This is a referendum whose proposer address (HhfEhtERhgf6xw35YwJjd7rWH6ayduomRnUMEtqGCtMDYBe) is shown in on-chain info below. Only this user can edit this description and the title. If you own this account, login and tell us more about your proposal.

Problem Statement:
- The Polkadot runtime and Statemint runtime need to be upgraded to address various issues and improve functionality.

Significance:
- The Polkadot upgrade (v9170) improves block time degradation issues and enables the bags list, removing the need for a strict maximum count for nominators.
- The Statemint upgrade (v700) includes improvements for UI developers, enables HRMP channels in both directions, and addresses issues found by auditors.

Proposed Solution:
- Upgrade the Polkadot runtime to v9170 and the Statemint runtime to v700.

Expected Outcomes:
- Improved block time degradation and functionality for Polkadot.
- Enhanced user experience and functionality for creating and minting NFTs in Statemint.

Referendum #53