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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