UPDATED (10/14th): Changed staking pools from ySNOW to ySNOW-SNOW UNI V-2 LP and from ycrvSNOW to ycrvSNOW-SNOW UNI V-2 LP.
First and foremost, we would like to thank our community for participating in the launch of the SnowSwap platform with $16 million+ in assets deposited.
In order to further incentivize the bootstrapping of liquidity and development of the SnowSwap decentralized community, we are thrilled to announce the official launch of the initial $SNOW ❄️ Liquidity Mining Program on October 14th at 9:00 PM PST!
Liquidity Mining Program summary:
- $SNOW ❄️ rewards pool: 150,000 SNOW (30% of total SNOW supply)
- Program Duration: 1 year (9:00 PM PST Oct 14th, 2020–9:00 PM PST Oct 13th, 2021) with a 3-month bonus period during which 95,200 SNOW (63.47%) will be unlocked
- Rewards distribution function: in proportion to the amount staked, multiplied by a “rewards multiplier” that increases with time (to a maximum of 3X after 2 months) and resets to 1 when the deposit is withdrawn.
- Pools: 3 initial pools divided in 2 groups with 60%/40% total program rewards distribution between the 2 groups of pools:
1. Pools for staking Uniswap LP tokens of SNOW paired with SnowSwap LP tokens (ySNOW-SNOW UNI-V2 LP; ycrvSNOW-SNOW UNI-V2 LP)
- Rewards per group: 60% of total program rewards
2. Pools for staking Uniswap LP tokens (starting with SNOW-ETH UNI V2); We will add up to a total of 8 pools with capped TVL to insure material rewards per pool.
- Rewards per group: 40% of total program rewards.
We want to know what YOU 👨🌾 want to see on SnowSwap moving forward.
👉🏻 Click here to Vote for the pools you want on SnowSwap. 👈🏿
$SNOW ❄️ Token Distribution Schedule
SnowSwap utilizes a smart-contract based mechanism to distribute tokens over time, inspired by Ampleforth Geyser contracts.
SNOW rewards flow: Locked Pool -> Unlocked Pool -> Claimable by users
150,000 SNOW tokens (30% of total supply) will be added to a locked pool in the contract and become unlocked over a period of 1 year. Once unlocked, SNOW tokens are available to be claimed by users.
SNOW tokens unlock schedule:
- Weeks 1–2: 2,000 SNOW tokens daily
- 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
3-Month Bonus Period for Early LPs
The distribution curve is weighted in favor of early LPs that provide liquidity when the total pool size is low. 63.47% of all tokens per program (95,200 SNOW) will be unlocked during the bonus period of the first 3 months.
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 rewards will be distributed in proportion to the amount staked, multiplied by a “rewards multiplier” that increases with time (to a maximum of 3X after 2 months) and resets to 1 when the liquidity is withdrawn. There will be no fixed-length lockup commitments.
On October 14th at 9:00PM PST, staking pools will be launched.
Users will be able to deposit tokens in 3 initial pools (ySNOW-SNOW UNI V-2, ycrvSNOW-SNOW UNI V-2, SNOW-ETH UNI V-2. Additional pools will be revealed in the near future) to accrue ownership share over the unlocked pool.
User’s Pool Share
The more liquidity you provide, and for longer, the greater share of the SNOW pool you receive.
Ownership share of the unlock pool: User staking token time / Global staking token time
For example, if there are two users in the system, Jack and Santa. Jack has staked 20 tokens for 1 day, Santa has staked 10 tokens for 3 days.
- ☃️ Jack token time = 20 tokens * 1 days = 20
- 🎅 Santa token time = 10 * tokens * 3 days = 30
- 🌎 Global staking token time = (☃️Jack token time) + (🎅Santa token time) = 50 token days
- ☃️ Jack owns (20 / 50) = 40%
- 🎅 Santa owns (30 / 50) = 60%
*The percentages assume the max bonus from the bonus period has been met.
The ownership percentage is over the unlocked pool. As soon as users withdraw their staked tokens, they get their share of the currently unlocked tokens, irrespective of the locked tokens still waiting to unlock. Ownership percentages and token unlocks are continuous, meaning they’re calculated block-by-block.
Reward Multiplier
The SnowSwap staking pools are meant to incentivize long-term liquidity providers. The rewards will be distributed in proportion to the amount of liquidity supplied, multiplied by a “rewards multiplier” that increases with time (to a maximum of 3X after 2 months) and resets to 1 when the liquidity is withdrawn. There will be no fixed-length lockup commitments.
So, for each additional month users hold, they receive ‘an extra X’ on a multiplier, up to a maximum of 3X. For example, holding for an entire month gives a 2X multiplier, and holding for two months, a 3X multiplier, a simple linear function. The multiplier resets to 1 when the liquidity is withdrawn.
Each individual stake amount marks the beginning of it’s own period. If a user stakes several times then withdraw, the first stake and the following stakes may have different bonus amounts. Withdrawn stakes always start with the newest staked tokens.
Smart Contracts + Request for Audit
The SNOW distribution smart contracts haven’t been audited yet. However, we have forked Ampleforth Geyser contracts, which have been audited by CertiK. You can find the report here:
