Snowball joins the OpenSwap Bridge Founders Program
We’re excited to announce that Snowball Venture Studio has joined the OpenSwap Bridge Founders Program, which will be initially introduced on the BNB Chain & Avalanche Fuji Testnet. By integrating OpenSwap’s decentralized native-token cross-chain bridge, we will be opening ourselves up to the unlimited possibilities of having $SNOB accessible to liquidity sources from any chains that the OpenSwap Bridge will support. This integration provides an important and exciting opportunity that will help Snowball grow towards more adoption and higher trading volume. Ultimately, this creates a more exciting and seamless user experience as our community members can experience cross-chain swaps without impermanent loss and involvements of synthetic tokens.
Snowball Earn is a community run auto-compounder offering high yields on strategies across a number of platforms on the Avalanche Blockchain including TraderJoe, Pangolin, Benqi, AAVE, and more. The project is governed through staked SNOB, known as xSNOB. In addition to voting privileges, xSNOB holders gain access to 30% of platform revenue, token distributions from Snowball Venture Studio projects, and up to 2.5X boosting on SNOB liquidity rewards.
In order to provide the opportunity for cross-chain users to have exposure to the Snowball Venture Studio ecosystem, we need access to a secure and decentralized cross-chain bridge that would allow our token holders to conduct chain-native cross-chain swaps.
Currently, the most common cross-chain approaches in the DeFi space are:
‘Lock and Mint Synthetics’, a method where native tokens are given to a custodian who in turns mints a synthetic version of the token on a target blockchain, and ‘Cross-chain Liquidity Pair Pool’, a method where liquidity providers need to stake pairs consisting of a native token with the platform token into pools, a highly complex mechanism. These traditional cross-chain bridging models contain many flaws that are yet to be addressed, such as slow speed, high costs, high complexity, and the proliferation of synthetics of the same underlying asset.
After reviewing various solutions, we selected OpenSwap Bridge because of their DEX Aggregator and Hybrid Smart Router. This allows core offerings that will help Snowball users scan for the best price available across all the supported DEXs and opens up $SNOB to liquidity from all the chains OpenSwap Bridge supports. This is possible because of the unique mechanism of the bridge where it enables a cross-chain purchase of any token with a stable coin.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.
About Snowball Venture Studio
Snowball Venture Studio is a community run DAO whose mission is to spur innovation in the DeFi ecosystem by providing resources and support to new projects and teams. Snowball Venture Studio has already launched or is supporting Snowball Earn, Snowball DeFi University, Axial, Teddy, Lava, and FiHub.
If your DeFi startup is looking for assistance with engineering, design, branding, marketing, or strategy, we would love to speak with you.