Snowflakenodes

Snowflakenodes appears to be a fork of Ring Financial where you have to create “nodes” using the native token. Proceeds from the node creation are then managed by the protocol to be invested into several DeFi platforms that will produce an optimal return as stated in their documentations. DeFi platforms to be invested in are decided by the node users through votes. Each user who created nodes are then eligible to a certain reward per day as native tokens. So far, there seems to be no other fees to be noted aside from the reward claiming fee. (Nodes are not actual blockchain nodes that hold data, but more like a seat in an investment pool)

Kindly note that their native token is still on presale and other contracts are not yet published as of date. Until the node creations have started, tokens are distributed, liquidity is added, and burned/locked, we highly advise users to DYOR. The following are notable functions seen in the presale contract:

• ✅ KYC’d with RugDoc
• ⚠️ Liquidity is not locked with RugDoc
• ⚠️ Presale contract owner has the capacity to disable presale, withdraw all the MIM in the contract, and/or provide a false token that will be used for claiming.
• ⚠️ No multisig, we highly recommend the project to use one with community members or reliable 3rd parties as an approver due to the said governance risk.
• ⚠️No reputable audits as of date

Having said the above, we are classifying this as Not Eligible as we recommend these kind of complex projects to pass reputable audits as there is a risk of governance mishandling.