• 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.

Once more we would like to extend our thanks to all our early supporters who made the initial SNOW crowdloan a huge success! As mentioned before, we have been blown away by the community support that poured in since the campaign launch. Thank you all so much for your trust and support.

A lot has happened in the past 48 hours after we 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).

After consulting with the Polkadot/Kusama Parity team, we have determined that relaunching the campaign is the best way forward. This means that our current bid will most likely expire and all the $KSM contributed for this round will be returned.

The SNOW team has since worked tirelessly to put together a solution that would:

  • Not delay the SNOW roadmap and development
  • Not disadvantage original crowdloan participants
  • Not disadvantage potential new crowdloan participants

SNOW Community Feedback

We have been listening closely to the community’s questions and concerns during the past 48 hours, from which we have concluded that some of the top community concerns were:

  1. Not being able to participate in the updated crowdloan due to locked up $KSM.
  2. The uncertainty around the process by which original contributors would receive their $ICZ rewards.

For this reason, we have decided to submit a bid for parachain auction #51, which means the new crowdloan will take place only after all original contributors have been returned their $KSM from the Kusama network.

Furthermore, we intend to reward our original crowdloan contributors for their support and loyalty by deploying an additional rewards pool. This pool will be named the Community Contribution Pool.

Crowdloan for Parachain Auction #51 (48-Week Lease)

The new SNOW crowdloan will be identical to the previous, apart from a few exceptions. First, contributors will lock their $KSM for a full 8 terms (48 weeks) as per Kusama parachain rules. Second, repeat contributors will receive a few extra incentives and bonuses.

If you contributed to the original SNOW crowdloan, 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.

Going Forward

We are optimistic and motivated to launch the SNOW network and continue our mission of bringing optimized interoperability to Kusama. We also want to reiterate our thanks to our earliest supporters and hope they are pleased with the modified incentive structure. Above all, we look forward to delighting investors, developers and users of SNOW by offering a premiere protocol with cutting edge technology.

We have included a FAQ section below and will be following up with official statements from the ICE & SNOW Team. In the meantime, if you have any questions, please join the ICE and SNOW community on Discord.

FAQs and AMAs

We will be hosting AMAs featuring questions from the community. More information will follow.

Q: What happened to the original crowdloan?

A: The original crowdloan contains an error in the crowdloan leasing parameter, which has erroneously been set to 6-weeks (1 term) instead of the customary 48 weeks (8 terms). Winning parachains on Kusama are selected by multiplying all the crowdloaned $KSM tokens by the amount of lease terms. Crowdloans with 1 lease term are not competitive.

Q: What if the old crowdloan wins a parachain slot?

A: In the unlikely case that this happens, our intended crowdloan will be pushed back by 4 to 6 weeks. The new crowdloan will only be launched once all original contributions have been returned to early participants.

Q: Is there any difference between the original and new crowdloan?

A: The crowdloans are virtually identical apart from the lease period and additional rewards structure.

Q: What happened to the previous announcements?

A: In order to avoid confusion, we have removed any past announcements that deviate from the most current plan.

Q: What will happen to my previous referral links and bonuses?

A: Referral links from the original crowdloan are no longer valid and reward bonuses from them will be void.

Q: Can you clarify the timeline for contributors?

Auction 45 - Block 13,608,000. Old SNOW crowdloan; $KSM locked for the duration of the current batch’s auction period. Date of announcement - Timestamp of this announcement is when a new snapshot of addresses from Auction 45 will be taken.

Auction 49 - Last auction of this batch. Estimated block time of original crowdloan contributors’ full refund from Auction 45. Bid ends on Block 14,112,000.

Auction 50 - Block 14,112,001. Fresh batch and first auction of the lease period September 23, 2022 to September 1, 2023 (Batch LP24-LP31).

Auction 51 - Block 14,212,801. Second auction of this batch; 1 week grace period in case of any delays from $KSM release from the original crowdloan.