The last newsletter of the year. What a blast it’s been! Check out the events of this last week here if you’ve missed our lovely community call, and let’s hope for an even better year in 2022!
The Snowball Is Larger Than Ever
With even more recent additions to our team, the team at Snowball grows even more as the end of the year approaches. This means more bandwidth to develop even more new products for the Avalanche ecosystem whilst also constantly improving our existing products for our users.
2022 will be a year full of progress being made on all fronts, and we hope you’ll join us in contributing towards an amazing Snowball community in the near future!
Lava Is Coming
The next product to be launched by the Snowball DAO is Lava, a liquid AVAX staking platform on Avalanche. While its development and audits reach completion, its launch grows closer than ever. This week its very own Discord server has now been made open to the public.
To join in on the hype train, ask questions and/or keep up-to-date on development news, join the server here!
Yet Another Successful Governance Proposal
This week an exciting proposal has been executed. From now on, Snowball community members will only require 50,000 xSNOB in order to propose a vote through our smart contracts, down from the original 100,000. This means more governance participation, less barriers of entry for new contributors, and hopefully a better Snowball in the future because of it!
New Auto-Compounding Strategies
Nothing like some exciting new pools over at Pangolin for us to auto-compound. This week’s new additions are live and available for all at Snowball.
Let’s Learn About Gas Fees
This week’s new course on Snowball’s DeFi University is regarding gas fees - if you’ve ever wondered why they are necessary or how they work on Avalanche C-Chain or other chains with different fee structures, this is the course for you. Check it out here, and feel free to browse any other topics that may interest you while you’re there.
SHERPA Airdrop To NFT Holders
The next part of the SHERPA airdrop has finally arrived. This week, Snowball NFT holders have been airdropped their share of SHERPA tokens. What a lovely gift to receive right after Christmas! To read more about how the airdrop was calculated, and its many parts, check out our article here.
The following is a quick recap of some of the questions asked during the community call:
What is the process/timeline for deploying a new strategy?
- Our devs are able to implement new simple strategies in under 24 hours, while more complex strategies may require more research. The process for deploying these is being decentralized even further as we speak, and soon even non-members of the team will be able to deploy new strategies that can be looked into by the Snowball council before being added on-site.
Any plans on integrating other platforms into Snowball’s compounder?
- Yes! Our team is looking to add a lot of new platforms to our auto-compounding product in 2022, while making sure we’re avoiding all the bad apples in the ecosystem.
Where should we go for help and feedback on the on-going Moralis Avalanche Hackathon?
- Both Snowball’s and Moralis’ Discord servers are great places to go in order to reach for advice from our team and other developers hacking away. Don’t hesitate to message anyone you think could help.
- Over $300,000+ of value harvested in our compounding strategies this week.
- Over 53.72% of all SNOB tokens are being staked for xSNOB.
- Over 1200+ members of the community are staking SNOB.
- On average, SNOB is being staked for over 1.43 years!
- This week 26,469 SNOB was distributed to xSNOB holders, alongside 1,181,884 AXIAL tokens. This makes up an APR of 77.66%+ per xSNOB.
- Over 6500 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.