In light of the Wormhole bridge discontinuation (see announcement: https://x.com/AcalaNetwork/status/1927003136998166602), we must migrate ASEED’s USDC collateral to AssetHub USDC to ensure continuous redeemability for ASEED holders.
This proposal initiates that process by:
1. Pausing ASEED redemptions.
2.Transferring all Wormhole-sourced USDC collateral into a staging account.
Once the funds are fully secured on AssetHub, a follow-up referendum will:
• Update the collateral type to AssetHub USDC.
• Resume ASEED redemption against the newly converted USDC collateral.
Acala Network is planning to migrate ASEED's USDC collateral from Wormhole bridge to AssetHub USDC due to the discontinuation of the Wormhole bridge. The process includes pausing ASEED redemptions, transferring USDC collateral to a staging account, and updating the collateral type to AssetHub USDC. A follow-up referendum will resume ASEED redemption against the new USDC collateral.