Snowball’s Fresh 2022 Stats

Ncookie
Ncookie
Jan 3 · 5 min read

It’s a new year, and the Snowball DAO is still going strong and growing as always. To mark this new beginning, let’s look at some of the metrics that make up this growth and compare them to last month’s stats where appropriate.

This article is merely an exploration of the statistics available to us, without any biased assumptions made on top of such. Any action to be taken as a result of these statistics is open for discussion through our community channels.

The snapshot for the statistics on this article was taken on Jan. 3rd, 2022.

SNOB Price: $0.48

This month the SNOB token lost the strong level of support it held at $0.75 mentioned on last month’s statistics article. It has been rejected between the $0.70 to $0.75 level four times before heading further downwards along with a large portion of the cryptocurrency market in general (both BTC and ETH have lost at least 10% in value).

Other tokens in the ecosystem such as PNG, JOE, PEFI and QI have also experienced large dips this month, ranging from -26.8% to -47.1%. The AVAX token, however, remains strong at a positive 3.5% price movement for the month.

SNOB Supply: 17.41M

Up from last month’s value of 17.28M, the SNOB token is creeping closer and closer to its maximum supply of 18M tokens. Once that is reached, no tokens will ever be minted again. The distribution through xSNOB and the auto-compounding strategies on the app will continue, and thus some form of buyback will be implemented in order to facilitate these transactions.

Snowball Treasury: 1.38M SNOB & 6.58M AXIAL

While the treasury’s SNOB balance remains unchanged, it has accrued 3.68M AXIAL this month. Have an idea of how to spend these funds and or allocate them in a different manner? Contribute to our discussion in our Discord!

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

xSNOB (Staked SNOB): 9.36M

The amount of SNOB staked has increased dramatically since last month; previously at 8.98M staked. This also means that the value of 51.98% has also increased accordingly to an astounding 53.8% of SNOB’s supply staked. This is equivalent to 52% of all 18 million possible tokens minted.

There are now 1,261 wallets staking SNOB, down from last month’s value of 1,343. These stakes have an average lock time of 1.46 years (17.5 months), up from last month’s value of 1.4 years. It is expected that stake times grow shorter over time, so the fact that the amount of SNOB staked alongside average lock times are still increasing show a great and growing interest in the SNOB token’s long-term potential.

SNOB Circulating Supply: 6.56M

This month the circulating supply of SNOB has continued to decrease, the majority of which seems to have found its way into long-term staking. Now only 37.7% of SNOB’s supply remains liquid, down from last month’s value of 38.87%.

This lack in liquidity has likely been a large factor in the token’s recent volatility, which while detrimental in periods of time the market is doing poorly, can lead to large positive price movements in otherwise positive market conditions.

xSNOB Supply: 6.81M

This supply is directly associated with the amount of SNOB staked, as well as the amount of time the tokens are staked. As this is also the token utilized for Snowball’s governance, it is an important metric to keep track of. As of this month, the value increased by over 540,000 xSNOB.

The cost of the cheapest possible 51% attack on Snowball’s governance is now of $1.63M, down from last month’s value of $2.4M. This is mostly due to the decline of SNOB’s price during this period.

The voting power distribution with regards to the top 5 wallets remains similar to last month’s, with a few percentage changes across the board:

  1. 0xc73df1e68fc203f6e4b6270240d6f82a850e8d38 (17.03 → 18.22%)
  2. 0x125789ecf75a6bf8e29db4df0222b1e7e3b7680a (11.90% → 10.27%)
  3. 0xac9be1372ab5fc54cdf4dd2afe7a678e94706e82 (7.86 → 8.52%)
  4. 0xdbc195a0ed72c0b059f8906e97a90636d2b6409f (6.00% → 5.28%)
  5. 0x6f6fa54d4c680aa40077608592d59dc1a306baf6 (3.87% → 4.40%)

Voter Turnout: 35.05%

The amount of users voting for gauge allocations for Snowball’s auto-compounding strategies has continued to decrease slightly; down from last month’s value of 35.53%. This value does not include proposal voting, but can indirectly indicate users’ demand for and utilization of our governance structures.

Wallets with 50k+ xSNOB: 22

With the passing of proposal 19, the new requirement to submit proposals is 50k xSNOB. Due to this change, we’ve almost doubled the number of users that can participate in this aspect of governance.

By loosening the governance requirements, we will hopefully be seeing a lot more community-submitted proposals in the near future, as well as more community engagement in general. After all, the most important aspect of a DAO is the community that governs it!

Forgetful SNOB Stakers: 586

This value represents the number of users that have forgotten to unstake their SNOB after their stake has reached its end. Unfortunately the number of forgetful stakers continues to rise, up from last month’s value of 475.

On the other hand, the total amount of SNOB in this forgotten state has decreased, from 704,887 last month to today’s 517,182 SNOB. This is an average of over 1k SNOB per user.

As for staking rewards, users have yet to claim over 71k SNOB and 1.9M AXIAL. A large portion of these users are likely waiting to claim near the end of their stake for convenience. Possibly among these users are likely many who have forgotten to claim their rewards or perhaps overlapping with those who have potentially forgotten about their stakes altogether.

Last xSNOB Distribution: 26,469 SNOB & 1,181,884 AXIAL

The last weekly xSNOB distribution took place on the 30th with an equivalent APR of 20.56% in SNOB and 57.1% in AXIAL. This equates to an overall 77.66% APR per xSNOB.

This distribution is below the average all-time APR of 96.71% we now see when taking into account all xSNOB distributions so far. This value is barely altered from last month’s 96.37%. As the launch of Lava seems to be approaching, it is likely this value will increase in the coming weeks.

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 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.

Website | Twitter | Discord | Telegram | Docs | GitHub

Snowball

The native, community-driven venture DAO and auto-compounder on the Avalanche blockchain.

Snowball

The Avalanche-native, community-driven venture DAO and auto-compounder. Snowball your returns with us and join us in bringing innovative products to the Avalanche ecosystem.

Ncookie

Written by

Ncookie

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

Snowball

The Avalanche-native, community-driven venture DAO and auto-compounder. Snowball your returns with us and join us in bringing innovative products to the Avalanche ecosystem.