Snowball Partners with the Moralis Avalanche Hackathon

Snowball is now officially announcing that it is a formal partner to the Moralis Avalanche Hackathon! The hackathon, which already has a total prize pool of $500,000, will run from early December until the end of January, 2022.

Specifically, the Moralis Avalanche Hackathon kicked off earlier this week, on December 6th, 2021. Now, participants have plenty of time to enter into the Moralis Avalanche Hackathon, as the hackathon’s submissions are due on January 31st, 2022.

”We think it’s absolutely great to partner with Snowball for the Moralis Avalanche Hackathon. There’s no better way to kick off this winter hackathon than to announce Snowball as an official partner. This hackathon is all about encouraging the community to build, and I know the broader Avalanche community will be thrilled that Snowball is involved,” said Ivan on Tech, Founder of Moralis.

”We at Snowball are passionate about the infinite possibilities to be had in decentralized finance and are continuously striving to amplify that passion throughout the space. The Moralis Avalanche Hackathon will be a perfect mixture of ingredients for adding to that amplification and to encourage community engagement. This is why the Snowball community is excited to be a sponsor. We want to welcome new talent into the Avalanche ecosystem and know that we can build the future of decentralized finance applications together,” said Jomari Peterson, Core Strategist at Snowball.

The Moralis Avalanche Hackathon has a total prize pool of $500,000. However, just the top three prizes total $175,000, with the first prize being worth $100,000. The project that snags the second top prize will receive $50,000, and the team that comes in third place will get $25,000. The rules for these top prizes are simple — simply build with Avalanche and Moralis. However, there are also other prize pools to qualify for — like Snowball’s!

Snowball Prize Pool

Specifically, Snowball is contributing to the Moralis Avalanche Hackathon with a prize pool totaling $30,000. The solution Snowball is encouraging developers to explore is the “Best Implementation of Opt-in Notification Systems for dApps”.

Snowball is looking for an implementation of a working notification system prototype, which users can opt-in to with a public address and signature. What’s more, Snowball hopes for a solution that ties this together with users’ Discord, Twitter, email, or phone number for notifications.

About Moralis

Moralis is the leading Web3 development platform. Moralis makes Web3 development a breeze, by cutting an average of 87% of the time it traditionally takes to develop a dApp. Specifically, Moralis gives developers access to its fully managed, infinitely scalable, blockchain backend infrastructure.

As such, developers can quickly prototype, develop, and deploy their projects. What’s more, Moralis’ plug-and-play functionality allows developers to easily create an NFT marketplace, build cross-chain dApps, host dApps, connect to Avalanche nodes, and much, much more. Be sure to try Moralis for free yourself!

About Snowball

Snowball is a community-led DAO on the Avalanche Network. Snowball was launched with the goal of expanding DeFi on Avalanche, and since then has been hugely successful in this mission.

Snowball has partnerships with some of the largest players on Avalanche, has on-chain governance that has led to the launch of the first privacy-focused transaction protocol, has the first stableswap provided on Avalanche, and is working on releasing liquid staking. Snowball is always working to provide exceptional value to the broader Avalanche blockchain ecosystem.

Snowball Joins Moralis Avalanche Hackathon as Official Partner was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

New week, new community call, new newsletter and new exciting stuff to share about Snowball! If you’d like to chat and learn about this news live with the team, come to our next community call on Discord. Community calls happen every week at 18 UTC on Thursdays! No better place to ask questions and learn more about our community.

With that said, let’s go into what happened this week:

Axial Keeps Getting Better

We have to start this newsletter by talking about Snowball’s first launch as a Venture DAO, which is growing at a rapid pace. Not only has the project already attracted over $42M in TVL, but it has also been listed on CoinGecko and CMC, and has over $1M in liquidity on Trader Joe.

This week Axial has launched incentives for the AVAX — AXIAL pair on Trader Joe, as well as a new stablecoin pool consisting of MIM, USDC.e and DAI.e. This pool has already become the largest pool on Axial by TVL!

Hinted at during our community call was also the upcoming Avalanche Rush incentives for Axial. When? Soon™️.

New Auto-Compounding Strategies

A week at Snowball is not complete without a handful of new auto-compounding strategies for our users to partake in. This week we’ve deployed the following:

• AVAX — CRA
• AVAX — AXIAL
• xJOE
• AS4D
• AC4D
• AM3D

The three Axial strategies (AS4D, AC4D and AM3D) are particularly interesting because they automatically detect which token in the pool they should reinvest in order to get the largest return, while also balancing Axial’s pools at the same time.

Want to try out any of these strategies? Check them out on our Compound & Earn page.

Audits Are Coming

Even though Snowball is forked from audited projects and code, our users would likely sleep better at night if they knew every part of our codebase itself was audited. In order to make that a reality, we’re partnering up with Halborn.

This will allow us to innovate freely with any future projects, since we know that any new code will be audited by excellent cybersecurity experts.

AXIAL Token Distributions

If you’re holding xSNOB by locking your SNOB tokens, you’re likely already happy with your weekly claims from shared protocol revenue. We’re adding to that, however, since xSNOB holders have now started to also receive AXIAL token distributions, claimable on the same page. To learn more about AXIAL token distributions, check out Axial’s tokenomics here.

Not sure about staking your SNOB? See all the benefits of doing so here.

SHERPA Airdrop

Surely two token distributions for our xSNOB holders is enough, right? Not quite. For the next few weeks we will also have an airdrop of 100,000 SHERPA to various members of the Snowball community — including xSNOB holders. We’ve written a more in-depth article regarding this airdrop, so do go check it out here!

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:

Is there a base number of harvests that take place over time?

• Harvests take place at least once a day. It usually happens more often, but if gas prices are high or other circumstances demand it, it remains at such a base level. The profitability of compounding multiple times a day is quite negligible in the long-term anyhow.

What goes into deploying a new auto-compounding strategy?

• Our engineers have already developed templates for most types of strategies, so the process is not particularly time-intensive for experienced smart contract developers. This does mean that we have more time to develop more interesting or complex strategies for more niche or particularly profitable enterprises.

What differentiates Axial from other stableswap products?

• The nature of Axial as an Avalanche-native and non-oracle dependent dapp means we can more quickly and freely adapt and implement new assets, pools and otherwise new products that make sense for our ecosystem.

Any plans for indexes on Snowball?

• Not in our current roadmap, but is something we’d love to start thinking about in the future!

Where should one go to share a great idea for a project Snowball should launch?

• Our #suggestions or #town-hall channels on Discord are the places to go and share your vision!

What exactly is LAVA?

• LAVA is the next project Snowball is helping launch, and involves providing liquid AVAX staking functionality. As development progresses, you’ll be seeing a lot more info about it!

What does Snowball look for in potential partnerships?

• Snowball is always looking for mutually beneficial partnerships with other Avalanche dapps and communities, particularly through integrations and creating a more interconnected ecosystem.

Why is so much of SNOB’s tokenomics allocated to liquidity incentives?

• On launch, this was decided upon in order to have the community hold the largest portion of the protocol’s value as possible. This has reflected on Snowball by making it the most decentralized project on Avalanche, as well as having an extremely high user count and user participation compared to other projects with larger TVL.

Snowball Stats

• Over $450,000+ of value harvested in our compounding strategies this week.
• Over 42.5% of all SNOB tokens are being staked for xSNOB.
• Over 1200+ members of the community are staking SNOB.
• On average, SNOB is being staked for over 1.31 years!
• This week 36,265 SNOB was distributed to xSNOB holders.
• Over 5560 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 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 Weekly Newsletter — Nov. 18, 2021 was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

Snowball co-founder The Abominable Sasquatch has donated 100,000 SHERPA tokens to the Snowball ecosystem. Snowball users who have voted in the past, hold xSNOB, or hold Snowball NFTs will be eligible for the airdrop.

This allocation of SHERPA comes from The Abominable Sasquatch’s involvement as an advisor to Sherpa Cash. His decision to distribute the tokens comes from the belief that it will be more beneficial to Sherpa and the ecosystem if the tokens are spread amongst the community.

Airdrop Distribution

Snowball Voters — 30%

30,000 SHERPA will be distributed among Snowball members who have voted on governance proposals in the past, or who have voted on gauge allocations (ie. which pools SNOB rewards are distributed to).

This distribution will be based off a snapshot that will happen at an undisclosed future time. Meaning, there is still time to qualify for this airdrop. Read more about how our gauges work here. Read about how to vote on gauges here.

xSNOB Holders — 40%

40,000 SHERPA will be distributed among xSNOB holders. This distribution will take place over 4 weeks, starting Thursday, November 25 and will continue over the following 3 Thursdays.

To qualify for the first distribution event, you must lock your SNOB for xSNOB by tomorrow, Wednesday the 17th. The cutoff will happen at approximately 0:00 UTC on Thursday. xSNOB must be locked for a minimum of 2 weeks to receive the airdrop.

For the following 3 distribution periods, you must lock your SNOB a week in advance of the distribution date for a minimum of 2 weeks. The longer you lock your SNOB, the more rewards you will receive.

Read more about how xSNOB works here. Read more about how to lock your SNOB for xSNOB here.

Snowball NFT Holders — 30%

30,000 SHERPA will be distributed among anyone who holds an NFT distributed through Snowball (excluding the SHERPA distribution sale NFT). The following includes the entire list of NFTs that qualify:

• All Rolling Sasquatch NFTs
• Sherpa Cash “Climb to the Top” NFT
• Snowball Head NFT
• Covid-19 India Relief NFT
• Early Voter Sasquatch NFT

The distribution you receive will be determined by how many NFTs you hold and the type of NFT you hold. Rarer NFTs will be weighted more and will receive more SHERPA. Since all Snowball NFTs have sold out, you will need to purchase them on the open market to participate. This distribution will be based off a snapshot that will happen at an undisclosed future time.

About Sherpa Cash

Sherpa Cash is a decentralized protocol for private transactions based on zkSNARKS. It is a fork of Tornado Cash. The project and team are formed by engineers from established Avalanche DeFi projects.

Private transactions are an essential building block for a robust DeFi ecosystem. Sherpa Cash brings this essential need to users and projects on the Avalanche Network.

Website | Twitter | Discord | Telegram | Docs | GitHub

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.

Website | Twitter | Discord | Telegram | Docs | GitHub

Sherpa Airdrop to Snowball Ecosystem was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

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.

Website | Twitter | Discord | Telegram | Docs | GitHub

Snowball Weekly Newsletter — Nov. 11 was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

Our second community call has taken place. Even more info was shared with the community this week and lots of hype was brought up regarding upcoming events. We were happy to see more than 50+ community members this time!

Couldn’t make the call? Don’t worry, Community Calls happen weekly on Thursdays, at 17:00 UTC. As always, this newsletter will catch you up on the updates from this week:

Snowball’s Long-Term Vision

One thing that was made clear this week is that Snowball’s long-term vision isn’t being communicated often enough! While most see Snowball as the best auto-compounder on Avalanche, that isn’t necessarily our main goal. Snowball aims to expand its role as the network’s main technology incubator, bringing even better DeFi to Avalanche.

This means allowing and providing infrastructure for the community to launch any project that adds value to the ecosystem. Liquid AVAX staking? On the way. Axial — our new upgraded stableswap product coming from the existing StableVault? Being developed as you read this. Through our governance mechanisms, members of the community can always propose new projects and/or contribute to the development of ongoing projects.

Have any ideas? Reach out to the Snowball community and make your voice heard.

New TEDDY Auto-Compounding Strategy

Our TEDDY strategy allows you to auto-compound the rewards you receive from staking your TEDDY on Teddy Cash. APY rates are upwards of 70%+ at the time of release.

Great project, great tokenomics, and now with all the utility from Snowball? TEDDY stakers couldn’t ask for more.

New DeFi University Courses

This week two new courses have been added to Snowball’s DeFi University:

• EX 271 — NFTs
• EX 325 — Single-Asset vs LP Strategies

Check them out, and maybe you’ll learn something new!

Treasury & Council Wallet Updates

We’ve recently had huge increases in protocol revenue, resulting in our treasury wallet holding over $1.3 million in funds, and our council multisig wallet holding over $560k. Our community is growing, we’re bringing more developers, designers and countless other contributors onboard, and this amount of assets allow us to have more flexibility when it comes to future proposals.

With all these funds and an amazing community behind us, our options are limitless. Have an idea of what to do with all these snowballs? Reach out, make a proposal, we’d love to hear from you!

Contribution Updates

As always, Snowball puts heavy emphasis on remaining open-source, which is the state of our code behind our website, contracts, and now our documentation as well! All our repositories can be found here. Feel free to contribute to any of the above.

For those less tech-savvy, the documentation could be a great place to start; every page in our documentation here now has a handy ‘Edit on Github’ button on the top right. The steps to make changes are the following:

1. Click on ‘Edit on Github’ on the page you’d like to edit.
2. Click the pen icon on Github to edit the page (you’ll need a Github account).
3. Make any changes you’d like!
4. Write up a description of the changes you’ve made (optional).
5. Click ‘Propose Changes’.
6. Click ‘Create Pull Request’.

Upcoming Changes

Many exciting things are in the works, some of which were just announced for the first time during our community call. Here’s a quick summary of those:

• Large architecture, front-end and back-end changes coming to our app.
• New visuals coming for Snowball’s landing page.
• Seamlessly swapping between AVAX and WAVAX on our compounding strategies.
• SHERPA airdrop coming soon™?

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:

Any plans to transition SNOB into a rebase token?

• None at the moment. Proposals are always welcome for any potential change though!

Would liquid AVAX staking provide any revenue for xSNOB holders?

• Of course. Any new projects launched by Snowball will always have in mind the interests of the community that make it possible. Be it through whatever yield generation a new project provides, being able to distribute some of that revenue to our xSNOB holders will always be of high priority.

Any sneak peaks of the new landing page UI?

• Sneak peaks and insider info is always shared for users on our Discord with the ‘Snowballer’ role. Users who are always engaging with the community and contributing to Snowball are given this role by our lovely moderators.

What are the plans in place to grow Snowball’s community?

• Many things! We have a great number of minds at work when it comes to branding, marketing and in general increasing the size of our community. Some of the ideas being explored include things like more contests, art for social media posts, ‘2 Year Club’ related NFTs and visual site upgrades, as well as upcoming Snowball merchandise. We could even set up some meetings around the world to throw snowballs at each other, who knows?

What assets are being considered from the new Axial DEX?

• At the moment USDT.e, USDC.e, TUSD and DAI.e are the main considerations, but we plan on having many more options for swapping including assets such as FRAX or even some interest-bearing assets such as qiDAI, aaveDAI, etc.

Snowball Stats

• Over $560,000+ of value harvested in our compounding strategies this week.
• Over 40.2% of all SNOB tokens are being staked for xSNOB.
• Over 1060+ members of the community are staking SNOB.
• On average, SNOB is being staked for over 1.33 years!
• This week 21,381 SNOB was distributed to xSNOB holders.
• 5150 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 stable assets. 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 Weekly Newsletter — Nov. 4, 2021 was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

Another week gone by, and with it a whole lot of improvements to Snowball, along with many exciting updates for our community. Let’s have a quick recap of what took place this week, and explore some opportunities that you can take advantage of right now.

New Auto-Compounding Strategies

Our smart contract developers have rolled out a lot of new strategies for snowballers to check out, including the new Joe Rush pairs that compound the extra WAVAX incentives now offered by Trader Joe. These new strategies are the following:

• BenQi AVAX folding strategy.
• Banker Joe MIM folding strategy.
• Joe Rush AVAX-JOE strategy.
• Joe Rush AVAX-SPELL strategy.
• Joe Rush AVAX-YAK strategy.
• Joe Rush AVAX-XAVA strategy.
• Trader Joe AVAX-ROCO strategy.
• Pangolin AVAX-FRAX strategy.

Website UI/UX Improvements

A lot of improvements were made to the stability and speed of many of our smart contract calls and page load times, and many RPC errors some users were experiencing are now resolved. Even more UI improvements are coming, be it design-wise or targeting the responsiveness of our main ‘Compound & Earn’ page.

Expect an even better user experience by next week because of the hard work from our front-end developers!

New Tipping Bots

Rewarding those that provide value and contribute to Snowball’s community is now easier than ever! We’ve rolled out the ‘Tip.cc’ bot on our Discord server in order to do just that. An Avalanche native tipping bot, ‘Tip Blue’ will also be added soon, in order to have as many avenues for contributors to receive their well-deserved SNOB as possible.

Once both of those are rolled out to all our channels, watch out for any tips coming your way! Let’s show some love to those around us by covering them in an avalanche of snowballs.

Community Ambassador Opportunities

We are looking for members of the community who wish to become community ambassadors — especially those who speak other languages fluently. This will help Snowball reach those in non-english-speaking countries, and grow our community with people from different nationalities, experiences and contributions to bring to the table. Does this sound like you? Reach out to us on Discord!

New Meme Contest

We are hosting our very own meme contest, with some handsome SNOB prizes to boot. Think you have a meme worthy of praise? You still have some time to submit your entry. Check out the #memes channel on Discord for more information regarding the rules and prizes available.

Our First Community Call

This week we’ve had our first community call on our Discord server, hosted by two council members: Big Wampa and Jomari. This was a great opportunity for the community to get together, have a chat and ask questions, as well as make suggestions for the future of Snowball. Even though it was only announced a day prior, over 30+ community members managed to make it, and the call was a great experience for all involved.

These calls will take place every Thursday, 17:00 UTC on our Discord’s ‘Community Call’ channel. Hope to see even more of you there next time!

Question Highlights

To highlight some of the questions answered during the latest community call, we’ve compiled them here in case you couldn’t make it! Check them out:

Is Snowball joining Avalanche Rush?

• As a more definite or time-specific answer cannot be given for now, we’ll stick with the legendary “Soon™”.

How does one contribute to the development of Snowball?

• We are constantly making efforts to make it as easy as possible for external contributors to pick up any task they feel capable of helping out with, and getting it done. Our Github repositories are public, and all our tasks will be moved to the ‘Issues’ section of each soon. If there is nothing there that interests you, reach out to any of our developers through Discord. They’ll be able to help you find exactly what you want to do to contribute.

What exactly is the council?

• Snowball’s council consists of 6 elected members of the community, and more details can be seen here. Any action regarding usage of treasury funds or any protocol-wide decisions require at least half of their signatures to approve it. The council is essentially a safeguard to ensure that the will of the community is always reflected on each and every one of Snowball’s actions.

Do we ensure platforms are safe before deploying strategies that use them?

• Snowball takes every strategy deployed very seriously, which is why we only have strategies that utilize a handful of projects on Avalanche. We always do our due diligence when investigating new platforms, and we have members in the community with experience in the auditing process that help us out when these situations arise.

What is the state of proposal 14?

• Proposal 14 introduced the conversion of assets collected through Snowball’s performance fees to SNOB tokens, increasing buy pressure for the SNOB token as well as facilitating fund management within Snowball’s treasury. This conversion has already been implemented in most auto-compounding strategies, with a few stragglers due to unforeseen complications. For all intents and purposes the proposal has been executed, with the small loose ends being tied up as soon as possible.

Will SNOB rewards continue after emissions are over?

• Once SNOB emissions end, rewards will continue to be rolled out through buyback functionalities similar to proposal 14’s. Of course, there can be any change to the systems behind SNOB rewards if the community deems it necessary, in which case a proposal will be put in place for us all to vote on together.

Snowball Stats

• Over $650,000+ of value harvested in our strategies this week.
• Over 40.3% of all SNOB tokens are being staked for xSNOB.
• Over 1030+ members of the community are staking SNOB.
• On average, SNOB is being staked for over 1.33 years!

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 stable assets. 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 Weekly Newsletter — 10/29/21 was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

Since day one, the community has played an integral role in the development of Snowball. Many Snowball features have been built by the community, and many community members have gone on to become full-time team members at Snowball.

Our community was one of the first on Avalanche and it continues to contain some of the most talented and level-headed people. We recognize that we would be nothing without our community and we want to continue creating an even stronger relationship with everyone who supports us.

To do this, we are introducing a new event: Snowball’s Community Call. This event will be a weekly meeting in Discord between the Snowball team and the community. In these meetings, we will discuss the hottest updates at Snowball, plus we will answer any burning questions the community has for us. The Community Call will be hosted every Thursday at 10am PST (17:00 UTC).

What?

Snowball’s Community Call will be a call between the Snowball team and the community. We will give updates on what we’re working on and answer questions the community has.

Where?

The Community Call will take place in the Snowball Discord. We will have a special voice and chat channel specifically for our call.

When?

The Community Call will happen every Thursday at 10am PST (17:00 UTC).

We look forward to seeing you.

About Snowball

Snowball is an auto-compounder for liquidity rewards and an automated market maker (AMM) for stable assets. 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

Introducing Snowball’s Community Call was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

Snowball now supports compounding and folding strategies for Banker Joe’s new lending services.

The following tokens can be deposited into Snowball for Banker Joe to maximize your returns: ETH.e, wBTC.e, LINK.e, USDC.e DAI.e, and USDT.e.

Deposit your tokens into Snowball here.

Snowball’s Strategy

Snowball’s strategies for Banker Joe go beyond compounding. We have developed new strategies that work with lending called folding strategies.

Here’s how they work:

1. Deposit your tokens on Snowball. Snowball automatically lends them out on Banker Joe for you.
2. Snowball then uses the tokens it supplies as collateral to borrow more of the same tokens.
3. The new borrowed tokens are lent out again to maximize the deposited amount. This process is repeated up to a level that is deemed “safe.”
4. The rewards received from Banker Joe (JOE and soon AVAX) are sold for more of the underlying tokens deposited. This causes your initial deposit to grow.

Based on Banker Joe’s collateral factors, we’ve created strategies that borrow up to a maximum level. This level is different for each token and can be seen below:

What is Banker Joe?

Banker Joe is a new lending protocol built on Trader Joe. It works similar to protocols like Aave and Benqi, which have also launched on Avalanche.

Banker Joe allows depositors to lend out assets to borrowers and provides incentives for people deposited. These incentives are compounded in Snowball’s strategies and currently include JOE rewards. In the future, Banker Joe will also reward depositors with AVAX rewards from Avalanche Rush.

About Snowball

Snowball is an auto-compounder for liquidity rewards and an automated market maker (AMM) for stable assets. 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

Banker Joe Lending Strategies on Snowball was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

The third quarter of the year has come and gone and with it Snowball has grown alongside Avalanche to become an emerging player in DeFi. We’ve revamped our website, added dozens of new strategies, assisted with Sherpa Cash’s IDO, launched a new StableVault, achieved a max TVL of over $100 million, and nearly tripled the size of our team.

However, despite these accomplishments, we realize it is important to continue building and innovating. Snowball has a long way to go in actualizing its vision as a DeFi hub on Avalanche and we are excited for the journey.

Today we are pleased to announce our Quarter 4 Roadmap. In this roadmap we lay out the key initiatives being worked on by Snowball as well as other features expected to be completed during Quarter 4.

Website Updates

Quarter 3 was a big quarter for Snowball’s website. We launched version 2 of our webapp.

In Quarter 4, we will continue to make quality of life improvements to the website that will make the user experience even better. Some of these features will include dark mode, an update to the xSNOB page, and an update to how SNOB reward allocations are shown on the website.

One-click-deposits

One-click-deposits have been under development for a long time now. The main holdup has been figuring out a way to cleanly show this option to users on our website that will not be confusing.

In Quarter 4, we plan to have one-click-deposits live. This means that you will only need AVAX to deposit into our strategies. We expect this feature to dramatically increase the usability of Snowball for new entrants in the crypto space.

New Compounding Strategies

Snowball’s first product was an auto-compounder on Avalanche. As this continues to be our flagship product, we plan on releasing new compounding strategies as they emerge.

Currently the three platforms we compound include Trader Joe, Pangolin, and Benqi. However, in the following quarter we plan on adding new platforms. These new platforms include new Avalanche Rush protocols moving to Avalanche, Penguin Finance, and other new protocols yet to emerge.

New StableVaults & Metapools

The s4D StableVault was created in Quarter 3 to replace the old s3D and s3F vaults. This was necessary so that the new vault would be compatible with the new Avalanche Bridge tokens. The s4D StableVault has already amassed over $5 million TVL.

Future products this quarter will include StableVaults for assets other than stablecoins (think BTC or ETH) as well as metapools. Metapools allow Snowball to group new assets with current StableVaults. An example would be pairing the s4D StableVault with USDC.e. Metapools will allow Snowball to expand its product line and to support more stablecoins without creating new StableVaults.

Liquid Staking

Following governance proposal 8, development on a liquid staking initiative for AVAX has begun. The architecture and programming of this project is nearly complete. Liquid staking will allow people to stake their AVAX and in return receive LAVAX, which they can deposit elsewhere. Additionally, the protocol will include a governance token called LAVA.

NFTs

Past NFTs on Snowball haven’t been more than a few images that people could collect for sentimentality. We don’t believe this is necessarily a bad thing; however, our future NFTs will be more integrated and will have more functionality.

Some of the new NFTs for Snowball in Quarter 4 will include NFTs redeemable for merch and NFTs distributed to members of a new club called the 2 Year Club. These NFTs will be rarer than traditional NFTs and provide users with more than just an image.

Better Statistics

In the coming quarter we plan to release new statistics for our compounding page and xSNOB page. Some of the statistics to look forward to are lifetime earnings stats, compounded earnings stats, and past and projected revenues for xSNOB holders.

Audit

Safety and security is taken very seriously at Snowball. We have begun talks with Halborn and have secured a spot for an audit that will start toward the end of November.

This audit will cover all of Snowball’s existing contracts, including our new GaugeProxyV2 and Governance contracts that were created in-house at Snowball.

About Snowball

Snowball is an auto-compounder for liquidity rewards and an automated market maker (AMM) for stable assets. 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 | Quarter 4 Roadmap was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.

In governance proposal 7, the Snowball community voted to purchase a portion of SHERPA from Sherpa Cash prior to the protocol’s launch. This distribution was to be distributed in three ways: a portion allocated to a token sale for SHERPA, a portion sent to the Snowball treasury, and a portion sent as an airdrop to xSNOB holders.

Today, we are announcing the SHERPA airdrop. This airdrop will include 20,000 SHERPA sent to xSNOB holders in two distribution. Additionally, we are releasing a Sherpa Cash NFT in celebration of this airdrop.

How to Participate

The SHERPA airdrops will take place on xSNOB revenue sharing days (Thursdays). The first will take place tomorrow, September 10, where half of the SHERPA airdrop allocation will be sent. If you currently have xSNOB locked through this day, then you will be eligible to claim the airdrop. This first airdrop is only for current xSNOB holders, anyone not currently holding xSNOB can still participate in the second drop.

The second airdrop will take place on September 24. Current holders locked past this date will receive SHERPA. Anyone who is a new xSNOB holder will need to lock their SNOB for 2 weeks before September 16 at 5pm PST. Participants who do this will be eligible for the second SHERPA airdrop.

Your share of the SHERPA airdrop will be determined by your proportional amount of xSNOB in comparison to the total xSNOB supply. You will be able to claim your SHERPA distribution through a claim button on the staking page of Snowball’s website.

Sherpa NFT

To further celebrate our SHERPA airdrop, Sherpa Cash will be releasing an NFT through Snowball’s NFT store. This NFT will be purchasable on a curve between 0.5 AVAX and 5 AVAX and will have a limited supply of 300 editions. The NFT will be available for purchase 24 hours from now at 5pm PST on Thursday, September 10.

About Sherpa Cash

Sherpa Cash is a decentralized protocol for private transactions based on zkSNARKS. It is a fork of Tornado Cash. The project and team are formed by engineers from established Avalanche DeFi projects.

Private transactions are an essential building block for a robust DeFi ecosystem. Avalanche is still in its early days and no privacy protocol currently exists for it. Sherpa Cash hopes to bring this essential need to users and projects on the Avalanche Network.

Website | Twitter | Discord | Telegram | Docs | GitHub

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.

Website | Twitter | Discord | Telegram | Docs | GitHub

SHERPA Airdrop Announcement was originally published in Snowball on Medium, where people are continuing the conversation by highlighting and responding to this story.