Snowball Weekly Newsletter — Nov. 18, 2021
New week, new community call, new newsletter and new exciting stuff to share about Snowball! If you’d like to chat and learn about this news live with the team, come to our next community call on Discord. Community calls happen every week at 18 UTC on Thursdays! No better place to ask questions and learn more about our community.
With that said, let’s go into what happened this week:
Axial Keeps Getting Better
We have to start this newsletter by talking about Snowball’s first launch as a Venture DAO, which is growing at a rapid pace. Not only has the project already attracted over $42M in TVL, but it has also been listed on CoinGecko and CMC, and has over $1M in liquidity on Trader Joe.
This week Axial has launched incentives for the AVAX — AXIAL pair on Trader Joe, as well as a new stablecoin pool consisting of MIM, USDC.e and DAI.e. This pool has already become the largest pool on Axial by TVL!
Hinted at during our community call was also the upcoming Avalanche Rush incentives for Axial. When? Soon™️.
New Auto-Compounding Strategies
A week at Snowball is not complete without a handful of new auto-compounding strategies for our users to partake in. This week we’ve deployed the following:
- AVAX — CRA
- AVAX — AXIAL
- xJOE
- AS4D
- AC4D
- AM3D
The three Axial strategies (AS4D, AC4D and AM3D) are particularly interesting because they automatically detect which token in the pool they should reinvest in order to get the largest return, while also balancing Axial’s pools at the same time.
Want to try out any of these strategies? Check them out on our Compound & Earn page.
Audits Are Coming
Even though Snowball is forked from audited projects and code, our users would likely sleep better at night if they knew every part of our codebase itself was audited. In order to make that a reality, we’re partnering up with Halborn.
This will allow us to innovate freely with any future projects, since we know that any new code will be audited by excellent cybersecurity experts.
AXIAL Token Distributions
If you’re holding xSNOB by locking your SNOB tokens, you’re likely already happy with your weekly claims from shared protocol revenue. We’re adding to that, however, since xSNOB holders have now started to also receive AXIAL token distributions, claimable on the same page. To learn more about AXIAL token distributions, check out Axial’s tokenomics here.
Not sure about staking your SNOB? See all the benefits of doing so here.
SHERPA Airdrop
Surely two token distributions for our xSNOB holders is enough, right? Not quite. For the next few weeks we will also have an airdrop of 100,000 SHERPA to various members of the Snowball community — including xSNOB holders. We’ve written a more in-depth article regarding this airdrop, so do go check it out here!
Question Highlights
We’ve compiled some of the top questions from the Community Call here in case you couldn’t make it. Check them out:
Is there a base number of harvests that take place over time?
- Harvests take place at least once a day. It usually happens more often, but if gas prices are high or other circumstances demand it, it remains at such a base level. The profitability of compounding multiple times a day is quite negligible in the long-term anyhow.
What goes into deploying a new auto-compounding strategy?
- Our engineers have already developed templates for most types of strategies, so the process is not particularly time-intensive for experienced smart contract developers. This does mean that we have more time to develop more interesting or complex strategies for more niche or particularly profitable enterprises.
What differentiates Axial from other stableswap products?
- The nature of Axial as an Avalanche-native and non-oracle dependent dapp means we can more quickly and freely adapt and implement new assets, pools and otherwise new products that make sense for our ecosystem.
Any plans for indexes on Snowball?
- Not in our current roadmap, but is something we’d love to start thinking about in the future!
Where should one go to share a great idea for a project Snowball should launch?
- Our #suggestions or #town-hall channels on Discord are the places to go and share your vision!
What exactly is LAVA?
- LAVA is the next project Snowball is helping launch, and involves providing liquid AVAX staking functionality. As development progresses, you’ll be seeing a lot more info about it!
What does Snowball look for in potential partnerships?
- Snowball is always looking for mutually beneficial partnerships with other Avalanche dapps and communities, particularly through integrations and creating a more interconnected ecosystem.
Why is so much of SNOB’s tokenomics allocated to liquidity incentives?
- On launch, this was decided upon in order to have the community hold the largest portion of the protocol’s value as possible. This has reflected on Snowball by making it the most decentralized project on Avalanche, as well as having an extremely high user count and user participation compared to other projects with larger TVL.
Snowball Stats
- Over $450,000+ of value harvested in our compounding strategies this week.
- Over 42.5% 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 1.31 years!
- This week 36,265 SNOB was distributed to xSNOB holders.
- Over 5560 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.
