Snowbank DAO
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Mint Your SB (1, 1)
The Mint page allow users to mint SB from the protocol at a discount by trading it with i) liquidity (LP tokens) or ii) other assets. The former is called liquidity minting and the latter reserve minting.
The minting action create bonds which take roughly 15 epochs to vest, and SB tokens are vested linearly to the user over that period. Liquidity minting help the protocol to accumulate and lock liquidity, while reserve minting allow the protocol to grow its treasury, and thus its Backing per SB faster.
Snowbank offers currently different types of assets that can be used to mint SB on its website:

Settings

Settings is a feature that allows you to mint SB while sending the acquired SB to another address. This is useful for additional privacy, or for minting multiple SB while the current mints are still vesting. Note that if the same account holds multiple mints, the pending rewards from the earlier mints have to be forfeited. Note: What this means in practice, is that if a user has vested rewards from a previous minting action purchase, and he then mints another SB, the 5 days timer is resetted for all the rewards, and the vesting period will start again.
  1. 1.
    Go to the Mint page and select the assets you want to use to mint SBs.
  2. 2.
    Select the amount that you would like to mint, then click on the cogwheel icon at the top right of the page.
  3. 3.
    The Settings menu will show up. At the Recipient Address field, you can specify a different address that will receive the vested SB. By default, it is filled with your current address.
  4. 4.
    You can also modify the Slippage field to increase or decrease the likelihood of your order getting through. A higher slippage increases that likelihood, but you may get a more undesirable fill price.
  5. 5.
    Close the Settings menu by clicking the cross icon.
  6. 6.
    Click "Approve" and sign the transaction.
  7. 7.
    After the "Approve" transaction has been processed successfully, click "Mint" and sign the transaction. Voila, you have minted your firdst SB tokens using the Settings!
Notes:
  • The "Approve" transaction is only needed when minting for the first time; subsequent minting only requires you to perform the "mint" transaction.
  • When using Settings, do not alter the mint amount after you have closed the Settings menu, as it will reset the recipient address.

How to Redeem

Go to the Mint page and select the bond type you have purchased. Select the "Redeem" tab.
Use the Claim to claim all of your available rewards, and have the pending SB sent to your wallet.
Use the Claim and Autostake button to have all the available SB sent automatically to the staking contract and receive the sSB as a receipt for your stake!

Reading the Info

Bond Page:

  • SB Price is the price of SB you get from minting. You can calculate the mint price using the following formulae: - LP Mint: (Value of your LP token / SB you'll get from minting) - MIM Mint: (Value of your MIM token / SB you'll get from minting)
  • SB Price is the market price of SB.
  • Your Balance is your balance of LP tokens or asset used to mint.
  • You Will Get tells you how many SB tokens you will get from minting.
  • Max You can Buy maximum amount of SB available to be bought.
  • Debt Ratio measures the total amount of SB created from mints that have yet to be paid out by the protocol. The debt ratio is calculated differently for LP mints and MIM mints: - LP Mint: (SB created from unredeemed mints / SB total supply) - MIM Mint: (SB created from unredeemed mints / SB circulating supply)
  • Vesting Term measures the period a minting action takes to fully redeem. This number is expressed in days.
  • Minimum Purchase: Minimum amount of SB that can be minted

Redeem Page.

  • Time Until fully vested is the time until the SB minted will be fully redeemable
  • Pending Rewards is the amount of SB you are entitled to receive from minting.
  • Claimable Rewards is the amount of SB that you can claim now. This amount keeps increasing as SB is vested to you over the vesting period.
  • ROI is the Return On Investment
  • Vesting Term measures the period a Minting action takes to fully redeem. This number is expressed in days.