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Snowball’s February Statistics

It’s time for another monthly deep dive into the many stats that help us get an overview of how Snowball is growing, being used, and progressing in its development. This article is meant as a review and to find trends and add context to possible new discussions in the DAO. Our community channels are always open for any of these new discussions!

The snapshot for the statistics on this article was taken on Feb. 4th, 2022.

SNOB Price: $0.25

This month the SNOB token has lost some of its price tag, along with most of the cryptocurrency market, where even the largest tokens such as BTC or ETH have seen large 20–30% dips in recent weeks. During this dip the token seems to have found some level of support at around $0.20 and stabilizing at the $0.25 level, where it finds itself now.

SNOB Supply: 17.47M

Each month we get closer to the token’s 18M maximum supply, at which point no more SNOB tokens are ever minted. This will mean a revamp of the current distribution system for xSNOB and our auto-compounding strategies, or a form of buyback to allow for these distributions to continue as they currently do.

Snowball Treasury: 1.38M SNOB & 9.9M AXIAL

Snowball’s treasury has accrued 3.32M AXIAL this month. Discussions regarding how to spend and/or allocate these funds are always taking place in our Discord, so feel free to join in and contribute!

These funds don’t include any tokens held by Snowball’s council wallet.

Staked SNOB (xSNOB): 10.35M

The amount of SNOB staked has continued to rise, seemingly to be a trend the last couple months. We’ve seen an increase of almost 1M SNOB staked in January, leading to an astounding 59.26% of SNOB’s total supply staked.

The number of wallets staking SNOB has remained somewhat stable, increasing by only a couple dozen this month, landing at 1284 wallets. These wallets are staking SNOB for an average lock time of 1.38 years, down from last month’s 1.46 years. This likely indicates that a portion of the recent increase in SNOB staked includes relatively short-term investments.

SNOB Circulating Supply: 5.73M

SNOB’s circulating supply has diminished once again this month from a value of 6.56M, primarily due to xSNOB staking. The profitability of xSNOB has likely reached a larger audience, and existing users have also increased their holdings due to the current low entry price of the token.

This new value of circulating supply accounts for 32.83% of SNOB’s supply, meaning we now officially have less than one third of the token’s supply in circulation. As circulating supply creeps lower, it is expected to have a positive impact in volatility; allowing the token price to quickly move to the downside or the upside. This seems to also be what we have observed in the recent weeks and months.

xSNOB Supply: 7.13M

This value is a reflection of how many SNOB tokens are staked, as well as the amount of time they are staked. This supply is the metric utilized for Snowball’s governance. The supply of xSNOB has seen an increase of over 300,000 tokens since last month’s analysis.

Another aspect of relevancy for this value is the cost of a 51% attack on Snowball’s governance. The more xSNOB available, the more an attacker would need to execute a malicious proposal, for example. As it stands, an attacker would need approximately 3.57M xSNOB to attempt an attack. This means that currently the cheapest possible attack would cost approximately $900,000 as of current SNOB prices, $1.8M as of a 1 year stake, etc.

The majority of the top 5 wallets when it comes to voting power distribution have accrued some more xSNOB, leading to some percentage changes regardless of the list remaining the same:

  1. 0xc73df1e68fc203f6e4b6270240d6f82a850e8d38 (18.22% → 17.08%)
  2. 0x125789ecf75a6bf8e29db4df0222b1e7e3b7680a (10.27% → 12.61%)
  3. 0xac9be1372ab5fc54cdf4dd2afe7a678e94706e82 (8.52% → 7.78%)
  4. 0xdbc195a0ed72c0b059f8906e97a90636d2b6409f (5.28% → 5.96%)
  5. 0x6f6fa54d4c680aa40077608592d59dc1a306baf6 (4.40% → 5.21%)

Voter Turnout: 40.26%

The percentage of xSNOB holders that have participated in some form of governance has greatly increased as of this month. This value ranks amongst the highest of any decentralized protocol, and is overall a great statistic to be proud of. This increase may be prompted by our very interesting and highly discussed proposals as of the last few weeks, including our Teddy proposal (Proposal 20) that was the most actively voted on proposal since the launch of Snowball.

The average number of votes on proposals is currently 1.91M xSNOB, or approximately 27% of possible voting power. Recent contested proposals, however, have seen voting counts of nearly 3.57M xSNOB, or 50% of all xSNOB available. This continuous increase in governance participation can be seen through the average number of votes for the last 5 proposals, for example. This average would be approximately 2.56M xSNOB, or 36% of possible voting power.

Wallets with 50k+ xSNOB: 22

The number of wallets with 50,000+ xSNOB is relevant due to the fact that 50,000 is the minimum amount of xSNOB required in order to make a new proposal through our governance system. This value has remained the same since last month, at exactly 22 wallets.

Forgetful SNOB Stakers: 603

There are now over 600 users that have forgotten to unstake their SNOB after their lock period has reached its end. This is a small increase from last month’s 586, and is unfortunate that this value is not decreasing at any rate.

The amount of SNOB staked from these users have also increased - much more dramatically in contrast. From last month’s value of approximately 517,000 SNOB, the xSNOB contract now holds approximately 745,000 SNOB that should be withdrawn by their respective owners. This means each of these users have an average of 1.2k+ SNOB waiting to be withdrawn.

Apart from these forgotten stakes, there are over 68k SNOB and 2.2M AXIAL tokens waiting to be claimed from xSNOB distributions. While the majority of these are likely users who want to claim their rewards once at the end of their stake, it is also likely that some of these are forgotten alongside users’ stakes.

Average xSNOB Distribution: 23,177 SNOB & 1,085,345 AXIAL

Having distributed over 850,000 SNOB and 13M AXIAL, the average weekly distribution for xSNOB holders has approximately a 89.61% APR.

The recent market conditions have reduced the APR of recent distributions, but this would easily be reversed within a positively trending market. In terms of distribution fundamentals, token allocations to xSNOB from upcoming projects, such as Lava, would increase these distribution values significantly.

Liked these statistics? Would you like more to be tracked with regards to Snowball’s growth as a project? Reach out to us on Discord or Telegram.

About Snowball

Snowball is a Venture DAO and an auto-compounder for liquidity rewards. 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.

Website | Twitter | Discord | Telegram | Docs | GitHub

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