Snowbank DAO
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Final Redistribution
Great products convert unconscious, inchoate problems into conscious, realized opportunities. This is what motivated us to start Snowbank: building an amazing product for DeFi and the Avalanche ecosystem. We were fortunate enough to build an amazing community, with shared values, and a common goal. Unfortunately, we have to come to the conclusion that our product isn’t meeting its audience. Interest in rebasing projects is at an all-time low. Despite our exciting v2 plans, we still believe the opportunity could be better captured by a fresh new project. Therefore, it is now time for everyone to move on.
Snowbank has been immensely successful, well exceeding our wildest expectations. The community built around Snowbank has been one of the most amazing crypto communities that ever came to life. We can’t even express how incredible everyone has been during this journey.
I would like to take the time to thank all our community for their contributions and support. This experience demonstrated how strong DAOs are for the future of work, how individuals can share goals and values within an autonomous organization. Namely, I’d like to thank Snafu and our amazing community team: White, Rollan, Kez, Morridin, Spaceman, Violet, DefiMaster and other contributors I didn’t mention.
We look forward to the future of DeFi on Avalanche and we’ll be excited to build new products in the future.
Yeti

Where can I swap my $SB for USDC?

You can swap your $SB for USDC here: https://dapp.snowbank.finance/#/redeem
There is no deadline for the redistribution, you can always swap your SB for a fixed USDC value. There is no slippage, and everyone will get the same amount of USDC per $SB, regardless of the time the swap is executed.

How is the risk-free value per $SB calculated?

Risk-free value per $SB is calculated by adding all treasury owned assets market value: USDC, MIM from the SB-MIM liquidity pool, AVAX from the AVAX-MIM liquidity pool.
And dividing this by all user owned $SB: calculated by taking the $SB total supply, minus the amount of $SB owned by the DAO, as well as $SB owned by the liquidity pools. The current RFV per $SB is already available on our dashboard! You can view it here: https://dapp.snowbank.finance/#/dashboard

What will happen to Snowbank v2?

For the moment, plans for Snowbank v2 are paused. This project might be picked up by another team in the future. We encourage anyone willing to develop this exciting liquidity as a service protocol to freely use our first version of specs available in the documentation.

Will the Discord remain?

Yes. Most channels will be archived but the Discord will remain.