Whilst there is this question about deregistering a parathread, it doesn't address the actual situations teams find themselves in.

For example it appears that in the code, once a parachain has been down-graded to a parathread the manager/owner of the paraID cannot in fact deregister the parachain if a lock is present. In other words the lock removal should have been requested BEFORE the parachain became a parathread. Parachains become locked once they start producing blocks, but they do not become automatically unlocked once they are down-graded.

The code also says that a lock cannot be removed by the parachain owner. It can only be removed by Root or the parachain itself, but since the parachain has been downgraded and no longer producing blocks, it appears that only Root can unlock a parachain - and therefore this implies some governance action to unlock funds that are the parachain owner's own funds.

Are there any other ways to unlock a parathread or is this a logic trap?

If governance is required it isn't clear which governance track should be used to request an unlock via Root. Which one is it?

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You need Root for it. The current situation is a little bit tricky. I would argue that this is currently a bug/requires a proper implementation and think that the fellowship could whitelist such a proposal. So, you could probably use the Whitelisted track.

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