First off, a heartfelt thank you from us to our loyal community. We appreciate the support from our long-term believers who stuck with us through some of the ups and downs of the past weeks. We have received some critical feedback and recognize that mistakes were made. It is not always possible to please everyone, although we do want to meet loyal community members halfway (and beyond!) however possible.
We are reaching out to previous supporters who were disadvantaged as a result of the quadratic distribution. We are offering a new 3% LP initiative and we invite former LPs to connect with the team to share their thoughts with us. SnowSwap is brand new, building a community is an iterative process and we want to get it right, together.
At the end of the day, action speaks louder than words and we have a ton of updates on activity to share today. Let’s get right to the good stuff.
RoadMap:
❄️ SnowSwap is going where few defi protocols have gone before: fiat-to-yToken on and off-ramps. We are in active discussion with two world-class teams to build out a mobile front-end that allows for fiat <> yToken conversion for SnowSwap, including yUSD.
We will make an official announcement once we have established the details of a partnership.
❄️ Launch of single-asset liquidity mining pools on SnowSwap.org:
- Dasher’s Pool (YFI)
- Dancer’s Pool (oUSD)
- Prancer’s Pool (FARM)
- Vixen’s Pool (LINK)
- Comet’s Pool (ySnow)
- Cupid’s Pool (ycrvSnow)
- Snow Pool (Snow)
Details coming in a future post.
❄️ We are in active discussions with DeBank.com. The purpose of a potential collaboration with DeBank would be to simplify entering and exiting SnowSwap liquidity pools, thereby growing our top of the funnel.
❄️ SnowSwap is seeking to fund an insurance initiative to provide cover for TVL. The SnowSwap team sees great value in committing 1BP per transaction towards insurance for user assets and we see a future in which we SnowSwap implements cover from Nexus Mutual.
❄️ Third Airdrop of SNOW on Oct 30th, 9 PM PST. A total of 15,000 SNOW (3% of supply) will be distributed proportionally to the amount of liquidity provided over time (no quadratic distribution) to SnowSwap LPs holding ySnow and ycrvSnow. The start of the snapshot was Wednesday, October 15th, 9 PM PST and the end of the snapshot is Thursday, October 29th, 9 PM PST. You will be able to claim your SNOW through SnowSwap.org from Friday, October 30th, 9 PM PST. UniSwap LP’s do not qualify.
❄️ We are very excited to enable the Harvest.Finance FARM community to swap directly between fTokens using SnowSwap. This is a new functionality giving Harvest.Finance users a lot of flexibility in managing their fAssets, as this will save them from having to manually withdraw and redeposit FARM in order to recalibrate their FARM asset composition.
❄️ Ongoing Bug Fixes and Optimizations
Refer to #Announcements on Discord if you are having issues with any of the below bugs)
- Withdrawal UI Bug
- Accrued Rewards & APY Calculation
- Donate Dust
Recap of Week #42 Milestones:
- BASED Rover has been deployed
- YieldWars Telegram AMA with Sn0wk1n9
- Integration with Zapper.Fi has been completed
- We are battling at YieldWars (go vote for us!)
- Liquidity Mining program was launched with the following pools:
- Rudolph (SNOW-ETH)
- Santa (ycrvSNOW-SNOW)
- Jack Frost (ySNOW-SNOW)
VISION
During this week’s AMA in YieldGuild’s official Telegram channel, Sn0wk1n9 gave the community an impression of the horizon view for SnowSwap.
Up until now, SnowSwap has kept the broader vision more private as we are building our product and partnership base. We recognize now that we need to communicate more clearly on the short- and long-term vision for SnowSwap and the utility for the SNOW token.
Ultimately, we see a future in which SnowSwap will act as a connective layer on top of popular DeFi protocols, allowing efficient swaps between wrapped stablecoins and various meta-assets in DeFi, as well as onboarding fiat holders directly onto leading DeFi protocols.
SnowSwap found its first niche in optimizing swaps between yVault tokens without .5% fees.
SnowSwap’s value proposition:
❄️ Minimize transaction costs/exit fees for stablecoin and meta-asset swaps;
❄️ Earn additional yield via LP fees by participating in SnowSwap;
❄️ Earn $Snow tokens.
Moving forward, the team will continue to focus on building out the product further and resolve existing bugs, seek to secure generation of predictable and sustainable cash flows, and evolve ongoing partnership discussions.
A more detailed deep dive into SnowSwap long-term objectives will be included in the public roadmap publication scheduled for next week.
INNOVATION
We were the first AMM to:
- Execute on a Quadratic distribution and
- yVault swaps
- Variable reward multipliers.
This is just the beginning. We will continue innovating with our community’s best interests and ideas in mind.
Continuous decentralization
The Snow DAO will play an integral role in guiding the allocation of future cash flows and building out the grand vision of SnowSwap. However, we find that once the DAO is in place, the speed of innovation and development drastically slows down. With this in mind, we would like to hear from our community when it makes the most sense to move to the DAO. We will implement per community sentiment. Having community-based executives is uber interesting.
Until then, rapid shipping and building out the SNOW ecosystem is our primary order of business.
Communication:
Your thoughts and opinions on the future of SnowSwap are important to us and to our community. Please share your feedback on what you’d like to see on #suggestions on our discord.
We continue to be reachable on Discord and will soon focus on increasing our presence on Telegram. For Telegram we would love your help! Please connect with Comet and Prancer on Discord if you would like to be considered as an Ambassador or as a moderator for our dedicated Telegram channel.
☃️
If you had any doubts about the SnowSwap team, or how much we care about the future of this project and community, we hope this post speaks to you. We have a big hairy audacious vision for SnowSwap and want to realize that alongside our community.
Today we wanted to lift the veil a bit on the broader mission and vision to share with you what drives us to make it snow every day. Next week’s blog post will unpack the horizon view with an expanded roadmap and milestones for the upcoming months. We hope you are as excited about the future of SnowSwap as we are.
With 💙 (and a lot of ☕️)
The SnowSwap team
☃️
