August 22, 2022 - The following scenario has played out: Another party entered with a higher bid. Next: SNOW Network to Bid for New Parachain Slot Starting from Auction #51
As previously reported, the SNOW team identified an error in the original crowdloan leasing parameter, which was erroneously set to 6-weeks (1 term) instead of the customary 48 weeks (8 terms).
The Kusama auction mechanism lets this erroneous SNOW crowdloan roll over into several new auctions, with the current auction #49 being the final one. At the moment, no other party is participating in Kusama parachain auction #49.
In order to prevent the erroneous bid from winning a 6-week (1 term) parachain slot, the SNOW team has placed an additional protective 48-week (8 terms) bid. This bid is fully funded by members of the ICE & SNOW team and will not require community crowdloan participants. Auction #49 ends on August 22nd and we take a look at a couple of scenarios that may play out.
Another party enters with a higher bid
If another party enters auction #49 with a higher bid, this party will win the parachain slot and all further SNOW bids will expire.
In this case, we will continue with our updated SNOW crowdloan timeline as explained here:
- SNOW will launch a new crowdloan, from Auction #51.
- The new crowdloan will take place after 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.
The protective bid wins
If the protective bid does win the 48-week parachain slot, the SNOW parachain will launch shortly after auction #49 ends. We intend to reward our original crowdloan contributors for their support and loyalty by distributing all projected $ICZ rewards from the original crowdloan to eligible wallets.
In this scenario, the original erroneous crowdloan bid will expire with Auction #49 at block 14,112,000. At this time, all $KSM will be automatically returned and original SNOW crowdloan contributors will be free to use their $KSM tokens however they like.
A snapshot of wallet addresses that contributed to the original SNOW crowdloan has been taken on block 13,665,638 to determine eligibility for original crowdloan rewards. Any contributions made to the currently running crowdloan after this snapshot has been taken will not be eligible for any $ICZ rewards.