Snowball Weekly Newsletter — 16/12/2021
Christmas is approaching, and with it many exciting things are happening with Snowball. If you missed this week’s community call, don’t worry - this newsletter will bring you up to speed.
Zappers Are Live
The zapper contracts we’ve been excited to deploy are finally live. It is now easier than ever to deposit into your favorite Snowball strategies.
We’ll be covering this new functionality with new infographics and articles this week, so keep an eye out. As for a quick overview, zappers allow you to deposit into any liquidity pool strategy through a single token. Having AVAX, for example, will enable users to instantly deposit in most of Snowball’s strategies without having to navigate to other websites. All trading, building of LP tokens, and multi-step deposits are done through the zapper process.
Alongside this update, which implements zappers seamlessly into our existing UI, we also now enable users to opt into using infinite approvals when depositing their funds. This option means approving a transaction only once, instead of having to do so for every deposit. Before doing so, please ensure you know the risks of allowing infinite approvals to any smart contract!
Staking APRs At All-Time-Highs
Have you been staking your SNOB tokens for xSNOB? More than half of all SNOB supply is being staked, and for good reason. Our all-time average APR since the launch of xSNOB staking is of 98.18%. Rewards are distributed through platform revenue, in the form of SNOB and AXIAL, alongside some bonuses every once in a while, such as a boost in reward earnings when auto-compounding.
These are great returns, even while ignoring the fact that by staking SNOB you would also be increasing your rates in all Snowball strategies and be gaining the opportunity to propose and vote in our governance structures. Speaking of which, here’s some exciting governance updates:
Governance Is So Hot Right Now
For the first time since the launch of Snowball’s governance systems, we have three proposals active at once. Make your voice heard, and vote on the outcome you prefer!
Not only are the current proposals being voted on interesting, but there are many more to come. These past few weeks we’ve seen a lot of engagement from the community within our governance channels on Snowball’s and Axial’s Discord servers. We highly recommend participating in these, as new ideas and points of view are what make a DAO thrive.
Moralis Avalanche Hackathon Kicks Off
The awesome partnership announced last week in this article has begun. Along with the main hackathon prizes, Snowball is putting up $30,000 for teams that create the best implementation of a decentralized notification system for dapps. We’re looking forward to seeing the creations to come!
New DeFi University Content
Have a desire to learn more about the bridges to and from avalanche, how they differ from each other, what fees they charge, what tokens they cover, etc? Well, the new course on SDU hopes to teach just that. Check it out here. SDU is also now available through the Snowball website’s sidebar!
Axial Metapool Updates
Metapools are the concept of adding a token to an already existing liquidity pool without affecting the composition of the pool, while allowing swaps to take place between all tokens involved. This functionality was always planned to be included in Axial’s pools, but due to recently discovered security issues, was delayed.
With these issues now patched, we can look to add tokens with less liquidity to Axial pools, without needing a new pool just for them. A proposal is already being considered for adding the new native USDC token to one of the pools. Be a part of that discussion through Axial’s Discord Server!
Upcoming NFT Sale
We’ve teased the new NFTs long enough - it’s time for some details.
- A new NFT will be released for sale next week, which will be available for only 24 hours.
- This beautiful NFT with art from our talented illustrators is not just that, but will have two forms; new and redeemed.
- In the near future, the NFT will be able to be redeemable for some exclusive Snowball swag.
More updates will be released as the sale date approaches. Keep an eye out for those!
The following is a quick recap of some of the questions asked during the community call:
With subnets being available, does Snowball plan to launch their own?
- Subnets are a super exciting aspect of Avalanche that we definitely intend to explore further. This will likely require much in-depth research, but we are particularly interested in their ability to possibly further decentralize our infrastructure in the future.
Could Snowball use its treasury to invest in early projects and return rewards to xSNOB holders?
- While it is difficult to invest quickly and smart at the same time, there is always the possibility of this taking place. Vetting projects is difficult in DeFi, but a well-researched proposal from the community could likely gain the enough support to pass.
Is Snowball considering owning our own liquidity?
- If you are, we are! As a DAO, we’re all in this together. Current discussions seem to be considering either a partnership with a native Ohm fork on Avalanche, or simply acquiring our own liquidity through traditional means using our treasury.
Is it possible for SNOB being provided as liquidity to count as voting power?
- While this is something we had in the past, it was removed due to being too easy of an attack vector for our governance structures. All in all, governance is possibly one of the hardest problems we all need to solve, and new solutions are always being discussed.
- Over $340,000+ of value harvested in our compounding strategies this week.
- Over 53.62% of all SNOB tokens are being staked for xSNOB.
- Over 1250+ members of the community are staking SNOB.
- On average, SNOB is being staked for over 1.44 years!
- This week 24,322 SNOB was distributed to xSNOB holders, alongside 1,283,100 AXIAL tokens. This makes up an APR of 99.8%+ per xSNOB.
- Over 6430 addresses hold SNOB.
Unsure why you should stake your SNOB? Check out our documentation here.
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.