Since the beginning of 2021, the AVAX token of Avalanche has been doing a robust performance. To keep the ball rolling, many projects on Avalanche are proving to be worth investing in. Snowball is one of the fast-growing DeFi projects on Avalanche.
The article below will provide all the detailed information about Snowball, including:
- What is Snowball? How does it work?
- All the detailed information about Tokenomics and how to buy, store SNOB tokens.
- Is Snowball (SNOB) a good investment?
Let's get started!
- What is Snowball?
- How does Snowball work?
- What is SNOB Token?
- Detailed information about SNOB Token
- SNOB Price Today
- SNOB Key Metrics
- SNOB Token Allocation
- SNOB Token Sale
- SNOB Token Release Schedule
- SNOB Token Use Case
- How to get SNOB Token
- How to buy SNOB Token using Coin98 Exchange
- How to store SNOB Token
- How to buy SNOB on the Coin98 Wallet dApp browser
- Roadmap & Updates
- Team, Investors, and Partners
- Is Snowball (SNOB) a good investment?
- Similar Projects
What is Snowball?
Snowball is a DeFi protocol running on the Avalanche blockchain. Like other platforms, Snowball offers a vast range of innovative products that benefit the ecosystem.
The main product of Snowball is Compounding which basically allows users to earn more rewards by reinvesting the rewards. To accelerate growth, StableVault is an AMM for trading stablecoins and pegged tokens.
Besides those two primary DeFi products, Snowball provides the Lending service and NFT marketplace to meet the trending demand. It has an ambitious goal to be the leading platform of the Avalanche ecosystem.
How does Snowball work?
Compounding - SnowGlobes is a Snowball’s feature allowing users to compound the rewards automatically; in another way, it reinvests the rewards to earn profit. When you provide liquidity on either Pangolin or TraderJoe, you can participate in Snowball to compound your rewards.
Manual compounding charges gas fees; however, with Snowball, it requires no gas fees. The platform pays you instead. Moreover, you will save your valuable time for other activities when using Snowball’s compound. Most importantly, SNOB tokens are distributed to compounding participants. Notably, Snowball takes 10% fees for providing the auto-compounding service.
StableVault is an Automated Market Making product for trading stablecoins and pegged tokens with comparatively low slippage and fees. s3D and s3F StableVault were deprecated, and the latest StableVault is an s3D pool including DAI.e, FRAX, TUSD, and USDT.e tokens.
For incentives, users can provide liquidity to get a cut of the trading fees. Furthermore, to earn additional SNOB rewards, users can deposit StableVault receipt tokens into the compounding pool. And in the future, StableVault will integrate with other lending strategies for higher APRs.
What is SNOB Token?
The SNOB token is the tradable governance token of Snowball. In general, SNOB tokens are often rewarded to Liquidity Providers or participants of Snowball. Users receive xSNOB to vote on new proposals, allocation changes and earn boosted SNOB rewards when locking SNOB.
Detailed information about SNOB Token
SNOB Price Today
Currently, you can track the price of SNOB on Coin98 Markets: markets.coin98.com/currencies/snowball-token
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project or filter the coins/tokens by Market Cap, Trading Volume, etc.
SNOB Key Metrics
- Token Name: Snowball Token.
- Ticker: SNOB.
- Blockchain: Avalanche C - Chain.
- Token Standard: ARC-20.
- Contract: 0xc38f41a296a4493ff429f1238e030924a1542e50.
- Token Type: Utility.
- Max Supply: 18,000,000 SNOB.
- Circulating Supply: 4,433,545 SNOB.
SNOB Token Allocation
The SNOB Token has a total max supply of 18,000,000 tokens distributed as follows:
SNOB Token Sale
20% SNOB tokens for developers and Snowball Treasury will be gradually released for two years.
SNOB Token Release Schedule
Currently, SNOB tokens are being released through incentive rewards. The emission schedule is described as follows:
The schedule can be changed by governance proposals, and the emission rate gradually inclines over time.
SNOB Token Use Case
On the Snowball platform, there are lots of DeFi products to earn SNOB so that users can take advantage of SNOB in multiple ways, including:
- Providing Liquidity on other platforms such as Pangolin or Trader Joe is the best use of SNOB tokens to earn passive income.
- SNOB tokens can be locked to own xSNOB tokens for participating in voting on community proposals. Hence, that voting feature makes Snowball decentralized.
- Like other major exchanges, xSNOB can be staked to earn additional SNOB.
How to get SNOB Token
SNOB is now available on TraderJoe and Pangolin. Here’s the tutorial on how to use Pangolin on Coin98 Wallet. In addition, we will instruct you to buy SNOB on the Coin98 Mobile Wallet.
How to buy SNOB Token using Coin98 Exchange
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Pangolin.
Step 3: Choose coins/tokens for trading:
- Search SNOB.
- If the result does not come up, you can paste the contract of SNOB into the search box: 0xc38f41a296a4493ff429f1238e030924a1542e50
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store SNOB Token
You can store, send, receive SNOB Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with SNOB on Coin98 Wallet are as follows.
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search SNOB Token.
Step 3: Click on the correct result, copy the wallet address and send SNOB to this address.
How to buy SNOB on the Coin98 Wallet dApp browser
Step 1: Open the Coin98 Mobile Wallet. Select Browser and search Trader Joe.
Step 2: Click Trade on the trading interface.
Step 3: Select a trading pair, for example, AVAX/SNOB, then enter the trading amount.
Step 4: Check all the information and confirm the transaction to finish.
Roadmap & Updates
Snowball’s roadmap is constantly updated as time goes on. However, on the website of Snowball, the roadmap is just planned until the end of 2021, and it seems the Snowball team does not update it.
- Snowball Launch on March 7th, 2021.
- Timelocks & Multisig for safety enforcement.
- New auto-compounding strategies
- s3D StableVault with DAI, BUSD, and USDT.
- On-chain Governance
- NFT marketplace.
- Pangolin auto-compounding strategies
- SNOB Staking.
- Update governance.
- New auto-compounding strategies.
- StableVault Lending for higher APRs.
Team, Investors, and Partners
Snowball’s team remains anonymous, and they use pseudonymous Twitter accounts representing the team for promoting the project and enforcing decentralization for the community.
Is Snowball (SNOB) a good investment?
Currently, Snowball aims to be the leading project in the Avalanche ecosystem. Its potential is visible through what it has performed and contributed to the ecosystem. To clarify, there are some key highlights from Coin98 for investment considerations:
- Distinctly, Snowball uses Compound to help users gain additional profits without paying extra fees. Because everyone likes higher APRs when providing liquidity, right?
- Every StableVault of Snowball is audited by major blockchain security companies such as Certik. Therefore, the service is professionally proven to be safe for users’ investment.
- Snowball’s market cap is relatively small, about $15 million compared to similar projects such as Curve Finance with billions in TVL and Pickle Finance with over $100 million in TVL. Currently, money is pouring into every ecosystem, especially Avalanche. Thus, Snowball will surely have a mouthful bite of that.
- As time goes on, Snowball is capturing lots of attention with an increasing TVL. $30 million of TVL is relatively tiny, while Snowball offers a vast range of products for the community. So it’s worth following this promising project further.
To point out, Snowball is completing its products to catch the coming wave of funds. And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.
Although Snowball is the leading project on Avalanche, it also has numerous competitive projects on other blockchain platforms, namely:
- Curve Finance: A decentralized exchange built on Ethereum for specifically trading stablecoins.
- Pickle Finance: A yield-optimizing protocol to maximize the yield from other DeFi platforms.
Being one of the first projects in the Avalanche ecosystem, Snowball is a notable project that shows the future potential of competing with other strong opponents. Inevitably, big projects are limited by the blockchain platform, so there is a high chance for new startups to overcome. In addition, Snowball is oriented towards users’ convenience.
And that is all you need to know about Snowball and its SNOB token. I hope you’ve gained useful insight to understand the future potential behind Snowball better.
If you want to know further about Snowball, please leave a comment below and join Coin98 Community for further discussions about Crypto.