Update 10/28/2020 4:20pm PST
Given the feedback on our LM update and an overwhelming majority Community Vote:
A 1.5x bonus multiplier will be applied for 2 weeks for all deposits in the SNOW/ETH pool on Oct 31 4am UTC to compensate for the deactivated pools. That would make things “fair” for LPs in the deactivated pools if they wanted to continue their LP.
☃️ TLDR:
- Third SNOW Airdrop on October 31st, 4 AM UTC (Oct 30th, 9pm PST)
- New staking pools: ySnow, ycrvSnow, SNOW, wBTC, OUSD
- Deactivated pools: ySnow/SNOW Uni LP; ycrvSnow/SNOW Uni LP
- Launch date: October 29th, 3 PM UTC
Third SNOW Airdrop ❄️ (recap)
The third SNOW airdrop taking place on October 31st.
A total of 15,000 SNOW (3% of supply) will be distributed to SnowSwap LPs proportional to the amount of liquidity provided over time (Uniswap LPs are not included).
The first snapshot was taken at 4 AM UTC on October 16th and the snapshot ends at 4 AM UTC on October 30th.
Liquidity providers will be able to claim their tokens at 4AM UTC on October 31st by clicking the “Claim SNOW” button on Snowswap.org.
☃️ Liquidity Mining Update
❄️ Single-asset pools
5 new single-asset pools as well as continued support for the existing SNOW-ETH Uniswap pool.
Goals:
- Incentivize inflow of liquidity
- Eliminate the impermanent loss experienced by users with the existing pools
- Attract new users to the platform
- Create liquidity for future integrations
In an effort to incentivise long-term holders of SNOW, SnowSwap will launch Frosty’s SNOW pool which will receive 20% of all rewards being distributed in this epoch.
Additionally, in order to incentivize the inflow of liquidity, we have added single-asset pools for each of the SnowSwap LP tokens:
- ySnow — Jack Frost’s Pool;
- ycrvSnow — Santa’s Pool.
SnowSwap liquidity providers will be able to easily stake their LP tokens by clicking the “Deposit and Stake” button on the deposit page.
Finally, we are excited to announce the launch of Cupid’s wBTC pool and Dancer’s OUSD pool.
The wBTC staking pool will allow us to attract the attention of the wBTC holders to SnowSwap and generate wBTC liquidity for our future swap pool for BTC derivatives tokens. Once we launch the BTC derivatives swaps, we will incentivize our LP token of that pool and ask users to migrate their wBTC to that pool.
The Origin Protocol and OUSD community, voted en masse to add support for OUSD. OUSD is the first stablecoin that earns yield while simply sitting in your wallet. Users’ balances continuously compound with no staking, extra gas fee’s or lock-ups required.
As part of our partnership, Origin Protocol will also support a dedicated SNOW pool upon the launch of their liquidity mining program currently scheduled for November. We see a future in which our users will be able to swap OUSD for like kind assets. You can learn more about OUSD via Origin’s Twitter channel and Medium.
❄️ Deactivated pools
Two of the existing pools: ySNOW/SNOW and ycrvSNOW/SNOW will be deactivated once the single-asset pools are launched.
Please be sure to withdraw your funds from these pools which can be found at the bottom of the Stake page on our website.
☃️ SNOW Token Distribution Schedule
SnowSwap utilizes a smart-contract based mechanism to distribute tokens over time. To enable single-asset pools, we’ve forked the SNX staking contracts that are widely used by many DeFi projects and tested by billions of dollars locked.
We also used the Ampleforth Geyser contracts for the SNOW-ETH Uni LP pool which multiplies rewards according to time staked. Please note that reward multipliers are applicable only for Rudolph’s SNOW-ETH Uni LP pool.
Disclaimer — We have not conducted any independent smart contract audits at this time. Please conduct your own research before interacting with these contracts. Do not interact with these contracts, unless you can perform the appropriate diligence.
Token Distribution Schedule (Recap)
The new pools will be launched on week 3 of our token distribution schedule — October 29th, 3 PM UTC with 1,600 tokens being distributed daily.
SNOW tokens distribution schedule:
- Weeks 3–4: 1,600 SNOW tokens daily
- Weeks 5–6: 1,200 SNOW tokens daily
- Weeks 7–8: 800 SNOW tokens daily
- Weeks 9–10: 600 SNOW tokens daily
- Weeks 11–13: 400 SNOW tokens daily
- Weeks 14–52: 200 SNOW tokens daily
After the first 3-month bonus period, 200 SNOW tokens will be unlocked daily till the end of the program duration (Oct 13th, 2021) or until the total amount unlocked will reach 150,000 SNOW.
The total daily rewards will be distributed between the pools according to the following table :
The amount of rewards earned is proportional to the share of the user’s stake of the TVL in the pool.
In the coming weeks, we will be adding support for even more tokens, token pairs, and staking pools as we continue to build and develop partnerships. We greatly appreciate our community’s continued support in these endeavors and look forward to the community growing with us. Brace yourselves; winter is coming. But with Snowswap, the outlook does not have to be stark.
Notes:
We’ve been in contact with the Harvest.Finance, Yearn.Finance and Chainlink teams and will have the respective pools in the future with a coordinated effort unless it no longer makes sense.
With ❤️ (and a lot of ☕️)
☃️
