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The xSNOB token has four main applications:
- Voting on gauge allocations.
- Earning boosted SNOB rewards.
- Earning a share of protocol revenue.
- Voting on community proposals.
See the links below for more info on each of these applications:
Your xSNOB balance is determined by two things: the amount of SNOB you have locked and the time left on your lock period.
SNOB must be locked 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 locked for. The minimum lock period is 1 week and the maximum lock period is 2 years. You will receive more xSNOB the longer your SNOB is locked.
Your xSNOB balance will decrease linearly over time until it reaches zero (snowballs melt, you know!). When your xSNOB balance reaches zero, you will be able to withdraw your SNOB.
The only way to mitigate xSNOB decay is to extend your lock period, or to increase the amount of SNOB you have locked.
Each wallet can only stake their SNOB for a single period of time. To stake different amounts of SNOB for different periods of time, you must use multiple wallets.