xSNOB is the staked version of SNOB. It is acquired by staking your SNOB for a predetermined amount of time on the staking page of our website. Depending on how long you stake your SNOB you will receive different amounts of xSNOB.
xSNOB has three main applications.
Voting on community proposals and weekly SNOB reward allocations.
Boosting SNOB rewards by up to 2.5x.
Earning a share of Snowball’s revenue, distributed weekly, in market-bought SNOB.
The amount of xSNOB you own is determined by how much SNOB you stake and the time left until your SNOB is unstaked. SNOB must be staked for a predetermined amount of time. During this time your SNOB cannot be removed or transferred, and you cannot decrease the amount of time it is staked for.
SNOB can be staked for a minimum of 1 week and a maximum of 2 years. You will receive more xSNOB the longer your SNOB is staked.
Each wallet can only stake their SNOB for a single period of time. To stake different amounts of SNOB for different periods of time, you must use multiple wallets.
Your xSNOB balance will decrease linearly over time. Towards the end of your staking period, your xSNOB balance will approach 0. On expiry of your staking period, your staked SNOB will be released.
The only way to mitigate this decay is to extend your staking period or increase your stake with more SNOB.
xSNOB allows you to vote on community proposals and SNOB reward allocations. When voting, 1 SNOB staked for 2 years equals 1 xSNOB that can be used to vote.
xSNOB gives the ability to dynamically allocate SNOB rewards through gauges. This means that every week, the SNOB rewards given out to auto-compounding pools and StableVaults will be determined by xSNOB voters.
Each week, you can vote with your xSNOB on which pools to incentivize. You can split the distribution any way you want (100% to one pool, split evenly between all pools, etc.). At the end of the week, all xSNOB votes will be tallied and pool reward allocations will be updated. These allocations will be live for a week, until the next round of voting changes them.
Community proposals were previously voted on-chain with SNOB. With the implementation of xSNOB, we are in the process of updating community proposal voting so that you can vote with xSNOB. Until this process is completed, community proposals have been temporarily suspended. This changeover will take approximately one week.
30% of the protocol's revenues are distributed weekly in market-bought SNOB. If you own xSNOB, you are eligible to claim a share based on your proportion of the total xSNOB supply multiplied by the number of SNOB that is distributed weekly.