The launch date of the $ICZ Staking Vault on the SNOW Network has been moved to Monday the 14th of November, 5PM GMT. The exact time of deployment may differ, as security and stability pre-checks will be carried out during the launching process. Keep reading for more information on the SNOW Staking Vault and the ongoing development that aims to keep it safe and secure.
Security of the SNOW Staking Vault
The SNOW Staking Vault contract is designed with safeguards to reduce the risk of holding all TVL in a single contract. This means that in the background, there are multiple instances of contract deployed to distribute the staking TVL across all these instances. This approach is fairly complex and requires extra testing to ensure the staking vault works as expected. In addition, a single point of failure is avoided thanks to all involved smart contracts being owned by multi-signature contracts themselves. Each contract instance has limits on how much can be staked and how many stakers are allowed. If required, additional instances can be deployed to accommodate more deposits.
All recurring tests are performed on the Arctic Testnet, involving both integration testing with the user interface (UI) as well as end user testing. In order to simulate end user testing, we generate account samples with a smaller parameters range, e.g. the lock period spans minutes rather than months. The majority of testing has been carried out by the development team over the past weeks, and an additional two weeks is required to cover all testing angles.
The SNOW network is still in its infancy, and operated by PoA nodes. This makes network operations manageable in terms of rolling out updates and recovering from issues we might encounter in production. However, it puts a big responsibility on the core team. The long term goal of SNOW and ICE is to become decentralized and fully owned by the community, as this will provide the ultimate security to the network.
Recap of SNOW Staking Vault Rewards
After the additional testing completes, two lock-up periods will be available to stakers on Monday the 14th of November. When a user deposits $ICZ in the SNOW Staking Vault, the displayed return rate (APR) will apply to that deposit for the entire lock period. The displayed APR will drop as more stakers and liquidity enter the SNOW Staking Vault, but this does not affect prior deposits.
The SNOW Staking Vault will launch with two available lock-up periods and the following constraints:
3 Month Lock-up
- Maximum liquidity: 100,000,000 ICZ
- Maximum amount of stakers: 5,000
- Maximum deposit per user: No cap
- Maximum deposit per transaction: 5,000,000 ICZ
- Minimum deposit per user: 5 ICZ
6 Month Lock-up
- Maximum liquidity: 150,000,000 ICZ
- Maximum amount of stakers: 5,000
- Maximum deposit per user: No cap
- Maximum deposit per transaction: 5,000,000 ICZ
- Minimum deposit per user: 5 ICZ
Early withdrawal from the SNOW Staking Vault is possible, but no rewards will be distributed in this scenario. In order to receive the projected rewards, $ICZ must be staked for the full duration of the selected lock-up period.
Join us in the ICON Discord - the home of ICE and SNOW
For questions and discussion on all ICE and SNOW related topics, we invite you to join us in the ICON Discord - the home of ICE and SNOW.
Users who join the ICON Discord and link their Kusama/Polkadot Wallet address are eligible for future SNOW events and giveaways!
