Swap and Earn additional APY on Yearn V2 Stablecoin Vault Tokens
TL;DR
❄️ yVault USD v2 pool launch on 28/07/2021 @ 12:00 UTC
❄️ yVault USD v2 assets: yvUSDC, yvDAI, yvUSDT (Yearn V2 vault tokens)
❄️ Incentivized 2x APY Boost for first 45 Days
The yVault USD pool (Jack Frost’s Pool) was the first pool SnowSwap offered, launched in October 2020. Since that time, a lot of things have changed in the fast moving world of DeFi. The Yearn V1 vaults on which this pool was based on are rapidly being phased out in favor of Yearn V2 vaults. As part of our general housekeeping, we are now replacing this pool with one that supports Yearn V2.
New yVault USD v2 Pool
The SnowSwap yVault USD v2 pool allows one to swap between Yearn’s USDC/USDT/DAI stablecoin V2 vaults more efficiently and cheaper. The difference in APYs between Yearn stablecoin vaults is a variable rate that changes based on the underlying pools the coins are reinvested in.
The yVault USD v2 pool provides a service of swapping between Yearn stablecoin vaults when the interest rates of these pools change and users want to migrate to a pool with higher APY
Note: Stablecoins must first be deposited into a Yearn V2 vault and then the vault tokens can be swapped or staked on SnowSwap.
Swapping Between Yearn V2 Vault Tokens
Providing Liquidity
SnowSwap users can also diversify their yield by acting as LPs, depositing their Yearn stablecoin vault assets in SnowSwap pools and then staking their SnowSwap vault tokens to earn SNOW, the SnowSwap governance token.
First, deposit yvUSDC, yvDAI, yvUSDT into the yVault USD v2 pool.
NOTE: At the time of writing, vanilla stablecoins must first be deposited into a Yearn V2 vault. This returns yvUSDC, yvDAI, yvUSDT tokens which can then be staked on SnowSwap. In the near future, it will be possible to deposit the vanilla stablecoins directly on SnowSwap without having to visit Yearn, by toggling the “Deposit wrapped” check box.
Upon successful deposit, you will receive the yvUsdSNOW token, which can then be staked into the Jack Frost v2 Pool separately. Or, you can deposit and stake at the same time by clicking the green button (recommended).
After staking the yvUsdSNOW token you will start to receive SNOW tokens. At the start, 100 SNOW will be distributed daily across all the liquidity providers in the Jack Frost v2 Pool based on each individual’s percentage of ownership of the assets in the pool.
SnowSwap
SnowSwap lets you swap yield-farming tokens from the top DeFi Projects and maximize your APY by adding an additional layer of yield.
Our goal is to allow yield farmers to more easily switch into the highest yielding token at any time, avoiding withdrawal fees and high gas costs from withdrawing, unwrapping, and depositing into other products.
Currently, SnowSwap provides a DEX (decentralized exchange) featuring multiple liquidity pools for swapping between yield farming assets of similar worth — namely, yield-bearing stablecoins (in conjunction with other platforms such as yEarn and Harvest), and different flavors of wrapped tokens (such as yield generating wrapped Bitcoin and different flavors of wrapped ETH tokens).
Additionally, users may provide liquidity to these pools (i.e. liquidity mining) and in return receive rewards paid in SNOW tokens. Please see our users guide for additional information.
