It’s a new week with more exciting news. 45+ members of the community met up this week to ask questions, learn and contribute to the development of Snowball. This newsletter will cover the most important aspects discussed and offer some answers given by the team to questions asked during the call.
Don’t miss out on next week’s community call, every Thursday at 18:00 UTC in the Snowball Discord!
New Auto-Compounding Strategies
This week we’ve introduced 6 new auto-compounding strategies for pools over at Trader Joe. These are the following:
- AVAX — ICE
- AVAX — OH
- AVAX — AMPL
- AVAX — TRACTOR
- AVAX — APEX
- AVAX — MAI
Due to Joe Rush, many of these pools alongside our strategies for AVAX — SNOB and AVAX — PEFI are now earning extra rewards!
If any of those pairs piqued your interest, check them out on our Compound & Earn page.
Axial Launch
As a result of governance proposal 15, the Snowball DAO has just launched its first incubated project; Axial! The project has reached a whopping $6 Million in TVL within 24 hours.
The project is a decentralized exchange for swapping value-pegged assets such as stablecoins alongside other derivative and synthetic assets. It enables these trades with extremely low fees and slippage, and incentivizes liquidity providers with AXIAL token rewards.
With Axial’s launch comes great benefits to the Snowball community, such as a small percentage of its newly minted tokens being directed to our treasury, as well as an even larger percentage distributed to xSNOB holders starting next week!
While it was launched by the Snowball DAO, it is expected to create its own community and governance systems. As it matures it will separate itself from its parent DAO.
To learn more about the project, feel free to join its Discord, or check out its documentation.
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:
How does Snowball compare to other auto-compounders?
- Due to the nature of our SNOB rewards and the efficiency of our strategies, our APYs tend to be higher than other projects. Regardless of rates, however, our governance systems are what really highlight the value that Snowball brings to the ecosystem. Be it through our proposals, community engagement or the voting process with which reward allocations are decided upon, these structures allow us to always be ahead of our competition.
What is Snowball’s focus going forward?
- Alongside our auto-compounder product, we plan to keep on expanding on our governance structures in order to push out even more projects such as the newly-launched Axial Exchange, as a venture DAO. This allows us to continuously create more value to our ecosystem and at the same time give back to xSNOB holders and others participating in governance.
Any recommended strategies for new investors on Snowball?
- Recommending strategies to jump into is difficult since everyone has different risk portfolios and different ways they like to invest and keep their assets safe. To that end, we recommend learning as much as possible through articles, videos or our very own DeFi University in order to make your own decisions.
What is the vision of Axial?
- Axial is to be the center for liquidity on Avalanche, allowing for swaps between all kinds of value-pegged assets. While it launched with stablecoins, it will expand to support any kind of asset that has another asset of similar value. Things like different bridged tokens of the same asset, receipt tokens for lending platforms, and more are possibilities for the future.
What is the purpose of the AXIAL token?
- AXIAL is Axial’s governance token. The governance structures to be built around it, however, are completely up to Axial’s community to decide on and implement.
Could we have xSNOB as collateral on lending platforms?
- Unfortunately, since xSNOB is non-transferrable, it would not be possible to have it as collateral for any lending platforms.
Snowball Stats
- Over $730,000+ of value harvested in our compounding strategies this week.
- Over 42.5% of all SNOB tokens are being staked for xSNOB.
- Over 1100+ members of the community are staking SNOB.
- On average, SNOB is being staked for over 1.32 years!
- This week 11,196 SNOB was distributed to xSNOB holders.
- Over 5290 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 an automated market maker (AMM) for stablecoins. 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.
