It began with the one day it snows there. The slitherbeast started attacking the boiling isles. Many died in the attack but then the people rebelled and attacked it till it left. Now every year on that day they all give each other weapons to fend it off if it comes but it hasn't been because of the people there that attacked it so after knowing that the slitherbeast didn't come they celebrate and exchange gifts.
Originated from @MrAccidental 's post