Snow Day, our Community Call and Thanksgiving on the same day? Lots of things to be thankful for! Our call was much quicker this week in order to keep everyone informed while still allowing our American friends some time off on this day of giving thanks. Don’t miss out on the next community call next Thursday!
Let’s take a look at some updates from the Snowball team this week:
Staking SNOB Just Got Better
Staking your SNOB tokens for xSNOB was always an interesting proposal. You gain the ability to vote on proposals and reward distributions, boost your auto-compounding rewards and even get your share of the revenue generated by the Snowball protocol.
This is the second week where those revenue sharing distributions got even better. Ever since the launch of our spinout project, Axial, a percentage of AXIAL tokens has been distributed to xSNOB holders and will continue to do so until the end of AXIAL emissions in 3 years time.
Considering that this is only the first project launched by the Snowball DAO, with many more to come, you can see where the appeal really lies.
The SNOB and AXIAL rewards altogether resulted in an APR upwards of 340%, even without considering the sizable SHERPA airdrop that has also begun this week, and will continue for the next 3 weeks.
Voter Participation All-Time-Highs
User participation in governance is an important aspect of any DAO, but many struggle with achieving even a 10–20% voter turnout for their governance structures. This is why we’re actively tracking these measures, and the number of SNOB stakers that have voted on a reward allocation of their choice through our Staking page has reached all-time-highs.
Depending on whether you count user’s stakes that have reached their unlock period or not, our voter turnout ranges from a conservative 37%, to an insane value of 47%. Snowball has only gotten to where it is now with the help of our community, so we hope you all continue to make your voices heard through these votes and all future proposals.
Pangolin V2 Migration
This week Pangolin has had a massive update to their farms’ structure and rewards systems. This means many of their older farms were deprecated, but many new farms are receiving incredibly high rewards due to their team’s incentives.
What does that mean for Snowball users? Well, if you were already deposited into a Pangolin auto-compounding strategy, you are already yielding much higher rewards without having to do anything. Our strategies have already been updated to point to Pangolin’s new strategies.
Axial News
Due to the value Axial is bringing to our ecosystem, it is to be expected that the best decentralized exchange aggregators would look to integrate it as soon as possible. The first to do so this week was ParaSwap, which now routes many of their stablecoin swaps through Axial. This means lower fees for their users, more volume through Axial, and will hopefully lead to even more recognition and growth of the platform.
To go along with this news, Axial has also reached many important milestones, including the impressive value of $90 million in TVL. This liquidity enables the platform to provide lower slippage on transactions through its many pools. Such pools have also been increasingly well balanced due to three major factors:
- Economic incentives to provide liquidity on lacking assets.
- Snowball’s auto-compounding strategies using the most beneficial asset.
- Tweaking AXIAL allocations in order to incentivize most balanced pools.
With these three mechanisms in place, after only a couple weeks since being launched, Axial’s pools are already extremely well balanced with a high amount of TVL.
Website Performance Improvements
The improvements promised in our Roadmap are not there just for show. This week we’ve released our latest improvements to our app, which include much faster loading times for the Compound & Earn page, search optimization improvements and more. Happy browsing!
Snowball Stats
- Over $760,000+ of value harvested in our compounding strategies this week.
- Over 44.8% of all SNOB tokens are being staked for xSNOB.
- Over 1300+ members of the community are staking SNOB.
- On average, SNOB is being staked for over 1.35 years!
- This week 23,930 SNOB was distributed to xSNOB holders.
- Over 6020 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.
