• SNOW will launch a new crowdloan for the auction batch beginning with Auction #51.
  • All original contributors have received their $KSM back from the Kusama network.
  • Original contributors will be rewarded with an additional rewards pool. A snapshot has been taken on block 13,665,638 to determine reward eligibility.

We are excited to announce that the SNOW crowdloan campaign will launch with Kusama parachain auction #51 on August 29th, 2022. The bidding for auction #51 will end September 5th.

Supporters that contributed to both the original and upcoming crowdloan will receive bonus $ICZ rewards from the Community Contribution Pool. All original crowdloan contributors have received their $KSM back from the Kusama network in time to support SNOW’s second crowdloan for parachain auction #51.

SNOW Network, Crowdloans and Parachain Auctions

SNOW is a BTP-optimized and EVM compatible parachain to Kusama. Through BTP, SNOW will connect Kusama to an interoperability network that includes ICON, Binance Smart Chain, Harmony and more. SNOW represents the first ever L1 extension layer parachain, extending a rapidly growing ecosystem of 100+ dApps and 100,000+ active users.

A crowdloan is an essential component for generating a successful bid in the parachain auction. Parachain slots on the Kusama Relay Chain are awarded to the projects that lock up large amounts of Kusama (KSM) tokens for a specific period of time. Crowdloans allow community members to stake their KSM or DOT tokens in support of a parachain’s auction bid. In return, supporters receive a variety of bonuses and incentives once the slot is secured.

How to Contribute to the Crowdloan

The official SNOW crowdloan website is now LIVE and can be visited here. The contributions module will open at the beginning of Kusama parachain auction #51, on the 29th of August (block #14212801). Until then a countdown clock will be displayed over the contribution panel and the ‘Connect Wallet’ button will be unresponsive.

Once the SNOW crowdloan campaign has kicked off, contributing is a simple process. Users will be able to connect their Polkadot{.js} Wallet Extension (download here), generate friend referral codes and follow the instructions to contribute. The live contribution graph will continuously update in order to reflect the actual amount of crowdloan participants and contributed KSM tokens.

We encourage all members of the Kusama and ICON ecosystem to contribute to SNOW’s crowdloan auction. The minimum contribution is 0.1 $KSM and crowdloan supporters will receive their entire reward, without any vesting schedule, shortly after the SNOW parachain goes live:

  • Crowdloan supporters will receive a base reward of 4,000 $ICZ per delegated $KSM. Early supporters can receive up to 4,000 extra $ICZ per delegated $KSM (this early bird reward decreases linearly with the amount of $KSM raised, going to zero at the crowdloan cap of 15,000 $KSM)
  • Friend referrals will also yield a double bonus 5% mechanism - 5% extra awarded to referrer and 5% extra awarded to referee. To access the referral code, simply connect your wallet and click the referral button at the top of the page.

Please note that all ongoing reward allocations will stop as soon as SNOW secures a parachain slot. Any $KSM tokens that are contributed after the SNOW parachain slot is secured, will not be eligible for SNOW token rewards.

Community Contribution Pool

If you contributed to the original SNOW crowdloan (ParaID 2127), you will be eligible to receive a portion of the community contribution pool. A total of 3.5 M additional $ICZ has been allocated to distribute as bonus rewards to early supporters to compensate them for the extended $KSM lock up period resulting from the launch of a new crowdloan.

To be eligible for this $ICZ bonus, contributors must stake $KSM to the new auction #51 that is equal to or greater than the amount of $KSM that they contributed to the initial campaign, using the same wallet that they used in the first campaign.

A snapshot of wallet addresses that contributed to the original SNOW crowdloan has been taken on block 13,665,638 (at the time of this announcement) to determine eligibility for community contribution rewards. Any contributions made to the currently running crowdloan after this snapshot has been taken will not be eligible for any $ICZ rewards.

If you are eligible, you will be receiving an additional $ICZ bonus that is proportional to your $KSM contribution relative to the total contributions for the initial crowdloan. To calculate an estimate, use the following equation:

Your $KSM Contribution/Total $KSM Contributions x 3.5 M $ICZ

The new crowdloan rewards will then be distributed pursuant to the original incentive structure with added $ICZ rewards. Note, referral links from the original crowdloan are no longer valid and reward bonuses gained from them will be void. New friend referral links will have to be created in the upcoming crowdloan to be eligible for the 5% + 5% friend bonus.

Auction details and Crowdloan Partners

The bidding for parachain auction #51, will end on September 5th. All runner-up parachains will remain in contention and automatically compete in the next auction, which is auction #52. More details on the timeline and technical aspects of the parachain auctions can be found here.

A number of mobile wallets, browser extensions and crowdloan partners from the Polkadot & Kusama ecosystem will also be supporting the SNOW crowdloan campaign:

Browser Extensions: Polkadot.js, Talisman and Subwallet Mobile Wallets: Fearless and NOVA Crowdloan Partner: Bifrost

More details and additional methods of contributing will be made available throughout the parachain auction period. For more information and to stay up to date with the latest developments, be sure to follow us on Twitter and join us on Discord!