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xSNOB is the staked version of SNOB. It is acquired by staking your SNOB for a predetermined amount of time. 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.
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.
During the first week that xSNOB is live, the current SNOB reward allocations will remain. During this period, you will be able to stake SNOB for xSNOB and then vote for the new reward allocations. The new allocations will go live during the second week that xSNOB is live. After this time, new allocations will be determined weekly through xSNOB voting.
