ICY 2.0

Updated future plans

5 min readJan 27, 2023

Short summary

We made almost impossible plans in our original whitepaper in October 2021 and completed all the plans six months later. Now it is time for a bigger update, ICY 2.0.

General principle of the ICY project:

We launch validators with the support of the community.
Part of all the revenue we get is first used to pay the servers, relayers and other fees.
After that 100% of the profit goes to NFT staking rewards, Jackpots, farm boosts and ICY buybacks.

That is just how the money flows. We also do a huge number of other things also than just run validators.

Mostly we will keep doing the same things for years to come as we are doing now, but there are plenty of interesting updates coming during 2023:

New chains?
Insanely fast IBC relayers.
Community validator boosters.
Delegator rescues.
ICY NFTs. Everyone has a chance to be part of the ICY project.
Revolutionary bCRO-ICY farm on MMF.
Massive ICY burns.
Sticky token comes as a permanent feature.
Jackpot update.

New chains

Currently we have validators on CRO, ATOM and JUNO. While we could easily expand to 10+ other chains, we have no plans to do so.

We concentrate on the main Cosmos chains and leave some space in smaller chains for smaller and new validators.

We may still add 1–2 chains later when some new interesting chains come to Cosmos and of course we would be willing to take a Cronos validator spot, if the opportunity presents itself.

Insanely fast IBC relayers

Currently we are about 3–10x faster IBC relayer than any other validator in all the chains we validate. This brings us 0 income and actually costs us over $1k every month, but it is good for the chain and the whole Cosmos. What else should a community validator project do than help the community?

We won’t slow down our relaying, but hope that other validators boost their relaying and catch us up sooner or later.

Community validator boosters in Crypto.org

If our “delegation DAO” doesn’t boost reliable validators to empty spots in Crypto.org, then they will just be taken by anonymous scam groups who already have 6+ validators.

We will keep boosting reliable validators from Cosmos / Cronos to Crypto.org when there is an open spot.

Delegator rescues

We do rescues when the delegator wallet seed phrase is compromised and funds are undelegating. When the undelegation is finished, it is just a race to move the funds to a new wallet.

During 2022 we rescued over $300k of the delegator funds and didn’t take any fees for the work we did, but of course we are happy, if we always get extra delegations from the people who we saved. Read more at:
https://www.icycro.org/rescues

ICY NFT on Ebisu’s Bay on 27th of January

We have never before had any own NFTsthat were easy for anyone to get. Surely VIP stakers received their ICY VIP NFTs, but last of the VIP spots were taken in summer of 2022 and there won’t be any free VIP spots coming later.

ICY NFT allows everyone to be part of the ICY project:

Staking on Crodex for 5+ years.
A small chance to win a Jackpot every month.
ICY airdrops.
bCRO-ICY farm booster in future, if we have a farm that can use our own boosters.

Revolutionary bCRO-ICY farm on MMF

This is a completely new approach to farms that hasn’t been seen in Cronos earlier. No-one really understood before that liquid staking is infectious. ICY is paired with liquid staked CRO from Argo, bCRO:

bCRO gets 9–10% value vs CRO every year.
Since ICY is paired with bCRO, ICY-bCRO LP gets the same 9–10% extra value per year compared to the ICY-CRO pair.
As bCRO-ICY is the main pair, the value of ICY gets an extra 9–10% boost vs CRO every year.

It really gives a revolutionary boost to the farms. We are the first in Cronos to do the bCRO pairing, but we will certainly see others following us sooner or later when they understand the benefits.

Sticky ICY token

ICY isn’t a stablecoin or an algorithmic stablecoin relative to CRO even though ICY’s value has always been stable compared to CRO.

This makes ICY a very good pair for the bCRO as it will follow it closely and impermanent loss won’t be a problem. The ICY — bCRO LP will steadily grow in value vs CRO.

We use the word sticky token as ICY will always be about X bCRO. If the value goes under X, we always have a large enough buyback fund to buy enough ICY and burn them to get the ICY value again above X.

Starting from the February, X will be 0.25 bCRO per ICY. While we do buybacks above that value also, 0.25 bCRO is the limit that will unleash unlimited buybacks in the following days.

Even though ICY will always be quite stable vs. bCRO, it is good to remember bCRO always gets more value vs. CRO which means ICY will also appreciate against CRO on a continuous basis value.

In addition if CRO goes up, ICY will automatically follow as ICY has no USDC pairs. Only ICY-bCRO on MMF and a small ICY-CRO farm on Photonswap.

ICY burns

Total supply of ICY: 100M.
Burned: 17.7M.
VIP stakes locked: 8.35M
Token lockers: 66.4M (released linearly over 6 years).

We will keep burning ICY until less than 20M ICY is left.

One or two massive burns every year when a new batch of ICY is released from the locker.

It is easiest to follow the situation on Cronosscan:
https://cronoscan.com/token/0x8f857af6ea31447bb502fe0e3f4e4340cdfcfc6c#balances

IcyCRO Jackpot

We have had jackpot raffles every month since the beginning.

All VIP stakers have an automatic 1/100 chance to win, but all ICY NFT owners and top100 delegators on our validators have a smaller chance also.

Some changes come to effect from the February onwards:

Jackpot pool goes from 150k CRO to 200k CRO and is locked there.
Normal Jackpot goes from 3% to 5% => 10k CRO
Mega Jackpot goes from 16% to 15% => 30k CRO.

On the average 90% of the Jackpots are normal and 10% Mega Jackpots.

Prizes are always paid 50–50 in CRO and ICY.

Final words

That is how we roll in 2023 and onwards.

Surely smaller updates will keep coming later as we often get ideas and do things that we wouldn’t have thought possible a few months earlier.

Let’s see where the ICY project will take us.