LCDOT were issued on a 1:1 basis against your DOT contribution to Acala crowdloan. LCDOT allows users to access liquidity (trade, transfer, collateralize, LPs etc) while DOTs are locked in the crowdloan.
Acala parachain leased slot 6-13, the exact block number for lease end is #17856000 estimated 2023-10-24 01:57 (+UTC). Acala already secured a new parachain slot # for another two years.
LCDOT is managed trustlessly on the Acala parachain-controlled vault. Upon Acala lease ends, crowdloaned DOT will be claimed and be available on Acala via governance, ready to be withdrawn by LCDOT holders, also on 1:1 basis.
This proposal is to set up the claiming procedure to claim the DOT back for LCDOT holders. Ther are two calls involved, the first is to claim back a small amount (10 DOTs) as a test call to XCM transfer 10 DOT from Polkadot to the crowdloan pallet system account at Acala.
Once this call is successfully dispatched, and the 10 DOT are deposited into the crowdloan pallet successfully, the second call will be triggered. The second call will XCM transfer the remaining amount back to crowdloan pallet. Once the funds are deposited successfully, users will be able to redeem their LCDOT to DOT 1:1.
The two calls proposed to be authorised will be dispatched with root origin after Acala crowdloan DOTs are unlocked.
The two calls to be authroized are:
LCDOT is a type of token that lets people use their DOT contribution to Acala crowdloan to access liquidity. Acala has leased a parachain slot and will get another one for two years. When the lease ends, the crowdloaned DOT will be claimed and available on Acala. This proposal is to set up a procedure for LCDOT holders to claim their DOT back. There are two calls involved, and the first one is to claim back a small amount of DOTs as a test call. The second call will transfer the remaining amount back to the crowdloan pallet. Once the funds are deposited successfully, users will be able to redeem their LCDOT to DOT 1:1.