# Introduction

$SNO is pegged to one Trader Joe ($JOE) token via seigniorage and other mechanisms.

Snowy Owl was completely stealth launched with no genesis pools on 2/19/2022.

## What differentiates $SNO from other algorithmic tokens?

Unlike previous algorithmic tokens, $SNO is not pegged to a stable coin. It is instead pegged to $JOE. \
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Why is this?\
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Snowy Owl believes in the potential of Avalanche, and has chosen to align its mission to both provide value to and derive value from its future growth. $JOE is an excelent token with great tokenomics that will create value for our investors. In addition to existing and future use cases such as Avalaunch, $SNO aims to become the main medium of exchange on Avalanche: this will be achieved by providing a mirrored, liquid asset to $JOE. 

One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the Snowy Owl team will maintain a focus on innovation around enhanced functionality and use cases.<br>