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Snowball Weekly Newsletter — 20/01/2022

If you’re not sure what happened this week at Snowball, don’t worry! This quick newsletter will make sure you’re all caught up. Let’s check out all the exciting events that took place:

New Auto-Compounding Strategies

This week we’ve added two new Trader Joe pools to be auto-compounded through Snowball:

  • AVAX - FXS

We have some very interesting new strategies in the works, so expect some more unique strategies in the near future!

The Teddy Proposal Has Passed

Our 20th proposal on Snowball DAO has now passed, which establishes that the Teddy protocol will now begin merging into Snowball’s ecosystem. This means Snowball will have an Avalanche-native stablecoin (TSD) issuer to manage and develop into something even better. Not only that, but we will be bringing in some amazing talent from the Teddy team into Snowball.

This vote was one of the most contested and debated in Snowball’s history, passing with 52.13% of votes in favor, and over 3.5M votes cast through xSNOB. This was the highest voter participation ever in the DAO’s history, passing Proposal 18’s record of 3.1M votes. The average voting outcome is approximately 1.9M votes. This community engagement over proposals is very exciting to see, and puts on display our governance working as intended to make Snowball the best DAO it can possibly be.

New DeFi University Content

Ever wonder what the differences are between a traditional app and a decentralized app? This week a new course introduced to Snowball’s DeFi University that explores just that. Check out the course here!

veToken Discussions Taking Place

This week Snowball was approached by a co-founder of veToken Finance, in order to make an interesting proposal to the DAO. This proposal involves whitelisting their platform for SNOB staking and opening up possibilities for xSNOB-boosted pools for their users.

To read more about the proposal and participate in the discussion, make sure to join our Discord channel! As of now, it seems like the discussion will lead to an official on-chain proposal soon.

Snowball Stats

  • Over $150,000+ of value harvested in our compounding strategies this week.
  • Over 57.44% of all SNOB tokens are being staked for xSNOB.
  • Over 1270+ members of the community are staking their SNOB.
  • On average, SNOB is being staked for over 1.42 years!
  • This week 21,735 SNOB was distributed to xSNOB holders, alongside 1,431,882 AXIAL tokens. This makes up an APR of 59.61% per xSNOB.
  • Over 39.26% 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.

Website | Twitter | Discord | Telegram | Docs | GitHub



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JavaScript developer and blockchain enthusiast. Developer of @cookietrack_io and technical writer for @snowballdefi & @axialdefi