Snowball Weekly Newsletter — 31/03/2022
We are still buzzing from all of the excitement from the Avalanche Summit, but have nonetheless had a productive week! We have much to cover regarding what Snowball has been up to this week. Read all about it below!
New Auto-Compounding Pools
This week we’ve released two new Trader Joe pools to auto-compound. Both pools are leveraging native USDC, now reaching almost 1B in liquidity on Avalanche since its inception a couple of months ago. They are the following:
- JOE - USDC
- AVAX - USDC
It is likely the USDC token will surpass its bridged alternative (USDC.e) and its 1.4B in liquidity at some point in the near future. These new pools are a good way to start getting some yield on the growing stablecoin and potentially get in on some of the swap fees accrued by others trading it at Trader Joe.
Snowballers on our Discord channel, Avalanche Summit attendees, and others in the loop may already know about the developments surrounding FiHub, our newest addition to Snowball’s lineup of exciting ventures.
In these initial development phases, alpha may be few and far between, but make sure to follow the project’s Twitter (@myFiHub) to keep up with any new info being released publicly!
If you have more than 10k xSNOB make sure to verify your wallet through our #collabland-join channel on Discord. That way you’ll be given the Snowballer role and be in-the-know of any early updates within our internal channels.
This week we’ve reached the milestone of 20,000 Twitter followers! I’ll give myself a pat on the back and pass it along to the other 19,999 of you.
We’re happy to have built such an amazing community around all of our social media and will continue to develop awesome projects on Avalanche that benefit us all.
The next milestone rapidly approaching is the 1,000,000 SNOB distributed mark, with regards to our revenue sharing program that allows our xSNOB holders to receive such amazing returns every week.
- $57,000+ of value harvested in our compounding strategies this week.
- 60.58% 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 1.35 years!
- This week 14,108 SNOB was distributed to xSNOB holders, alongside 849,606 AXIAL tokens. This makes up an APR of 40.85% per xSNOB.
- 40.61% of all xSNOB holders have participated in governance.
Unsure why you should stake your SNOB? Check out our documentation here.
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.