A look back at pool migration — what happened and where we go next
In recent months the team has been focused on building new pools like btcSNOW and eth2SNOW and fixated on having the project audited as well. In our dedication to complete these tasks, the Snowswap team suffered an oversight and acted hastily to rectify a situation with Frosty’s pool.
TL; DR
❄️ SNOW EMISSIONS are 12x (now expired)* because we miscalculated the time horizon. They will go back to normal after (30–60% APY)
❄️ Public Roadmap Coming
❄️ ~60% of all SNOW in Circulation is staked in Frosty’s Pool
❄️ 3 Marketing partnerships will be revealed in the near future
❄️ We are hiring Solidity Devs, Front-end with Vue experience and a PM. Send your github / resume to community@snowswap.org
What happened
On Thursday, January 14th we realized that emissions for several of our staking geysers had expired and that we did not have the contracts for the new staking geysers ready to launch. At this time the team was quite busy preparing to launch the new eth2SNOW pool and was entirely focused on the task at hand. We finished testing, finalized the new staking geysers, and prepared to launch all the new contracts at once. In our haste, a crucial error was made regarding SNOW emissions and the rate at which they would be disbursed. Instead of setting rewards to slowly emit over 12 weeks, they were set to emit 8,000 SNOW tokens completely in only 6 days. At this point over 10% of the rewards had already been distributed and rewards could only be paused for new users, not for those who were already staked.
What we decided
Ultimately, the team decided to let the rewards be distributed according to this schedule then to migrate the pool when they had finished. We realize this may seem unfair to some but we felt it was the best course of action. We do welcome any thoughts or input and will continue to hear the community out on this matter. If there be any other unintended consequences, we will of course seek the community's opinions before making any pertinent decisions.
What we learned
Our takeaway from this situation is that more planning ahead and less haste is necessary on Snowswap’s part especially regarding launching new pools. We will implement a mandatory one-week testing period for all pools moving forward and will also enlist the help of our community in certain aspects of testing. We feel that the more eyes we have on our work, the better.
We will also create a public roadmap that we will share with the community to give more foresight on what is coming next and what our users can expect from us. We feel like this will aid in keeping us accountable to the community and help us stay on track and on task. Indeed things can get stressful and details can be overlooked when everyone is not aligned and there is no discernable common goal. We are grateful for the community’s support in these endeavors and look forward to working more closely with our core members.
Thank you to all of us for sticking with us through these learning experiences, we pray that in the end you all will be rewarded greatly as the fruits of our project come to bear.
What this means for you
For the next 5 days, rewards will be 12x in the SNOW pool. As a result, macro-influencers have taken notice and we’ve had a surge in token buying and staking the token.
Over 60% of tokens in circulation are staked in Frosty’s Pool.
In addition, we have made 3 major marketing partnerships which will be revealed in the near future to capitalize on the emissions rate and thereafter.
*EDIT: the 12x rewards have since expired and the current rewards schedule is as follows
