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Home All Events SnowPegs Genesis & LP Farms Launch

Date

Aug 30 2022
Expired!

TimePacific Time

7:00 am

Your Time

  • Timezone: America/New_York
  • Date: Aug 30 2022
  • Time: 10:00 am

Status

Active

SnowPegs Genesis & LP Farms Launch

New multi-peg algorithmic stablecoin protocol on Avalanche, from the PegHub team that have previously launched several defi protocols including Bomb.money.

DETAILS
  • Genesis Pools (begin at 2pm UTC)
    • Duration: 24 hours
    • A Bomb Evolution NFT is required to gain access to the genesis farms
    • You can mint (while supply lasts) a Bomb Evolution NFT, here (cost 0.025 ETH)
    • To gain access to the genesis farms, just connect the wallet with the NFT; no bridging required
    • Deposit in either of the 3 available genesis farms to earn the respective algo-stable token rewards (see “Tokens” for the token allocations for each genesis farm)
      • snowAVAX farm > Earn $snowAVAX
      • snowSOL farm > Earn $snowSOL
      • snowLINK farm > Earn $snowLINK
    • Genesis Pools available in each farm;
      • snowAVAX farm — WAVAX, USDC and JOE pools
      • snowSOL farm — WAVAX, USDC and SOL pools
      • snowLINK farm — WAVAX, USDC and LINK pools
    • The allocated algo-stable token rewards will be distributed equally across the individual pools
    • 1% deposit fee; no withdrawal fee
    • After genesis farming ends, LPs can be created and deposited in the LP farms to earn $snowSHARE
  • LP Farms (begin at 6pm UTC)
    • LP Farms open 4 hours after genesis begins
    • Duration: 2 years (Aug 29, 2024)
    • Stake LP tokens in the farms to earn $snowSHARE
    • 58,400 $snowSHARE distributed across the following pools:
      • $snowAVAX/AVAX LP pool — 1000 allocation points
      • $snowSOL/SOL LP pool — 1000 allocation points
      • $snowLINK/LINK LP pool — 1000 allocation points
      • $snowSHARE/AVAX LP pool — 1500 allocation points
    • No deposit or withdrawal fee in the farms
    • governanceRecoverUnsupported: 90 days after LP farms ends
    • Boardroom opens 1 day after LP farms
  • Tokens
    • Multi-peg mechanism consisting of 3 algo-stable tokens
    • $snowAVAX is the algo-stable, pegged 1:1 to AVAX
      • Initial supply: 6,575
        • 6,550 — snowAVAX Genesis farms
        • 25 — Pre-minted for initial liquidity
    • $snowSOL is the algo-stable, pegged 1:1 to SOL
      • Initial supply: 4,170
        • 4,150 — snowSOL Genesis farms
        • 20 — Pre-minted for initial liquidity
    • $snowLINK is the algo-stable, pegged 1:1 to LINK
      • Initial supply: 21,050
        • 21,000 — snowLINK Genesis farms
        • 50 — Pre-minted for initial liquidity
    • $snowSHARE is the shares token
      • Total supply: 73,001
        • 58,400 — LP farming rewards (vested linearly over 2 years – 80 $snowSHARE/day)
        • 7,300 — Community fund (vested linearly over 2 years – 10 $snowSHARE/day)
        • 7,300 — Dev fund (vested linearly over 2 years – 10 $snowSHARE/day)
        • 1 — Pre-minted for initial liquidity
    • $bondAVAX/$bondSOL/$bondLINK are the bond tokens
  • Features
    • Adjustable sell/burn tax (max 15%) when selling $snowAVAX/$snowSOL/$snowLINK under their respective pegs. This tax also applies to transfers between wallets
    • Tokens from burn tax is removed from supply (burnt), and tokens from sell tax is sent to the treasury
  • ❌ Token/contract ownerships not renounced (at time of review)
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