Swap and Earn additional APY on your Curve Eth 2.0 LP Tokens
TL;DR
❄️ crvethSNOW MetaPool launch today at 26/05/2021 @ 14:00 UTC
❄️ crvethSNOW assets: sEth, ankrEth, stEth, wEth
❄️ Incentivized 2x APY Boost for first 45 Days
❄️ Easily, Efficiently and Cheaply swap in and out via wEth
❄️ Snowswap Community AMA: 27/05/2021 @ 12:00 UTC
❄️ 100 SNOW giveaway — ❤, retweet and ask a question in the twtitter comments
SnowSwap
SnowSwap lets you swap yield-farming tokens from the top DeFi Projects and maximize your APY by adding an additional layer of yield.
Our goal is to allow yield farmers to more easily switch into the highest yielding token at any time, avoiding withdrawal fees and high gas costs from withdrawing, unwrapping, and depositing into other products.
Currently, SnowSwap provides a DEX (decentralized exchange) featuring multiple liquidity pools for swapping between yield farming assets of similar worth — namely, yield-bearing stablecoins (in conjunction with other platforms such as yEarn, Curve, and recently Harvest), and different flavors of wrapped tokens (such as yield generating wrapped Bitcoin and different flavors of wrapped ETH tokens).
Additionally, users may provide liquidity to these pools (i.e. liquidity mining) and in return receive rewards paid in SNOW tokens. Please see our users guide for additional information.
In the future, we will be launching even more features and products to make it easier to invest in DeFi.
Curve ETH Pools
In December 2020, Curve launched seth, a new pool for Ethereum and synthetic Ethereum (sETH) swaps and liquidity provision. The pool allows liquidity farmers to deposit Ethereum and synthetic Ethereum in order to earn additional yields. sETH is essentially a soft peg of standard ETH, designed to stay as close in value as possible, though it often trades slightly lower which allows for arbitrage opportunities.
Around the same time, the ankreth pool was launched enabling one to swap between the ankrETH token (representing ETH staked in ANKR’s ETH2.0 staking service, STKR) and regular ETH. This pool acts as a bridge, giving exposure to ETH2.0 staking to liquidity providers as well as a share of fees while allowing traders to easily swap between ankrETH and ETH in large quantities, to exit or enter ETH2.0 staking.
Around January 2021, the steth pool was launched for users staking ETH on Lido’s ETH2.0 staking service. Before this liquidity pool for stETH, users could not swap their locked stETH back for regular ETH. This swapping between stETH and ETH effectively unstakes their ETH from the Lido contract. Without any liquidity pools, users would not be able to unstake their staked ETH until Ethereum launches Phase 2.
New crvethSNOW Pool
Snowswap Metapool: sEth, ankrEth, stEth and wEth (does not include reth)
The SnowSwap crvethSNOW pool acts as a meta-pool, allowing one to swap between curve.fi’s Eth 2.0 pools with wEth more efficiently and cheaper. The difference in APYs between Curve ETH LP tokens is a variable rate that changes based on the number of rewards that Curve’s DAO allocates to each pool periodically + total liquidity in the pool.
The crvethSNOW pool:
- Provides a service of swapping between Curve’s ETH pools when the interest rates of these pools change and users want to migrate to a pool with higher APY
- Lets users deposit in/withdraw from the Curve’s ETH pools just by swapping wETH with the Curve pools’ LP tokens: crvsETH, crvStETH, crvAnkrETH (ultimately removing the need to wrap and unwrap tokens several times).
Swapping Between Curve ETH Tokens
Providing Liquidity (Night King Pool)
SnowSwap users can also diversify their yield by acting as LPs, staking their Curve ETH assets in SnowSwap pools to earn SNOW, the SnowSwap governance token.
First, deposit wETH, crvSETH, crvStETH, and/or crvAnkrETH into the crvethSNOW pool.
NOTE: At the time of writing, vanilla sETH, stETH and ankrETH first must be deposited on Curve which returns crvSETH, crvStETH, and/or crvAnkrETH tokens. In the near future, it will be possible to deposit the vanilla sETH, stETH and ankrETH tokens directly on SnowSwap without having to visit Curve, by toggling the “Deposit wrapped” check box.
Upon successful deposit, you will receive the crvethSNOW token, which can then be staked into the Night King’s pool separately. Or, you can deposit and stake at the same time by clicking the green button (recommended).
After staking the crvethSNOW token you will start to receive SNOW tokens. 60 SNOW will be distributed daily across all the liquidity providers in the Night King’s pool based on each individual’s percentage of ownership of the assets in the pool.
Snowswap AMA
Snowswap will host a community AMA : 26/05/2021 @ 12:00 UTC on Discord in the #AMA channel.
We are also hosting a 100 SNOW giveaway! ❤, retweet and ask a question for our AMA in the comments of the tweet which shares this medium article for a chance to win.
SnowSwap is intended to be a community-owned initiative. In the future, SNOW token holders will be able to vote on governance initiatives to evolve the SnowSwap protocol. Details will be announced soon.
