UPDATE 31/10/22 - The launch date of the $ICZ Staking Vault on the SNOW Network has been moved to Monday the 14th of November. Additional testing and security checks will be carried out, as chain stability and security are the ICE/SNOW team’s highest priority. Keep reading for more information on the SNOW Staking Vault and the ongoing development that aims to keep it safe and secure.

The ICE/SNOW team is working toward the launch of the SNOW Staking Vault. An on-chain token locking contract that will reward participants, based on their entry dates, staking amounts and selected lock-up periods. Early participation and longer lock-up periods will receive greater SNOW ($ICZ) token rewards.

The SNOW Staking Vault will become accessible on Monday the 14th of November. The exact time of deployment may differ, as security and stability pre-checks will be carried out during the launching process.

SNOW Staking Vault Rewards

At launch, two lock-up periods will be available to stakers. 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.

SNOW Staking Vault Rewards

SNOW Staking Vault is a part of the SNOW Retention Rewards as outlined in the SNOW tokenomics overview. As the SNOW Network will grow with native projects and dApps, we think it is important to reward crowdloan supporters and community members who actively stake or provide liquidity on SNOW.

A large part of SNOW token supply (50%) is allocated towards the community incentives treasury and the three 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)
SNOW Tokenomics Overview
SNOW Tokenomics Overview

Claiming the SNOW Airdrop

Over the past two weeks, eligible users have been able to claim their SNOW airdrop with both Hana and Polkadot{.js} wallets. SNOW is airdropped in the form of the native ICZ (Substrate based) token. Watch the video below to get a step by step walkthrough of the SNOW Airdrop claim process:

Airdrop claims will remain open for at least 6 months, after which the team will make a decision on extending the claim period based on the available claim data.

The SNOW token (ICZ) is currently not supported by Ledger. The ICE/SNOW team is exploring implementation partners for this and aims to add Ledger support to SNOW token utility on the long run. You can still claim from Ledger to a software wallet (Hana, Polkadot.js) directly on the SNOW airdrop site.