Time for another weekly newsletter to cover the exciting events of this week. We’ve had many interesting discussions on this week’s community call, and we hope to see even more of you in there next time! Let’s take a look at some of the highlights of the past 7 days:
New Auto-Compounding Strategies
Even with all the new happenings, we’ll never neglect Snowball’s auto-compounding product and the yield it generates for our community. This is why when new farms were added to Pangolin, we didn’t hesitate to add support for those as soon as possible. These were the new strategies launched:
- AVAX - ORCA
- AVAX - AVAI
- TUSD - DAI.e
- AVAX - MAXI
- AVAX - CRAFT
- AVAX - CRA
- AVAX - JEWEL
- AVAX - gOHM
- USDC.e - MIM
We’ve also launched a strategy to compound Axial’s newest pool, AA3D, which consists of the AVAI, MIM and USDC.e tokens. This strategy, much like our other Axial strategies, includes logic to maximize returns by selecting the most unbalanced token in the pool for harvests, while balancing the pool simultaneously.
A strategy to compound the AVAX - MEAD farm on Trader Joe was also added, which currently boasts double rewards and some incredibly high APYs.
A Statistics Deep Dive
Soon after last week’s community call and snow day (when SNOB distributions take place for xSNOB holders), an article analyzing some of the most interesting statistics regarding Snowball was released. These include stats such as the rapidly increasing % of SNOB tokens staked, which even reached all-time-highs of over 53% this week!
Want to see more stats and what can be learned from them? Check out the article here.
Axial Partnership Incentives Go Live
Some of the partnerships announced in the previous week and the many incentives that come along with them are now in full effect. This means extra ORCA token rewards for those in the AA3D pool and TEDDY token rewards for those in the AC4D pool. This has brought in extra liquidity to the protocol, while also increasing APYs for those compounding such pools through Snowball.
Even More Underlying Farm Upgrades
Our partners at Pangolin and Trader Joe are always upgrading their contracts to improve their products. This would usually mean you would have to withdraw your funds and re-deposit them once the upgrade is complete. At Snowball, as has become tradition, we take care of that for you. The Pangolin PNG staking changes along with the Banker Joe contract updates took place this week, and no action was required from our users due to our hard-working engineering team.
Moralis Avalanche Hackathon
Snowball has officially partnered with Moralis and Avalanche to take part in this hackathon with $500,000 in prizes available. This time we encourage developers to try their hand at developing an opt-in notification system for dapps, but any other form of development is valid for participating in this event. More details on the event can be found on the article here.
The Snowball Is Growing
As we continue our journey of defying (DeFi-ing, if you will) physics and rolling uphill, we’ve gathered even more talented team members to reach new heights with us. These consist of new engineers, new illustrators, designers, etc. We’ll be looking to highlight some of these soon throughout our social media, so keep an eye out for that!
If you would like to be part of our team, please do reach out in our discord! Snowball is always searching for more talent, especially in the realms of UI designers and UX researchers at this point in time.
User Interface V3 Infrastructure
Our engineers have been hard at work developing a completely new infrastructure for our current and future DAO launches, which will allow Snowball to more efficiently release products as the Venture DAO it strives to be. Much like Axial (our first launch) reached incredible adoption in an incredibly short period of time, we believe this new infrastructure will allow us to achieve this better than ever, and aid other project’s creations in the near future.
Question Highlights
The following is a quick recap of some of the questions asked during the community call:
Any plans to bond AVAX-SNOB liquidity?
- Some in-depth discussions are taking place in the governance channels of our Discord server, and much of these conversations revolve around the treasury and what we can do with its funds. Bonding and/or owning our own liquidity seems to be the most agreed upon path to take so far, and the team has been reaching out to Avalanche-native projects that could help us make this happen.
Does Snowball have any plans to integrate into subnets?
- Subnets are an incredibly interesting aspect of Avalanche, and definitely something to look into. While there is nothing on the roadmap in regards to subnets at the moment, it likely will be up for discussion at some point.
What is Snowball’s ‘Endgame’?
- In short, to become a DAO that launches other DAOs. A successful ‘endgame’ for the project would be reaching a point in time where 99%+ of Snowball’s value is associated with its project and community launches, not necessarily its auto-compounding product.
Where are the new NFTs?
- Coming soon! We plan to definitely launch these before Christmas, and are intrinsically different that other NFTs currently available on Avalanche.
When are we meeting up face-to-face and have snowball fights?
- While snowball fights will likely depend on the weather, we definitely want to hold in-person events in the near future. The most likely candidate for that so far seems to be the Avalanche Summit conference happening in Spring 2022, which we hope to attend! Nothing confirmed yet though.
Any new courses in the works on SDU?
- New courses are always being written for the DeFi University. The current ones on the roadmap include courses on bridging/routing, DeFi risks, gas fees, environmental concerns, composability risks and issues of fragmented liquidity. Have some ideas for other interesting courses? Feel free to contribute your own by reaching out to the team.
Snowball Stats
- Over $365,000+ of value harvested in our compounding strategies this week.
- Over 52.8% of all SNOB tokens are being staked for xSNOB.
- Over 1320+ members of the community are staking SNOB.
- On average, SNOB is being staked for over 1.43 years!
- This week 25,624 SNOB was distributed to xSNOB holders, alongside 1,173,463 AXIAL tokens. This makes up an APR of 147%+ per xSNOB.
- Over 6350 addresses hold SNOB.
Unsure why you should stake your SNOB? Check out our documentation here.
About Snowball
Snowball is an auto-compounder for liquidity rewards and a Venture DAO. 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.
