Why are we launching Ice DAO v2 ?
During the “Great APY War” that occurred during the month of December, we chose to deliver a high APY, to stay attractive next to other OHM forks.
However, that was a short success, although it helped raise the price of $ICE it also produced massive inflation of $ICE supply, resulting in a massive drop of the price after a week.
That is why we want to relaunch Ice DAO in a better way! We want Ice DAO to be sustainable in the coming weeks before the North Pole launch, and thereafter.
Also, dividing the supply by 100, will help us to manage Ice DAO easily.
What is the plan ?
- Issue the Ice DAO v2 token($ICY), create the new contracts.
- Conversion ratio: 100 $ICE token = 1 $ICY token. Price of $ICY will be 100x the price of $ICE. Please note that the value of your tokens will not change. (e.g. if you hold $1000 worth of $ICE, you will hold $1000 worth of $ICY after the conversion.)
- Add adjustable sell tax on $ICY token, (0%-20% adjustable as needed, according to community voting)
- Use funds from the DAO treasury to acquire assets, invest in early-stage projects, participate in decentralized finance protocols generating yield, and pay members of the DAOs for contributions. Members of the DAO will decide via governance what assets to acquire, where to invest the funds, and who to pay.
- Add tasks and bounties to earn extra income.
- Making Ice DAO even more community driven and fully transparent.
What are the steps needed to achieve Ice DAO v2 launch ?
- Stop bonds and staking for Ice DAO v1. (January 1st, 2022)
- Launch the $ICY token Contract & Migration Contract. (January 5th)
- Launch the Ice DAO v2 OHM contracts. (January 6th)
- Remove around 20,000 MIM from treasury to mint $ICY tokens. (January 7th)
- Send $ICY to migration Contract (Convert $ICE to $ICY with a 100:1 ratio). (January 8th)
- Remove the current ICE/MIM liquidity. (January 8th)
- Convert the $ICE from LP to $ICY. (January 8th)
- Add the new ICY/MIM LP. (January 8th)
- Start Ice DAO v2 bond & stake. (January 9th)
- Set a selling tax (no ETA, only if necessary).
What do you have to do?
We will deploy a migration page, to allow you to migrate your $ICE to $ICY, we will notify the community once this page is ready.
You will need to unstake your $ICE. As we will close the bonding function, bonders will need to recover their last $ICE from bonds, then migrate on the migration page.
We are going to create a vote to make this proposal accepted by the community and deploy our v2.
Stay cold, v2 is near…