Snowball
Introduction - What is Snowball?
Snowball is a GameFi where the last person to buy a ticket wins the pot at the end of each round. This is similar to FOMO3D, which was previously famous on Ethereum, but we combined it with mechanisms from PoolTogether, a no-loss mechanism. Users can lock up their KLAY to buy a ticket, and Klaymore Stakehouse will deposit this KLAY to earn a reward for the game. So no one loses the KLAY, but the winner takes a big pot with juicy APR.
How to win the game?
Snowball has a timer that resets the countdown whenever the user purchase a ticket. The winner of that round will be the last person holding a ticket when the timer hits 0.
For each round there will be a countdown timer with 6 hours. Whenever a user buys a ticket, the timer is reset with 3 minutes decreased from the previous count or with. For example, After the round starts with a timer of 6 hours,with 5 hours 59 minute remaining on the timer, a person buying a ticket will reset the timer to have 5 hours 57 minutes. (Even if there is 1 minute remaining on the timer, it is reset to 5 hours 57 minutes in the same way) The timer continues to decrease by 3 minutes each time a ticket is sold, such as 5 hours 54 minutes and 5 hours 51 minutes.
If this decrease makes the time remaining smaller than 3 minutes, it will instead set the time remaining to 3 minutes. For example, when there is only 1 minute left on the timer, a person buying a ticket will reset the timer to have 3 minutes left. When the timer hits 0, the round ends and the last person to have bought a ticket wins the pot.
Update: Starting from the 2nd round, the timer is reset with 5 seconds decreased from the previous count. Furthermore, the minimum term has been increased to 10 minutes.
How to participate in the game?
You can buy a ticket by locking up a certain amount of Klay. This Klay you locked up is given back to you 3 months after the round you participated in is over. So the longer it takes for the round to end the longer your Klay is locked up. The initial ticket price is locking up 20 KLAY but the price will increase by 2 KLAY for every 10 tickets sold, up to a cap of 600 KLAY.
Update: Starting from the 2nd round, the initial ticket price is 50 KLAY and the price will be increased until 150 KLAY.
Contribution to the Community
Snowball encourages the Klaytn community to stake more KLAY and grow the Klaytn DeFi ecosystem together. Also, 100% of the profits that the Snowball platform earns from the game will be used for HOUSE buy-back & burn.
How are the rewards distributed?
Rewards from ticket sales
Staking reward accumulated from locked up Klay will be distributed to the Pot, Referral, Ticket Buyers, and $HOUSE token buyback.
Winner pot: A portion of the pot will be used for the winner of the round, Whitelist NFT (a.k.a. Community Ambassadors), and the pot at the beginning of the next round.
Referral: The referral function will be added to Snowball protocol. Someone who is referred by other users can get an extra portion of the reward from ticket sales. Further details are to be updated in the near future.
Ticket Buyers: Whenever a ticket is purchased, a part of the reward from this purchase is given to the ticket buyers who bought tickets previously, so the sooner you buy the ticket the more rewards you can receive.
$HOUSE buyback: You can find the $HOUSE buyback dashboard on the website. ($HOUSE is the governance token of Klaymore Stakehouse protocol) We will be announcing the specific details soon.
The pot winner and ticket buyers can claim their reward 3 months after the end of the round. (Even if users instantly unstake their locked up Klay, they can still claim the reward).
(Rewards are given out as *AKLAY.)
| Usage of the reward from Lock-up Klay (Ticket sales) | Percentage |
|---|---|
Winner pot | 50% |
Referral | 10% |
Distributed to all ticket buyers | 30% |
House buyback | 10% |
What is AKLAY?
AKLAY is a tokenized position certifying the staked Klay in CN nodes. In plain English, you can mint 1 aKlay by staking 1 Klay in Stakehouse and redeem 1 Klay by burning 1 aKlay - after a 7-day unstaking period. Furthermore, aKlay is an yield-bearing token, which means that the yield generated by your staked Klay is automatically accumulated to your aKlay.
What is “Share of Reward pool”?
When you buy a ticket, you will see "share of reward pool" in “My Participation” section. This represents your share of the rewards returned to previous ticket buyers. In other words, the more tickets you buy earlier, the more rewards you can receive later, regardless of the winner of the game.
Round ends (Pot distribution)
The last player to have deposited for ticket when the round timer completes its countdown, she can claim a 75% reward from the pot after 3 months from the end of the round. 5% of the pot will be distributed to users who own Whitelist NFT. 20% of the KLAY locked-up in the pot is used for the initial prize of the next round.
| Usage of the pot | Percentage |
|---|---|
Winner | 75% |
Whitelist NFT | 5% |
Roll to Next round | 20% |
Summary of distribution from total reward (From ticket sales)
| Total reward | Distribution |
|---|---|
Winner (From winner pot) | 37.5% (=50%*75%) |
Whitelist NFT (From winner pot) | 2.5% (=50% *5%) |
Roll to the Next round (From winner pot) | 10% (=50% *20%) |
Referral | 10% |
All ticket buyers | 30% |
House buyback | 10% |
How to take my locked-up KLAY back?
You should wait until 3 months after the end of the round, but you can instantly unstake your lock-up Klay if you pay 10% as an instant fee. (It could be updated considering the APR from Klaymore Stakehouse) We decided to develop this function to reduce the risk of long-term lock-up of Klay, but at the same time, we can secure a juicy reward from ticket sales.
This instant fee will distribute to the pot, ticket holders, and house buyback as the policy. (i.e. 50% to the pot, 10% to the referral, 30% to the ticket holder and 10% to house buyback) In the same way as reward, if you do Instant unstake, you will get AKLAY. Regardless of how many tickets you buy, you can decide how many KLAY you want to withdraw when doing Instant unstake.
What time does Snowball open?
Snowball is a GameFi protocol that is designed to increase the size of the Pot through the users’ active and continuous participation. However, we have come to the realization that there is a high chance for the game to end prematurely since late at night user participation tends to be low. Therefore, in order to prevent such an unfortunate event in advance, we’ve decided to introduce the “break time” system.
Operating time: 10:00~02:00 (KST, GMT+9)
Break time: 02:00~10:00 (KST, GMT+9)
Operation: If a user purchases a ticket when the time to be reset with (e.g., 3 minutes) is longer than the time remaining until break time, the timer will stop and when the game restarts at 10 AM, the timer will start again with the reset time. For example let’s say a user bought a ticket at 01:58:00 with a time to be reset with of 3 minutes. Since the time remaining until the break time (02:00:00) which is 2 minutes is shorter than the newly to be set time of 3 minutes, the timer will instead stop counting and restart at 10:00AM with 3 minutes.
What is SNOWMAN NFT?
Definition
SNOWMAN NFT is a limited edition collection of NFTs rewarded to users who demonstrated high loyalty to Klaymore Stakehouse and actively promoted the Snowball protocol.
SNOWMAN NFT benefit
3 months after the end of the round, 5% of the Winner pot goes to NFTs holder (corresponding to 2.5% of the total ticket sales revenue). This applies to all rounds, not just the first round.
When purchasing Snowball tickets, users with a SNOWMAN NFT will receive a 10% discount (e.g., when the ticket purchase cost is a 300 KLAY Lock-up, you can purchase with a 270 KLAY Lock-up)
Additional utility could be added later depending on the protocol update
Distribution of NFTs
NFTs will be distributed to 1) The top stakers of the HOUSE token 2) Collaboration events with influencers 3) Klaymore community channel events
There will be 111 Whitelist-NFTs, 100 of which will be distributed to the community.
NFTs will be sent directly to the wallet of users who have been selected before the launch of the project. Please keep an eye on medium posts and community notices for further updates regarding schedules and details about getting selected.
Users can transfer (or trade) the NFT which transfers the utility of the NFT such as revenue claim and ticket discounts to the new owner as well.
How do I register for Referral and how do I receive rewards?
*Someone who was referred by another user is called the “Referent”, and the user who referred the referent is called the “Referrer.” For example, if Alice invited Bob to Snowball, Alice would be a referent, Bob would be a referrer, and Alice and Bob would have a referent-referrer relationship.
Referral benefit
Referent (Referred by other users. Invites other users to use Snowball)
Referents who have received referrals will receive a distribution of profits from the referral pot(corresponding to 10% of total ticket revenue) 3 months after the end of the round.
Referents earn 1 referral point for every single ticket the Referrer buys.
3 months after the end of the round, you will receive a share of the referral pot’s revenue according to the ratio of ‘referral points you have / total sum of referral points of all users’.
Referrer (Refer the referent. Invited by another user to use Snowball)
Referrers will receive a 5% discount when purchasing tickets. For example, if the ticket purchase price is a 300 Klay Lock-up, the ticket can be purchased with a 285 Klay Lock-up (Yes, referral is win-win!)
SNOWMAN NFT owners will be eligible for a double discount from their NFT and Referrer benefit. Users will receive a 15% discount, the sum of the 10% NFT's discount and the 5% Referrer discount. For example, if the ticket purchase price is a 300 KLAY lockup, you can purchase the ticket with a 255 KLAY lockup.
How to register your Referral
Users must purchase at least one ticket to create a referral link in the Referral Tab. In other words, only users who have participated in the game can invite other users.
If a user buys a Snowball ticket though the referral link, that user is automatically registered as a Referrer. For example, if Bob buys a Snowball ticket on the website by clicking Alice's Referral link, Alice becomes Bob's referent and Bob becomes Alice's referrer.
A referrer cannot change his/her referent. For example, once Bob has referred Alice he cannot change his referent to someone other than Alice or add a new person as a referent.
Users that have already bought a ticket without a referent cannot refer a user afterwards. The referral system is designed to reward new users only. For example, if Bob had already bought the ticket before, he could not register Alice as a referent even if he accessed Snowball through Alice’s referral link.
You can see the updated news through medium post or telegram community.
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