Transition to New Gauges System

Snowball
Snowball
May 19 · 2 min read

The launch of xSNOB comes with many exciting features. Among them are gauges — a system to vote on SNOB reward allocations with xSNOB.

Gauges are a more dynamic way to determine SNOB rewards. When a new compounding strategy or StableVault is added, gauges can add rewards to these pools quickly (within a week). This is faster than before where a governance vote was needed to approve rewards and then needed again to determine the amount of rewards.

Gauges are simple. During the week, SNOB reward allocations are voted on by xSNOB holders. At the end of the week, SNOB reward allocations are updated to match that week’s votes. Gauges update weekly on Sundays at around 19:00 UTC.

While gauges will make SNOB reward allocations more efficient, they have a one-time transitional period where current depositors need to unstake from IceQueen and stake into gauges. To facilitate this transition, we’ve laid out our plan below for how the first week will go when gauges are live.

How to Transition to Gauges

  1. When xSNOB goes live on Wednesday, May 19, the first round of gauges voting will go live. xSNOB holders will be able to vote on new SNOB reward allocations for SnowGlobes and StableVaults.
  2. On Sunday, May 23 at around 19:00 UTC, voting for SNOB reward allocations will end and SNOB rewards will be updated to reflect gauge votes.
  3. Anyone who has funds staked in IceQueen will need to remove their funds and transfer them into the new gauges system to continue receiving SNOB rewards.
  4. At the same time (around 19:00 UTC on Sunday), IceQueen rewards will be replaced with gauges. Anyone deposited in IceQueen will not receive SNOB rewards after this time.
  5. Every week after, gauge voting will occur weekly and SNOB reward allocations will be updated on Sundays at around 19:00 UTC. You only need to deposit into the gauges system once.

Full xSNOB documentation: https://snowballs.gitbook.io/snowball-docs/understanding-snowball/staked-snob-xsnob

Join Snowball

Website: https://snowball.network/

Twitter: https://twitter.com/throwsnowballs

Discord: https://discord.gg/BGpEHvehMz

Telegram: https://t.me/throwsnowballs

GitHub: https://github.com/Snowball-Finance

Docs: https://snowballs.gitbook.io/snowball-docs/

Disclaimer

Contributors to Snowball have made reasonable efforts at ensuring the integrity of the protocol including tests. Snowball is monetarily valueless and has 0 entitled financial value. Anyone who chooses to engage with these contracts, including the Snowball token contract, is doing so at their own risk. You should perform your own due diligence.

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