Since the launch of Snowball, we’ve managed to establish ourselves as a prominent player in the Avalanche DeFi ecosystem. Despite the recent downturn in the market, Snowball has maintained a competitive level of revenues that’s allowed us to continue development without dipping heavily into our Treasury.
However, we realize that we need to keep building in order to sustain this level of competitiveness and to actually surpass the competition. We’ve listened to the feedback of the community in our recent survey and have spent time discussing our next moves with the core Snowball team. These conversations have led to a strong sense of how to build in the most strategic way possible.
Today we are unveiling our transparency report for the third quarter of the year. This report lists the main projects our team is working on, including a website redesign, one-click deposits (zappers), new auto-compounding pairs, new user guides, and lending solutions.
We believe these projects will establish Snowball as the go-to auto-compounder on Avalanche. The main goal of these projects is to maximize our revenues over our competitors so that we can build innovative features faster than anyone else.
Our highest priority for the third quarter is building a new website that is modern and simple to use. This redesign will include new features, such as a main dashboard page, new stats, and a combined compound and earn page.
We believe in reducing the barrier to use our products dramatically. Based on our customer feedback, many people want to use Snowball, but simply find it too confusing or get lost in the current website interface. The new website will be much more intuitive and friendly for newcomers.
To make using Snowball easier for newcomers and veterans alike, we are introducing one-click deposits (zappers) for our auto-compounding strategies. This means that you will be able to deposit into our strategies while only holding AVAX in your wallet.
The process is as follows:
- Deposit AVAX into your favorite strategy with one click.
That’s it. The process is simple because that’s how it’s designed to be. Once you click deposit and approve the transaction, your AVAX will automatically be swapped for the underlying token pair and you will start auto-compounding that pool and earning SNOB rewards on top.
We expect this feature alone to be extremely helpful for new crypto users. It reduces the steps for depositing into our contracts and makes the process faster and simpler.
It’s clear that one of the reasons some people don’t use Snowball is because we don’t have the auto-compounding pairs they want to use. The only alternative for them is to use our competitors. We don’t want our users to feel like they have to go to the competition because we don’t have what they need. Therefore, we plan to increase the number of pairs we offer dramatically in the third quarter.
The first pairs we plan to add are compounding pairs from Trader Joe. We believe that Trader Joe is the first DEX after Pangolin to offer a truly exciting roadmap. Most DEXes launched on Avalanche are pure Uniswap clones without unique value propositions. Trader Joe offers something different, in that it has clear plans for innovation and is launching with unique features already built in.
Some of the feedback we’ve received is that people are completely lost when it comes to DeFi and using Snowball. We believe this issue will be partly solved with our website redesign and one-click deposits; however, to maximize our user experience we’re going to update our documentation and guides so that they are easier to understand.
Our new documentation and guides will include videos, infographics, and languages besides English. These guides will help us reach our goal of allowing anyone to use Snowball and will make Snowball the easiest DeFi protocol to use on Avalanche.
With the planned launch of Benqi and other lending platforms in the near future, there is a clear integration opportunity with our StableVaults. The s3D and s3F Vaults contain nearly $2 million in stablecoins. This liquidity can be leveraged to provide loans for lending platforms and consequently increase StableVault APRs.
While we are dependent on other platforms launching in order to integrate, we anticipate quarter 3 to be when we will be able to build this feature. However, due to the uncertainty around other protocols, we must remain tentative about this feature.
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.
Website | Twitter | Discord | Telegram | Docs | GitHub
We are starting the search for additional artists to begin a redesign process for Snowball’s brand. If you are interested or know someone who is, you can send a message to @snowballdefi on Twitter, or send a message to @8-bit giraffe (Case)#5911 on Discord or @giraffe8bit on Telegram.
