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Snowball Weekly Newsletter — 28/04/2022

In the midst of building and discussions towards the future of Snowball, we have some updates to share! Check them out below:

Axial Pool Structure Updates

To add to our discussion of how future Axial pools will look with the upcoming UI and infrastructure updates, we had a community-wide chat this week to gather feedback from the community and team members.

Through the discussion, we investigated the feasibility of many pool compositions and the interest in each one based on their on-chain liquidity, other competing pools, and the evolution of the defi space.

When it comes to stablecoins, we envisioned many pools using a common and highly liquid token such as native USDC, paired with other native, bridged, or algorithmic stablecoins in the ecosystem. It is likely interest-bearing token versions of these stablecoins will find their way in some pools as well.

Other non-stable assets such as BTC and AVAX have their respective staked or interest-bearing token versions, and thus we’d be looking to implement pools for those as well.

Keep an eye out for the launch of the bigger and better Axial pools soon!

Proposal 24: Funding Further Axial Development

As we approach these awesome new Axial updates, our developers require continuous funding to make things happen. Thankfully, we have a treasury filled with AXIAL tokens that the community can decide to allocate towards this end.

Proposal 24 asks for a vested portion of these tokens to proceed for only a few more weeks with Axial’s development towards this new version of its pools, along with the ever so anticipated AXIAL staking functionality. Read more about the proposal here, and make sure to vote before the voting period ends on April 30, 2022 so that your voice is heard!

Claim Your Exclusive Merch!

Remember that awesome Beanie NFT you got way back when? Make sure to claim it on claim.snowball.network if you actually want a physical, in-real-life beanie with our Snowball logo on it! 30% of the NFTs have already been claimed; don’t miss out!

Snowball Stats

  • $21,000+ of value harvested in our compounding strategies this week.
  • 64.02% 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 1.31 years!
  • 40.91% of all xSNOB holders have participated in governance.

Unsure why you should stake your SNOB? Check out our documentation here.

About Snowball

Snowball Venture Studio is a community run DAO whose mission is to spur innovation in the DeFi ecosystem by providing resources and support to new projects and teams. Snowball Venture Studio has already launched or is supporting Snowball Earn, Snowball DeFi University, Axial, Teddy, Lava, and FiHub.

If your DeFi startup is looking for assistance with engineering, design, branding, marketing, or strategy, we would love to speak with you. Join the conversation in Discord or Telegram and stay up to date on our Twitter.

Website | Twitter | Discord | Telegram | Docs | GitHub

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Ncookie

Ncookie

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