Snowball Weekly Newsletter — 24/02/2022
In a busy week filled with political conflict around the world, let’s take some time to appreciate some good that has happened in our DeFi space:
New Auto-Compounding Strategies
This week we’ve added an interesting Pangolin pool to auto-compound through Snowball. The AVAX - sAVAX pool is a pair of Avalanche’s native token and sAVAX, a liquid staking asset that is worth slightly more than AVAX over time. With a pool like this, there is a constant minimal amount of impermanent loss and the yields are looking quite juicy!
We’ve also launched auto-compounding for the AVAX - TUS Pangolin pool, allowing you to get some amazing yield on your Crabada earnings.
Rome Terminal Discussions
Is this a worthy endeavor to invest in? Let us know your thoughts! If there is significant positive feedback, the discussion will move to an on-chain vote, so that all xSNOB holders may vote on the proposal’s fate.
Our First Birthday Is Almost Here
It’s truly incredible how far we’ve come as a community in 2021 and 2022. Almost as impressive is how fast time flies! Snowball is just about 1 year old, being one of the first dapps to be launched on Avalanche. We’ll be commemorating our anniversary in the coming weeks and we hope all of you make it to the many events we have planned!
Our Guides Are On The Move
Other than our DeFi University courses on our docs, we’ve also provided many guides to help users with some of the functionality in DeFi and on our application. These guides are now available on our Medium blog for your viewing pleasure. Check them out here or on our blog’s front page.
SNOB’s Max Supply Is Approaching
Much like bitcoin’s maximum supply of 21M and none will ever be created after that, the SNOB token is capped at 18M. Throughout this last year these tokens have been minted and distributed to xSNOB holders, the Snowball treasury, and the many users of our auto-compounding services.
This week we’ve reached the 17.5M supply mark, meaning over 97% of all SNOB has been minted. Distributions have drastically slowed down to the emission schedule voted on by our community, so we still have some time before 100% is ultimately reached.
- $61,000+ of value harvested in our compounding strategies this week.
- 59.67% of all SNOB tokens are being staked for xSNOB.
- 1200+ members of the community are staking their SNOB.
- On average, SNOB is being staked for 1.36 years!
- This week 8,886 SNOB was distributed to xSNOB holders, alongside 482,322 AXIAL tokens. This makes up an APR of 21.92% per xSNOB.
- 40.48% of all xSNOB holders have participated in governance.
Unsure why you should stake your SNOB? Check out our documentation here.
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.