SnowDOT is a cross-chain dApp that facilitates the creation and movement of a pegged DOT asset on Ethereum. It allows users to lock up DOT in the SnowDOT application pallet on Snowbridge’s parachain, and then have that minted as an ERC20 token called SnowDOT on Ethereum. SnowDOT, being an ERC20, can be used on any other Ethereum application that supports ERC20s, or can be burned by users on the SnowDOT smart contract to return their value to Polkadot and unlock their DOT out of the Snowbridge’s chain.
SnowDOT is still in the design phase, and more details will be added later. We are also looking into ways for SnowDOT to still be exposed to yield via staking rewards even while locked in the Snowbridge parachain. We are also in talks with various Ethereum DeFi/Stablecoin projects in regards to incorporating SnowDOT into their products.