We had an amazing community call this month in to welcome February and talk about all the exciting work in progress the Snowball community has been up to the last few weeks. In the past week alone we have had many noteworthy events to mention:
UI Improvements To APR Data
A previous source of confusion for some users was the fact that Snowball did not display swapping APRs for their many auto-compounding strategies. This is a sensitive aspect of providing liquidity since many platforms have different ways of calculating this value. Choosing to not display this value meant that Snowball was underestimating strategies’ yields.
Now that this value is displayed on the UI, users now have more information at hand to decide on their investing prospects. This information has been kept separate from the previously shown values since it is an inherently already compounded part of the strategy’s yield and only applies to multi-asset liquidity pools.
Proposal 21 Passed
This week the long discussed proposal from veToken Finance was been put to vote and subsequently passed. This proposal has thus allowed veToken to stake SNOB tokens and offer their users xSNOB-boosted pools through their smart contracts.
This mutually-beneficial partnership brings TVL to Snowball and reduces the circulating supply of SNOB, while granting voting power and performance fees to veToken, as well as higher yields for their community.
Educating For The Future
The world of decentralized finance is not for the faint of heart - yet. Through education we can bring in more users and improve upon expanding awareness of the financial freedom DeFi brings. Snowball’s very own DeFi University has been a meaningful step towards that goal, providing free courses regarding many aspects of DeFi for newcomers or veterans alike.
Educating the Avalanche community and our own users is a major goal for Snowball and will increasingly become a larger part of what our next iteration of the platform will become.
New Auto-Compounding Strategies
More Pangolin “Super Farm” strategies were released this week. This means multiple rewards to compound without you having to spend a single nAVAX on gas fees to do so. What’s not to like? These were the strategies added this week:
- AVAX - UST
- AVAX - LUNA
- USDC - UST
- AVAX - YDR
- AVAX - AAVE.e
- AVAX - BNB
- AVAX - IME
- AVAX - AVXT
- AVAX - MONEY
The USDC - UST pool is of particular interest since it currently has a very high yield, is composed of two reputable stablecoins, and will experience next to no impermanent loss. Something to definitely look into!
Upcoming Magnet DAO AMA
We’ll be hopping onto Magnet DAO’s Discord Server on Friday at 19:00 UTC for a friendly AMA regarding our plans for 2022. Don’t miss out!
Question Highlights
The following is a quick recap of some of the questions asked during the community call:
Where are we able to find more info on Snowball’s 2022 Roadmap?
- Our roadmap is publicly listed on our docs here, but if there are any questions regarding any specific item don’t hesitate to chat to the community about it on our social media channels!
What are Snowball’s plans to attract more institutional investments?
- Apart from largest marketing focus and investor summary documents, we are currently adding support for Gnosis Safe on our app - allowing many institutions whom utilize the software for security reasons to more easily invest in and utilize Snowball’s products.
Snowball Stats
- Over $63,000+ of value harvested in our compounding strategies this week.
- Over 59.27% of all SNOB tokens are being staked for xSNOB.
- Over 1280+ members of the community are staking their SNOB.
- On average, SNOB is being staked for over 1.38 years!
- Over 40.23% of all xSNOB holders have participated in governance.
Unsure why you should stake your SNOB? Check out our documentation here.
About Snowball
Snowball is a Venture DAO and an auto-compounder for liquidity rewards. It was the first auto-compounder launched on Avalanche and it prides itself on being entirely community run. If you’d like to be a part of Snowball, join the conversation in Discord or Telegram. Stay up to date on our Twitter.
