Link

🎙 Community Call: Wednesday, October 12 4:00 PM UTC

You don’t want to miss our second Community Call! We’ll be talking about evolving Bitcoin into the future of DeFi on other chains including DOT, Cosmos, and Ethereum on the Community Stage. I bet you have Thought™️, our community call is time to jump on stage and share them with us! If you’re shy, don’t worry, jump into the Call Chat channel to ask questions or add thoughts.
🔗 Discord Event Link
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📸👠 Press, press, press, press

Interlay was featured in Hackernoon! https://hackernoon.com/the-future-of-defi-for-bitcoin

Our story is currently #7 in the top 10 read articles ( okurrr!) - let’s move that up!
🔗 Please read and share
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🗞 Ecosystem Update

What’s been going on with the Interlay Team? Tea has been served with our latest Ecosystem Update.

Read about what we’ve been working on, what’s next in the roadmap, and where we’re going to be in October - November (spoiler: a LOT of places)
🔗 Read the Ecosystem Update here

If you've made it this far, thank you! We hope to see you this week at our events or on Telegram and Discord. There will be some Big News™️ in the coming weeks, so pay extra attention to our communications channels if you feel so inclined 👀

🚨IMPORTANT INFORMATION FOR KINTSUGI VAULTS🚨

Upgrade to runtime v1.19.0: Referenda #64 Passed

Link: https://kintsugi.subsquare.io/democracy/referendum/64

What you need to know:
1️⃣ Vaults can now self-redeem (burn kBTC for unlocking collateral) without sending BTC
2️⃣ Includes all relevant changes to support polkadot-v0.9.26
3️⃣ The current vault client is not compatible with the new runtime, and will stop functioning after the upgrade

What you need to do:
🚨 Prepare to upgrade your vault at block number 1672783, which should go live around 8 pm UTC today, October 13th, 2022, in about 1.5 hours

📍We will post another announcement in this channel today when it’s time to upgrade the clients

🚨IMPORTANT INFORMATION FOR KINTSUGI VAULTS🚨

Upgrade to runtime v1.19.0 is now live!

⏰ It's time to upgrade your vault to runtime v1.19.0 ⏰

The current vault client is not compatible with the new runtime, and will stop functioning after the upgrade. It's important to upgrade ASAP.

Referendum Details: https://kintsugi.subsquare.io/democracy/referendum/64

Interlay Runtime Upgrade - v1.19.0 - Change to voting period

The runtime upgrade v1.19.0 that was due to go live Wednesday with a 4-hour fast track has been been altered due to the request of the community.

Changes Made👇
1️⃣ We have changed this from a 4-Hour fast track voting window to a 7-Day referendum
2️⃣ Voting is now open: https://interlay.subsquare.io/democracy/referendum/26

Voting ends at block: 1451665

When to upgrade your Vaults?
When the proposal is enacted [ETA 7 Days] only then should you upgrade to the latest client release found here: https://github.com/interlay/interbtc-clients/releases/tag/1.17.4

Ahead of our Parallel pool launch next week (whaat, alpha leak):
https://twitter.com/illu_te/status/1583439731966496768?s=46&t=KaP4qAnlu-86leu4Y6-twA

Let's make iBTC win that poll ;)

Interlays Future - The Road Ahead

Less than 10 minutes to go until we jump right into our live community call featuring Co-Founders: Alexei & Dom

We'll be making an Internal announcement to our community at 6pm CET about the next phase of true Bitcoin #DeFi

Psst, brace yourselves for the biggest Alpha drop you'll hear this year👀

Join us in the Community Call stage in 10 minutes
https://discord.com/events/745259537707040778/1033071673596973158

Hi Interlay Community!

We've been a bit quiet since we've been busy building, but here is a Monday update for you.

Check out this talk from Interlay co-founder and CEO Alexei Zamyatin from the 2022 We Summit in Lisbon, Portugal:

https://twitter.com/InterlayHQ/status/1594765065487585288

Subwallet has released an analytics DApp, dotinsights. They're currently creating a map of the favorite projects in the Dotsama ecosystem. All voters from now until November 30th will receive a one-of-a-kind NFT for voting, so go vote for your favorite (obviously Interlay and Kintsugi):

https://dotinsights.subwallet.app/

We have some big updates coming soon, so stay tuned 📺

🛡Recommended Adjustment to Vault Reward Schedule on Kintsugi and Interlay🛡

A new discussion post has been uploaded recommending to make adjustments to Vault Block Reward Schedules

A Call For Discussion💬
This is quite the important proposal, so we welcome you all to read through this and share your thoughts with us for whether you're pro/contra & why this is the case!.

We request that that the community discuss and that a proposal is up for voting no later than the 28th November🗓️ on both Kintsugi & Interlay

Link to Discussion Below⬇️
https://interlay.subsquare.io/post/12

🗳️Governance Vote 2 of 2: Interlay 🤝 Statemint [Resubmission]

Vote on the proposal to finalise the opening of an XCM channel with Statemint, a common good parachain of Polkadot, so more assets can be used as collateral types for vaults in the future [mainly USDT!]

The referendum has been fast tracked and can be voted on in the next 3 hours

The referendum has been fast-tracked as the community has voted on this before and we only need to re-execute as last time it failed due to a referendum failing also on parity/Statemint side.

Voting ends at block: 1631352

🔗To Referendum ⬇️
https://interlay.subsquare.io/democracy/referendum/32

Polkadot Community - Featuring Interlay:Interlay

Whats that? A last minute addition⁉️ Join us in 5 minutes as our Co Founder & CEO of Interlay - Alexei, goes live on the much awaited Polkadot Community Call!

We'll be discussing our most recent announcement⬇️

🌟'Interlay 2.0 - From bridge to BTC DeFi Hub'🌟

🕓 Starting in 5 minutes at 4pm CET

Check out the tweet below to join!⬇️
https://twitter.com/InterlayHQ/status/1595788748955975680?s=20&t=sc-5DYqpeUPV1M96ARmazQ

Governance Proposals: Threshold Reduction & Vault Reward Schedule

Ongoing Vault Reward Adjustment Schedule [OG Proposals]

1️⃣ Adjustment to Vault Reward Schedule on Kintsugi
https://kintsugi.subsquare.io/democracy/referendum/72

2️⃣ Adjustment to Vault Reward Schedule on Interlay
https://interlay.subsquare.io/democracy/referendum/33

Please Note: The collateral thresholds are voted on separately, therefore we have submitted additional proposals for this change on both Kintsugi & Interlay and they have just now been upgraded by fast-track committee to referendums which are linked below,

Follow-up referendum's
We're asking you to cast your vote on the following 'follow up' referendums,

1️⃣ Follow Up to Proposal #75 - threshold reduction
https://kintsugi.subsquare.io/democracy/referendum/71

2️⃣ Follow Up to Proposal #35 - threshold reduction
https://interlay.subsquare.io/democracy/referendum/34

Voting is now live for all FOUR referendum's!

NOTE: The collateral thresholds are voted on separately

Call To Vote - Threshold reduction & reward schedule

Interlay 2.0 is underway & we've got four important referenda's currently underway which need your vote!

In the spirit of decentralisation, we want you to choose and have your say

1️⃣ Adjustment to Vault Reward Schedule on Kintsugi
https://kintsugi.subsquare.io/democracy/referendum/72

2️⃣ Adjustment to Vault Reward Schedule on Interlay
https://interlay.subsquare.io/democracy/referendum/33

3️⃣ Follow Up to Proposal #75 - threshold reduction
https://kintsugi.subsquare.io/democracy/referendum/71

4️⃣ Follow Up to Proposal #35 - threshold reduction
https://interlay.subsquare.io/democracy/referendum/34

Trustless Bitcoin lending & borrowing is live on testnet
https://twitter.com/alexeiZamyatin/status/1598122465393520641

Call To Vote - Threshold reduction & reward schedule

We still have two important referenda currently underway which need your vote!

Don't miss your chance to get involved:

1️⃣ Adjustment to Vault Reward Schedule on Interlay
https://interlay.subsquare.io/democracy/referendum/33

2️⃣ Follow Up to Proposal #35 - threshold reduction
https://interlay.subsquare.io/democracy/referendum/34

⚠️ Kintsugi has stopped producing blocks since block 1,983,993 ⚠️

We are investigating an issue related where kintsugi stoppped producing blocks after a runtime upgrade.

The issue is related to a wasm trap in aura: https://github.com/paritytech/substrate/blob/master/frame/aura/src/lib.rs#L292

We will post here once we have an update.

⚠️ We have identified the issue and are now investigating how to resolve it.⚠️

Will keep you updated as things develop.

Quick update:

The upgrade was tested on testnet of course. Unfortunately, the issue is something that none of the currently existing testing tools can catch - it is caused by a problem specific only to Kintsugi: an issue caused by the Kintsugi configiration. Meaning: this issue does not happen on testnet or on interlay.


We have a fix.
We're working with Parity to validate the fix.

Unfortunately, we will need to ask Kusama governance to recover the chain. We are preparing a proposal.

A detailed post-morten will be released.

We will keep everyone up to date as we progress. Community support on Kusama will be needed to speed up the recovery proposal.

Full tweet: https://twitter.com/kintsugi_btc/status/1598318243734773760

Update:
The runtime upgrade to recover Kintsugi is ready.

Next step: governance proposal on Kusama.
Finalizing admin around the proposal to get it up for voting asap.

All user funds remain safe.

We will keep updating as things progress.
https://twitter.com/kintsugi_btc/status/1598671182550732800

Latest update:

Final preparations for restart ✅
Kusama governance proposal expected within 24h.

This will be the first major proposal going through gov v2.

User funds and vault collateral levels remain safe.

https://twitter.com/kintsugi_btc/status/1598963293208530944