Hello Snowmen, Ice DAO team is writing this to announce a bad news unfortunately…
Recap
Since we launched Ice DAO, we’ve been working hard to keep it alive, we created such an amazing community, and we had a smooth launch. After the launch, the price slowly dipped, until we listened to community and we gave an high APY, resulting in price going up.
At the all time high, the whitelist, hodled and staked from the beginning was approximately $50,000 and we hope that our early supporters could benefit from it !
Other projects had to make their APY go up, resulting in a “APY War” where the projects giving the higher APY were surviving and seeing an increase of their TVL/Price.
Ice DAO was giving one of the highest APY.
However, after few days of giving this high APY, stakers were diluted and it resulted in a massive sell off.
$ICE price went down a lot.
We chose to build a v2, to solve the rebases problem, and to build a better DAO.
We had to migrate, and the migration was smooth, price went up for few days, but paper hand sold instead of staking, and price went down.
We did buybacks to make price go up and stabilize, but unfortunately, after this, users still sold, resulting in the price where we’re at now.
We worked a lot to make Ice DAO great, but it didn’t work, maybe because the OHM fork “hype” is over, or maybe because we didn’t educate enough our community to the benefit of staking…
Focus on North Pole
We now think that North Pole is the future and that we can achieve to make great things with this protocol. North Pole is currently undervalued and we know that with a bit of marketing and more partnerships, it will be a success, so that’s what we’re working on ! We’re doing our best to add everything needed to make North Pole a success.
With the fud around SPELL, we know we could be in a good position to enter the market as a concurrent.
What we propose
Now, we have a plan, we know that price won’t go up and won’t stabilize, and that users earning rebases will sell, sell and sell again until $ICY is dead.
So what we propose to do is a redemption plan.
What is it ?
- We remove the LP from ICY/MIM pair, we sell all the ICY and MIM for USDT.e
- We sell all the assets of the treasury for USDT.e
At the moment we sent the $POLE liquidity from the treasury to a North Pole related address, and we added 1,000,000 $POLE. We won’t distribute these $POLE and will send these back to the North Pole wallet, as if we distribute these tokens, they will be sold for other stablecoins and it will unpeg $POLE.
But, as a compensation for $ICY holders (who will be able to claim their part of the treasury), they will also be able to claim $NORTH tokens each month on our Dapp, determined by the fees generated by North Pole until the liquidity for $POLE is $10,000,000.
Now that we have all the treasury in USDT.e, what are we doing ?
All $ICY holders, according to their share of the $ICY total supply, can claim a part of the treasury.
What do i have to do ?
If you have $wGLAZE, unwrap it for $GLAZE, then unstake it for $ICY. Then you will be able to claim a part of the treasury on a page we will deploy on Ice DAO website.
Which part of the treasury will come back to you ?
With Ice DAO, that’s been weeks we didn’t pay ourselves, but that we worked hard and didn’t abandon. Holders should also be rewarded. Here is what will go back to holders and what will go back to the team:
- 85% of the treasury goes to holders (claimable on our Dapp)
- 15% of the treasury goes to team (a split is made between the team members, not everything goes to one member)
Final word
As soon as we’re going to publish this Medium, we will open the vote. We worked hard for Ice DAO, but unfortunately, this wasn’t the end we were waiting for.
We hope you will understand it.
Thanks for your support along this journey.
Big things are coming for North Pole.
