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Snowball
Snowball
Introduction
Snowball is a Decentralized Finance (DeFi) protocol built on the Avalanche blockchain. It was launched in early March, 2021 and was the first auto-compounder and stable-asset exchange on the network. Since March, Snowball has grown to be one of the leading DeFi projects on Avalanche. It continues to offer and develop innovative products, while launching new DAOs integral to the DeFi ecosystem.
Snowball Products
1. Governance
Everything at Snowball is determined through governance. This includes SNOB token distributions, proposals for launching new DAOs and much, much more.
The SNOB token is Snowball’s governance token. It can be locked for xSNOB to vote on proposals, vote on weekly SNOB allocations, earn a portion of protocol revenue, and earn boosted SNOB rewards.
Ticker: SNOB
Max Supply: 18,000,000
Token Address: 0xC38f41A296A4493Ff429F1238e030924A1542e50
Chain: Avalanche C-Chain
How to earn SNOB
SNOB is earned by using Snowball’s products. When you deposit into a product on Snowball, you receive a receipt token that can be deposited again to earn SNOB.
The amount of SNOB you get for depositing in each product varies weekly and is determined by Snowball’s gauges. View this week’s SNOB distribution on the xSNOB page of our website, or a history of distributions here.
2. Compounding
By using Snowball's auto-compounder, rewards from other protocols can be automatically re-invested, saving you gas fees and yielding higher APYs.
Snowball's compounding product allow you to automatically compound the rewards you receive from other DeFi projects. Essentially, you earn more rewards than you would otherwise because you’re constantly reinvesting your rewards.
Why compound with Snowball?
After all, isn't this something you could do manually? The benefits of compounding with Snowball are the following:
Gas Fees - Each transaction costs gas fees. These fees add up over time, and can sometimes even outweigh the benefits of compounding. Snowball pays those gas fees for you.
Time - Compounding is time-consuming. To get the most out of compounding, you generally need to compound rewards multiple times a day. Snowball automates the compounding process for you and saves you a lot of time you could be using elsewhere.
Extra Rewards - By compounding with Snowball you also gain additional SNOB token rewards. This means that your total returns would be even higher than if you would compound manually yourself.
3. NFT Marketplace
Our very own marketplace to mint exclusive Snowball NFTs. Snowball's NFT Marketplace hosts many pieces created by talented community contributors, as well as artists and illustrators from the Snowball team.
Each NFT has a limit of how many times it can be minted. If any are sold out, you can always look for users re-selling their NFTs on other open marketplaces.
Some NFTs were awarded to consumer's who took part in past events, such as the early proposals on Snowball's governance, or the donation rounds for the Covid Relief Fund for India.
4. Axial
The first DAO launched by Snowball - a decentralized exchange for value-pegged assets
Axial is the center for liquidity on Avalanche, particularly for value-pegged assets such as stablecoins, derivatives and synthetics.
On Axial, you can swap between these assets with the lowest fees on Avalanche, or supply your own liquidity for those and earn substantial APRs for doing so.
5. Lava
Lava brings liquid AVAX staking to Avalanche.
Lava enables you to stake your AVAX safely and in a decentralized manner, while still having a token of equivalent value to invest elsewhere or trade with. Liquid staking increases the velocity of money on Avalanche, improving the network for all involved.
6. Teddy
The newest addition to the Snowball ecosystem is the borrowing platform and issuer of TSD; Avalanche's own native stablecoin.
Teddy is the decentralized borrowing protocol native to Avalanche, allowing anyone to borrow against their AVAX and mint TSD, a stablecoin pegged to the dollar.
The Teddy protocol was brought into the Snowball ecosystem as per our successful 20th governance proposal.