Celebrating 1 Month on Avalanche
It is our pleasure to celebrate a full month of operation for Snowball. It’s been a crazy month. What began as a couple forest creatures (both terrestrial and extraterrestrial) working together to bring more of the DeFi ecosystem to Avalanche, has evolved into a multi-product protocol that is growing daily.
Since our launch, we’ve added multiple new compounding pools, a new stable swapping protocol (the first on Avalanche), and a soon to be implemented governance protocol.
It’s safe to say that we’ve exceeded even our own expectations. But in case you’re not yet convinced, here are some achievements from our first month.
- A total of 7 auto-compounding strategies for liquidity pools on Pangolin (including a new AVAX/wBTC pool launched today!) with $15 million USD locked
- The first stable swapping protocol on Avalanche, StableVault, with over $2 million USD locked
- A current TVL of over $17 million USD and a high score of $21 million USD
- Reduced performance fees by 50% from 20% to only 10%
- 1,000,000 SNOB accumulated by the treasury
- 650 unique token holders
- 1,250 followers on Twitter
- 800 members on Discord
- 600 members on Telegram
- A governance protocol that is currently in its testing phase
- And finally, a community that is solid, dedicated, and passionate
While this past month has been an incredible ride, we’re only getting started. Governance is set to launch soon, which will allow us to start voting on important Snowball decisions. Furthermore, our team is working on building out more products and features to continue our snowballing success.
Stay tuned for more updates in the coming weeks, and to all our supporters on Avalanche, thank you. This project would not be possible without the amazing community we have.
New AVAX/wBTC Strategy
In celebration of our progress, we’ve decided to launch a new auto-compounding strategy for AVAX/wBTC. This strategy compounds the AVAX/wBTC liquidity pool on Pangolin.
SNOB allocation for this strategy will be able to be decided on post governance. However, we’ve decided to reduce the performance fee for this strategy to 5%.
You can find this strategy on our website.