TL;DR
❄️ SnowSwap is launching on our second blockchain, Polygon!
❄️ Initially we have a single swapping pool for DAI/USDC/USDT — the Penguin Pool
❄️ Whitelisting 100 wallets (starting now) before opening up to all users
❄️ Soft launch start Thursday September 2 12:00 UTC
It’s finally official! The next blockchain SnowSwap will support is Polygon, and it certainly won’t be our last! It has become clear that Polygon hosts the most DeFi projects migrating from base layer Ethereum — and we’re here to join in. This migration may be due in part to the gas costs on Polygon are the lowest as well. This incentive is causing an incredibly growing ecosystem of Polygon DeFi projects, and hope that the low gas costs on Ethereum will bring new users to the platform as well as re-engage with old ones.
What We’re Launching
Initially there will be a single swapping pool on Polygon, the usdSNOW / Penguin Pool. This pool will support the standard vanilla USD stablecoins: DAI/USDC/USDT. Over time we will increase the number of pools.
The Penguin Pool is launching with emissions of 100 SNOW per day during the soft launch, followed by 200 SNOW per day for a 1 month promotional period after full launch (date TBA).
At this time, we are not yet launching any trading pools for SNOW on Polygon, and Frosty’s Pool for SNOW staking only exists on Ethereum as well. Users that want to sell or stake their SNOW will have to bridge it back to Ethereum for now. We realize this is not an optimal solution and we are investigating better ways to support multichain SNOW staking in the future. However we are not the only project requiring farmed governance tokens to be moved back to Ethereum for staking and governance.
The SNOW Governance Token on Polygon
The SNOW governance token has been bridged from Ethereum. Staking rewards will be paid out in the bridged SNOW token. The token name is the same.
https://polygonscan.com/token/0x33c9f7c0afe2722cb9e426360c261fb755b4483d
How to Join the Whitelist
Because this is a major upgrade, we are starting with a soft launch where we are whitelisting up to 100 wallets from the community who will get early access to the platform. First come, first served. Please, one wallet per person. You can apply here: https://docs.google.com/forms/d/1Qz59bBEsNYvsutBPuoiVIx2O4i6LDwEbCUw5yKAHbMg/viewform?edit_requested=true
What’s Coming Next
- We will be continuing to improve our platform on both Polygon and Ethereum blockchains. We have plans to launch new pools targeting additional stablecoins and wrapped assets, some of which we expect to have significant trading volume.
- The long awaited Snow DAO is also right around the corner. This will enable SNOW governance token holders to propose and vote on changes to the project, including trading fees and their distribution.
