- Base Reward: 4,000 $ICZ per delegated $KSM
- Early Supporter Reward: 4,000 extra $ICZ per delegated $KSM (reward decreases linearly with contributions)
- Referral Reward: 5% extra reward to both referrer and referee.
- Community Contribution Pool: Additional rewards for original crowdloan contributors
- SNOW Treasury to reward $ICZ token staking and liquidity providing post-crowdloan
SNOW Network is ready to participate in Kusama Parachain Auction #51! We are happy to share once more the SNOW parachain benefits and increased reward details with all potential contributors.
A refresher on Crowdloans and Parachain Auctions
A crowdloan is an essential component for generating a successful bid in the parachain auction. To earn a parachain slot on the Kusama Relay Chain, projects must lock up large amounts of Kusama (KSM) tokens for a specific period of time. The cap (maximum amount) for SNOW’s parachain auction is 15,000 $KSM.
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.
SNOW token rewards
We’ll be encouraging 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 contributions)
- 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, you will be able to connect your wallet and click the referral button at the top of the crowdloan page.
- 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.
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
SNOW token supply allocation
A large part of SNOW token supply will be allocated towards post-crowdloan incentives via a treasury. This treasury is designed to heavily favor and reward community members who actively stake or provide liquidity on SNOW. The four main aspects of the treasury are:
- Retention Rewards (20% of SNOW token supply)
- Liquidity Incentives (15% of SNOW token supply)
- Developer Incentives (15% of SNOW token supply)
- Future Reserves (10% of SNOW token supply)
Note that SNOW has no team allocation, which allows for a larger part of the token supply to be allocated towards rewarding SNOW community retention. Furthermore, we are bringing in a vibrant L1 community to our prospective Kusama parachain with the SNOW token airdrop for ICON holders. ICON holders can check out their prospective SNOW airdrop allocation here.
About the 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.
Crowdloan campaign launch and how to contribute
SNOW is targeting to submit a bid at the start of auction #51, which runs from August 29th to September 5th. Contributing to the SNOW crowdloan is easy to do through the official SNOW crowdloan website. Every contributor will need the following:
Additional methods of contributing are available through Bifrost SALP, and NOVA & Fearless Wallets. To stay up to date with the latest developments, be sure to follow us on Twitter and join us on Discord!