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We use an account derivation in faucet too, where we have existing accounts already. What would be the reasoning to change it (everywhere) with possible state migrations?
The current one in the treasuries pallet seems a bit hacky to me, and the one I suggest makes it obvious (by string) if it is a treasury account, which can be nice for UIs. We could use the same and put the formatted CID in the account id string.
I suggest that we do something like: https://github.com/ajuna-network/ajuna-pallets/blob/develop/pallets/ajuna-tournament/src/account.rs
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