Open HRMP cross-chain communication channel between Picasso and Bifrost

Picasso aims to become the DeFi hub of Kusama, connecting parachains with the broader Cosmos ecosystem. Through opening this XCM channel, Bifrost assets will have access to Picasso dapps, thereby increasing the utility and TVL of vKSM and other Bifrost tokens.

For example, we will setup pools for vKSM and BNC 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.

Flow

• Accepts existing open request channel from Picasso
• Sends open request to Picasso

Requires

This requires 11 KSM to be on the target Parachain 2001(Bifrost) account.

Detailed flow

• Sends XCM message to Kusama
• Puts 1 KSM into holder from Parachain 2001 account
• Sets 1 KSM as payment asset
• Executes batch transaction 0x1802083c01270800003c00d1070000e803000000900100
• Accepts open channel request from Picasso 2087
• Sends open channel request to Picasso 2087 with default parameters
• Remaining fee assets are returned back to Parachain 2001 account