TLDR:
- Third SNOW Airdrop on Oct 30th
- New staking pools: ySnow, ycrvSnow, SNOW, wBTC, OUSD.
- Deactivated pools: ySnow/SNOW Uni LP; ycrvSnow/SNOW Uni LP
- Launch date: October 29th, 3PM UTC
Third SNOW Airdrop
To further incentivize liquidity while the team works on single-asset staking pools, we are happy to announce the third SNOW airdrop taking place on October 30th.
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 15th and the snapshot ends at 4 AM UTC on October 29th.
Liquidity providers will be able to claim their tokens at 4AM UTC October 30th by clicking the “Claim SNOW” button on Snowswap.org.
Liquidity Mining Update
Single-asset pools
We are excited to announce the launch of 5 new single-asset pools as well as continued support for the existing SNOW-ETH Uniswap pool. We believe that new pools will allow us to:
- incentivize inflow of liquidity;
- eliminate the impermanent loss experienced by users with the existing pools;
- attract new users to the platform.
In an effort to incentivize 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 the Cupid’s wBTC pool and Dancer’s OUSD pool.
We were overwhelmed by the amount of support from the Origin Protocol and OUSD communities, which voted en masse to add support for OUSD. OUSD is the first stable coin that earns yield while simply sitting in your wallet. Users’ balances continuously compound with no staking or lock-ups required.
As part of our partnership, Origin Protocol will also support a dedicated SNOW pool in the coming weeks as part of their liquidity mining program. Stay tuned for more details on the launch of Origin’s incentive program through their official Twitter channel and Medium.
The new pools will be launched on October 29th at 3PM UTC.
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.
The token distribution schedule remains unchanged from the previous announcement. The new pools will be launched on the first day of week 3 of our token distribution schedule - October 29th, 3 PM UTC with 1,600 tokens being distributed daily.
SNOW tokens unlock 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 until the end of the program duration (Oct 13th, 2021) or until the total amount unlocked reaches 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.
