372
edits
Difference between revisions of "Snowbank DAO"
m
→Snowdog Incident: added little link to snowdog page
(Added Snowbank DAO page, included snowdog incident into it.) |
m (→Snowdog Incident: added little link to snowdog page) |
||
| Line 17: | Line 17: | ||
==Snowdog Incident== | ==Snowdog Incident== | ||
Snowdog DAO was an [[Olympus DAO]] fork that planned to use the treasury to buyback all Snowdog tokens on the 25th of November. Vesting period for minted snowdog tokens were 3 days instead of the usual 5 days. On the 25th of November, the treasury was worth $44,363,794. Snowdog liquidity was pulled off Trader Joe and moved to a private AMM pool controlled by Snowbank.<ref>https://snowdogdao.medium.com/on-the-path-to-recovery-snowdog-daos-first-proposal-8c8e70d34fc1</ref> The assets in the pool (SDOG to MIM) were proportioned as if the buyback had already happened. [[Slippage]] was locked at 99% and price of Snowdog tokens plummeted by 95% (compared to post-buyback value) in 30 seconds from open. | ''See main article: [[Snowdog DAO]]'' | ||
Snowdog DAO was an [[Olympus DAO]] fork that planned to use the treasury to buyback all [[Snowdog DAO|Snowdog]] tokens on the 25th of November. Vesting period for minted snowdog tokens were 3 days instead of the usual 5 days. On the 25th of November, the treasury was worth $44,363,794. Snowdog liquidity was pulled off Trader Joe and moved to a private AMM pool controlled by Snowbank.<ref>https://snowdogdao.medium.com/on-the-path-to-recovery-snowdog-daos-first-proposal-8c8e70d34fc1</ref> The assets in the pool (SDOG to MIM) were proportioned as if the buyback had already happened. [[Slippage]] was locked at 99% and price of Snowdog tokens plummeted by 95% (compared to post-buyback value) in 30 seconds from open. | |||
With only 7% of the SDOG supply having the potential to be sold at a profit during the buyback, many holders were forced to sell below market price or face further losses, resulting in a 90% drawdown<ref>https://cryptobriefing.com/olympus-dao-fork-snowdog-hit-by-90-crash/</ref>, the Snowdog community turned to the founding members of Snowbank for compensation. Snowbank then renounced ownership of Snowdog and passed on all social media accounts, SDOG tokens and SDOG-MIM LP to the community. | With only 7% of the SDOG supply having the potential to be sold at a profit during the buyback, many holders were forced to sell below market price or face further losses, resulting in a 90% drawdown<ref>https://cryptobriefing.com/olympus-dao-fork-snowdog-hit-by-90-crash/</ref>, the Snowdog community turned to the founding members of Snowbank for compensation. Snowbank then renounced ownership of Snowdog and passed on all social media accounts, SDOG tokens and SDOG-MIM LP to the community. | ||