# Introduction Welcome to Snowball! ![](/files/3nr5uEEs5RA3MuspFpRn) Snowball is a [***Decentralized Finance (DeFi)***](/resources/defi-glossary#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. ## Our Products [**Governance**](/governance/snob) - Everything at Snowball is determined through governance. This includes SNOB token distributions, proposals for launching new DAOs and much, much more. [**Compounding**](/our-products/compounding) - By using Snowball's auto-compounder, rewards from other protocols can be automatically re-invested, saving you gas fees and yielding higher APYs. [**NFT Marketplace**](/our-products/nft-marketplace) - Our very own marketplace to mint exclusive Snowball NFTs. [**Axial**](/our-products/axial) - The first DAO launched by Snowball - a decentralized exchange for value-pegged assets. [**Lava**](/our-products/lava) - Lava brings liquid AVAX staking to Avalanche. [**Teddy**](/our-products/teddy) - The newest addition to the Snowball ecosystem is the borrowing platform and issuer of TSD; Avalanche's own native stablecoin. ## Official Links * [**Website**](https://app.snowball.network) * [**Discord**](https://discord.gg/BGpEHvehMz) * [**Telegram**](https://t.me/throwsnowballs) * [**Medium**](https://medium.com/snowball-finance) * [**Twitter**](https://twitter.com/snowballdefi) * [**GitHub**](https://github.com/Snowball-Finance) {% hint style="info" %} New to DeFi? Learn more about the space on Snowball's very own [**DeFi University**](/defi-university/introduction)! {% endhint %} # Roadmap ![](/files/WnvLy94hGIONy4rmUUKy) * [x] **Snowball Launch** - We had a fair launch on March 7th with three auto-compounding strategies. * [x] **Timelocks & Multisig** - These safety measures were introduced to further secure the protocol and help build the community's trust in Snowball. * [x] **s3D StableVault** - We launched the first stable asset AMM on Avalanche with DAI, BUSD and USDT. * [x] **On-Chain Governance** - We introduced voting on [**proposals**](/governance/community-proposals) even with SNOB staked in the AVAX-SNOB liquidity pool. * [x] **Promotional NFTs** - We launched an [**NFT marketplace**](https://app.snowball.network/nft-marketplace) with some limited edition NFTs in order to recognize and rewards our users and community members. * [x] **s3F StableVault** - We partnered with [**Frax Finance**](https://frax.finance) to bring the FRAX stablecoin to the Avalanche network and to create a stable asset pool with FRAX, TUSD and USDT. * [x] **New Auto-Compounding Strategies** - We've introduced dozens of new strategies involving Pangolin and Trader Joe liquidity pools. * [x] **SNOB Staking** - We introduced [**xSNOB**](/governance/xsnob), the staked version of the SNOB token. * [x] **Partnerships** - We've announced an official partnership with Avalanche and Penguin Finance; while continuing to support the Avalanche ecosystem as a whole. * [x] **Governance V2** - We revamped our [**governance mechanisms**](https://app.snowball.network/governance) for better functionality and increased security. * [x] **Website Redesign** - We redesigned our [**website**](https://app.snowball.network) in order to greatly improve user experience. * [x] **s4D StableVault** - We deprecated the old StableVaults in order to launch a stable asset pool with DAI.e, FRAX, TUSD and USDT.e. * [x] **Partnerships** - We partnered with [**Sherpa Cash**](https://sherpa.cash) in order to launch their new token through an IDO. * [x] **Team Expansion** - We have brought on new developers, designers and other team members and nearly tripled the size of [**our team**](/resources/our-team)! * [x] **Axial Launch** - We launched a DEX for swapping value-pegged assets called [**Axial**](https://axial.exchange), as an upgrade to our existing StableVaults. * [x] **One-Click-Deposits** - We made it possible for users to use our products without swapping tokens at all beforehand; optionally utilizing zappers for all deposits. ![](/files/CUmCPZgJ4EAwjZc0HOXF) * [x] **Website Improvements** - We made further QoL improvements to our site and have been consistently improving the user experience among our various products. * [x] **New Auto-Compounding Strategies** - Even more strategies were added to Snowball, including all-new strategies for platforms such as [**Axial**](https://axial.exchange) and [**Teddy**](https://teddy.cash). * [x] **New & Improved NFTs** - We launched an exclusive holiday beanie NFT, redeemable for a Snowball beanie from our partners at Husky. * [x] **Dynamic Strategies** - We added strategies that can optimize yields by moving funds between farms depending on their yields at any given time. * [ ] **Snowball UI V3** - We plan on completely overhauling the app in order to make the user experience better, faster and more intuitive, while also providing more details to the user about their options and actions on-site. * [ ] **Audits** - All Snowball smart contracts will be completely audited. * [ ] **Liquid Staking** - The Snowball DAO plans to launch LAVA, a protocol that allows for liquid staking of AVAX. * [ ] **2 Year Club** - The community's commitment to the DAO will be rewarded through unique NFTs and other exciting perks. * [ ] **Treasury Management** - We plan to introduce better and more efficient mechanisms with which the community will be able to more easily manage Snowball's treasury. * [ ] **Feedback System** - Users will be able to contribute to Snowball directly on-site through providing feedback for developers, design teams, etc. * [ ] **Notification Service** - The Snowball DAO plans to launch a protocol to provide push notifications on-chain. * [ ] **Further Wallet Integrations** - We plan on integrating many new wallets to allow anyone to interact with Snowball regardless of their choice of wallet provider. * [ ] **Delegated xSNOB Voting** - Through this, users will have more options when it comes to participating in Snowball's governance structures. ![](/files/SzKPKyBL053r03VilMuT) * [ ] **NFT Marketplace V2** - We plan on launching an improved version of the current NFT marketplace. * [ ] **Insurance Mechanisms** - We plan on either partnering up with an insurance provider or create our own insurance fund to cover any risk to user assets. * [ ] **Chainlink Integration** - By creating a reliable price feed for the SNOB token, we enable it to be used as collateral in lending strategies as well as enable bridging opportunities. * [ ] **Subnets** - We plan on being part of any exciting subnet development coming in Avalanche's near future. * [ ] **Institutional Partnerships** - We plan on extending our reach by forging even more ambitious partnerships. * [ ] **Referral Program** - We plan on implementing a referral program in order to incentivize the platform's natural growth. * [ ] **No-Loss Lottery** - The Snowball DAO plans to launch our very own native no-loss lottery on Avalanche. * [ ] **Cross-Chain Strategies** - By utilizing Avalanche's unique position as a hub to bridge from and to other chains, we plan on bringing opportunities from other chains back home to our users. # SNOB 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**](https://snowtrace.io/token/0xC38f41A296A4493Ff429F1238e030924A1542e50) **Chain:** Avalanche C-Chain ## **Token Distribution** ![](/files/-Mk4OKqpUJjk0juBGrDT) ## **Emission Schedule** There is a total max supply of 18 million SNOB tokens. These tokens are currently being emitted through a schedule decided upon by governance proposal 12, which is the following: {% tabs %} {% tab title="Schedule Table" %} | Block | SNOB /block | | ------------ | ----------- | | 3,065,000 | 0.5 | | 3,515,000 | 0.47 | | 3,965,000 | 0.44 | | 4,415,000 | 0.41 | | 4,865,000 | 0.38 | | 5,315,000 | 0.35 | | 5,765,000 | 0.32 | | 6,215,000 | 0.29 | | 6,665,000 | 0.26 | | 7,115,000 | 0.23 | | 7,565,000 | 0.2 | | 8,015,000 | 0.17 | | 8,465,000 | 0.14 | | 8,915,000 | 0.11 | | 9,365,000 | 0.08 | | 9,815,000 | 0.05 | | 10,265,000 | 0.02 | | 10,715,000 | 0 | | {% endtab %} | | {% tab title="Schedule Chart" %} ![](/files/WbC1xfObPaAENawjz1Uo) {% endtab %} {% endtabs %} ## **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**](https://app.snowball.network/staking) page of our website, or a history of distributions [**here**](/governance/xsnob/revenue-sharing#historical-distributions). SNOB can also be purchased on exchanges. [**Pangolin**](https://info.pangolin.exchange/#/token/0xc38f41a296a4493ff429f1238e030924a1542e50) and [**Trader Joe**](https://analytics.traderjoexyz.com/tokens/0xc38f41a296a4493ff429f1238e030924a1542e50) both support the SNOB token. ## **SNOB Resources** {% content-ref url="/pages/-MUmO5j9Y-DOn\_9KD284" %} [General FAQ](/faq/general-faq) {% endcontent-ref %} {% content-ref url="/pages/-M\_RPQ\_lSvxJPTPT0lRO" %} [xSNOB](/governance/xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MVbnIufNBH7oPNkC\_lv" %} [Snowball Contracts](/smart-contracts/snowball-contracts) {% endcontent-ref %} # xSNOB xSNOB is the staked version of SNOB. It is acquired by locking your SNOB for a predetermined amount of time on the [**Staking**](https://app.snowball.network/staking) page of our website. ## How is xSNOB used? The xSNOB token has four main applications: * Voting on gauge allocations. * Earning boosted SNOB rewards. * Earning a share of protocol revenue. * Voting on community proposals. See the links below for more info on each of these applications: {% content-ref url="/pages/-MfZgNAHq4H2kJE0StYk" %} [Gauges](/governance/xsnob/gauges) {% endcontent-ref %} {% content-ref url="/pages/-MaAP3WqGbAVT1cNeYbP" %} [Reward Boosting](/governance/xsnob/reward-boosting) {% endcontent-ref %} {% content-ref url="/pages/-Mb7m76fXcxeSw0dfc7\_" %} [Revenue Sharing](/governance/xsnob/revenue-sharing) {% endcontent-ref %} {% content-ref url="/pages/-ManxkQqz2tOZqKVtA2f" %} [Community Proposals](/governance/community-proposals) {% endcontent-ref %} ## xSNOB Mechanisms Your xSNOB balance is determined by two things: the amount of SNOB you have locked and the time left on your lock period. SNOB must be locked for a predetermined amount of time. During this time your SNOB cannot be removed or transferred, and you cannot decrease the amount of time it is locked for. The minimum lock period is 1 week and the maximum lock period is 2 years. You will receive more xSNOB the longer your SNOB is locked. | SNOB Staked | Time Staked | xSNOB Received | | :---------: | :---------: | :------------: | | 1 | 1 week | 0.01 | | 1 | 1 month | 0.04 | | 1 | 6 months | 0.25 | | 1 | 1 year | 0.5 | | 1 | 2 years | 1 | Your xSNOB balance will decrease linearly over time until it reaches zero (snowballs melt, you know!). When your xSNOB balance reaches zero, you will be able to withdraw your SNOB. The only way to mitigate xSNOB decay is to extend your lock period, or to increase the amount of SNOB you have locked. Each wallet can only stake their SNOB for a single period of time. To stake different amounts of SNOB for different periods of time, you must use multiple wallets. ## Graphic Overview ![](/files/KrZTQbJX123q4ZruP43x) ## xSNOB Resources {% content-ref url="/pages/-MfZiJdXurU9ygSyzmRT" %} [xSNOB FAQ](/faq/xsnob-faq) {% endcontent-ref %} {% content-ref url="/pages/-MVbnIufNBH7oPNkC\_lv" %} [Snowball Contracts](/smart-contracts/snowball-contracts) {% endcontent-ref %} {% content-ref url="/pages/-MaVPnI5eoLRh7mQPhYW" %} [Staking SNOB for xSNOB](/resources/guides/staking-snob-for-xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MkIe579nr08F4c8Op1s" %} [Unstaking SNOB](/resources/guides/unstaking-snob) {% endcontent-ref %} # Gauges Gauges control the distribution of SNOB to Snowball’s products. Gauges are voted on by xSNOB holders and are updated daily at approximately 0 UTC. ![](/files/XlmDxPFMINzC0CXtyMsm) ## How Gauges Work Each pool in Snowball has an associated gauge, which can be voted on to add SNOB rewards. Pools earn a percentage of the total SNOB rewards distributed, depending on how xSNOB holders allocate them. Every day, gauges are updated to reflect the current votes. To vote on gauges, head to the [**Staking**](https://app.snowball.network/staking) page of our website. You can vote to split the distribution in any way (100% to one pool, split evenly between all pools, etc.). Note that you only need to vote once for a distribution of your choosing. The only reason to vote again is if you would like to change your vote. Check the resources below to find out how to vote on your preferred allocation. ## Gauges Resources {% content-ref url="/pages/-M\_RPQ\_lSvxJPTPT0lRO" %} [xSNOB](/governance/xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MfZiJdXurU9ygSyzmRT" %} [xSNOB FAQ](/faq/xsnob-faq) {% endcontent-ref %} {% content-ref url="/pages/-MaVXrS6PQF6NxxkgCtG" %} [Voting on Gauges with xSNOB](/resources/guides/voting-on-gauges-with-xsnob) {% endcontent-ref %} # Reward Boosting Reward boosting increases the amount of SNOB rewards you receive from Snowball's products. ![](/files/RshZ3Wk4IRyUieaGQ9bH) Your boost multiplier is determined by two factors: 1. Your proportional share of the xSNOB supply. The larger your share, the larger your boost. 2. Your proportional share of a product’s pool. The larger your share in a pool, the more xSNOB is needed in order to boost your rewards in such pool. The reward boost granted by the first factor (xSNOB) applies to all Snowball pools. However, the boost received (up to 250%) for each pool will still be affected by your proportional share of the pool. ## Math Behind Reward Boosting $$ \text{Derived Balance = User Balance In Gauge ∗ 0.4} $$ $$ \text{Adjusted Balance} = \frac{\text{Total Deposited In Gauge ∗ User xSNOB Balance}} {\text{xSNOB Total Supply}} \text{ ∗ 0.6} $$ $$ \text{Boost Factor} = \frac{\text{min (Derived Balance + Adjusted Balance, User Balance In Gauge)}} {\text{Derived Balance}} $$ ## Reward Boosting Resources {% content-ref url="/pages/-M\_RPQ\_lSvxJPTPT0lRO" %} [xSNOB](/governance/xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MfZiJdXurU9ygSyzmRT" %} [xSNOB FAQ](/faq/xsnob-faq) {% endcontent-ref %} # Revenue Sharing xSNOB revenue sharing allows users to claim their share of Snowball's weekly revenue. This revenue is distributed weekly in the form of market-bought SNOB. ![](/files/2AfhvnaDprq4FGF1Mu56) Anyone who stakes SNOB for xSNOB is eligible to claim revenue sharing rewards. Rewards are distributed based on your proportion of the total xSNOB supply: $$ \text{SNOB Reward} = \frac{\text{0.3 ∗ Weekly Revenue ∗ User xSNOB Balance}} {\text{xSNOB Total Supply}} $$ {% hint style="success" %} As of November 2021, xSNOB holders also receive AXIAL token rewards. Details of such distributions can be seen through AXIAL's tokenomics [**here**](https://docs.axial.exchange/tokenomics/axial). {% endhint %} ## Revenue Sharing Calendar **The payday for rewards happens every Thursday morning at 0 UTC.** You will start receiving rewards the week after you make your first deposit. This means that if you stake your SNOB after Thursday at 0 UTC, you will not receive rewards for that week. You will start receiving rewards for every week after that. These rewards can be claimed every week until your xSNOB balance reaches 0 (at the end of your predetermined lock period). **If you don't claim your rewards each week, you will not lose them.** You can claim them at any time, even after your lock period is over. There is no penalty for late claims and/or forgetfulness. Your SNOB might get lonely though. ## Historical Distributions {% tabs %} {% tab title="SNOB" %} ![](/files/yVeBgZ3RZ5vxQcks8t0A) {% endtab %} {% tab title="AXIAL" %} ![](/files/W0AGWuqvkXGVW64aWhrm) {% endtab %} {% endtabs %} ## Revenue Sharing Resources {% content-ref url="/pages/-M\_RPQ\_lSvxJPTPT0lRO" %} [xSNOB](/governance/xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MfZiJdXurU9ygSyzmRT" %} [xSNOB FAQ](/faq/xsnob-faq) {% endcontent-ref %} # Community Proposals Snowball is democratically governed by the community through its governance protocol. To vote, you must lock SNOB tokens for xSNOB. One xSNOB is equal to one vote, but fractional votes are allowed. ![](/files/9yrQTlOBemk2psgQM5Ti) ## Proposals Anyone with xSNOB tokens can vote on Snowball proposals. For a proposal to pass, there are a few conditions that must be met: * There must be a minimum of 300,000 votes in favor of the proposal. * There must be more votes in favor than those against the proposal. Your vote can be changed after voting in case you've changed your mind. In order to create a proposal, you must hold a minimum of 50,000 xSNOB. If you do not have the required minimum number of tokens, someone who does can execute the proposal on your behalf. You may only have one active proposal at any given time. ## Submission Process Anyone with the sufficient xSNOB balance can submit a proposal, but in order to be able to get the votes required to pass it they would need the community's support. This is why, generally speaking, there are some simple stages a proposal goes through prior to being submitted through Snowball's governance smart contract. ### Stage 1: Discussion At this stage, someone has had an idea regarding something the protocol could do or do better. Many times this is a simple suggestion, and is forwarded to the Snowball team or a community member to implement. If it is a large change in the protocol's functioning, involves treasury expenditure or would affect user funds, it is appropriate to become a proposal for the community to vote on. We have a section on our [**Discord Server**](https://discord.gg/BPnBYDSqcb) for these discussions to take place, appropriately named 'Governance'. The #town-hall channel can be used to gauge interest and suggest creating a new channel for such discussions. If there is enough interest in the proposal and many community members have voiced their opinions, it can move to the next stage. ### Stage 2: Sentiment Voting Now that we have observed interest in the proposal in question, we can go through a simple unofficial sentiment vote to see where the community stands. This can be as simple as a post asking people if they are for or against the proposal. On Discord community members can 'react' with emotes to clarify their position. We can use checkmarks and crosses, numbers for different options, yes/no emotes, anything at all. Other types of off-server polling is acceptable, but might not get the same engagement. Based on the outcome of the vote, the proposal can be altered and this process can be repeated. If the outcome is positive, there is a large change of the proposal passing if it were to be submitted. Therefore, this is the next logical step. ### Stage 3: Submission The proposal submission needs to be done by a wallet with at least 50k xSNOB. It could be submitted by someone on behalf of someone else, but on-chain delegation is not available yet. The easiest way to submit a proposal to Snowball's governance contract is through [**here**](https://snowtrace.io/address/0xfdCcf6D49A29f435E509DFFAAFDecB0ADD93f8C0/write-contract#writeContract). A proposal should include the following items: * **Title** - A string containing the title of the proposal. Keep this short. * **Metadata** - This should be a link to a detailed explanation of the proposal. If possible, this should be hosted through IPFS. Here's an [**example**](https://ipfs.snowapi.net/ipfs/QmRQZvu35LriBZZrbhNiZo9yBooBV97uBR3xHTM83SHsaV) of what that would look like. * **Voting Period** - The duration the proposal should be open for voting. This is a value in seconds, and must be equivalent to at least 3 days. * **Target** - This is the address of the target contract. Snowball's treasury, for example, would be a common target for proposals to interact with. * **Value** - If the proposal is a specific transaction to take place, and has an inherent value to it, use this input. Otherwise, simply use 0. * **Data** - If applicable, these are the encoded bytes for a transaction being proposed. If the proposal cannot be executed entirely on-chain, simply use 0x00. A successfully submitted proposal will be automatically listed on-site as well as on-chain, and the community will be able to vote on their preferred outcome for the proposal. Announcements on Twitter and Discord, alongside discussion channels can be made in order to bring attention to and discuss active proposals. ## Timelocks Every proposal must have a voting period of at least 72 hours. Once the voting period comes to an end, there is an execution delay of 24 hours prior to any technical changes to the Snowball protocol. Every proposal also has an execution window of 14 days (2 weeks), after which the proposal is considered void. ## Community Proposals Resources {% content-ref url="/pages/-M\_RPQ\_lSvxJPTPT0lRO" %} [xSNOB](/governance/xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MfZiJdXurU9ygSyzmRT" %} [xSNOB FAQ](/faq/xsnob-faq) {% endcontent-ref %} # Compounding 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. {% hint style="info" %} Looking for a quick answer to a simple question? Check out our [**Compounding FAQ**](/faq/compounding-faq). {% endhint %} ## Why compound with Snowball? After all, isn't this something you could do manually? The benefits of [***compounding***](/resources/defi-glossary#compounding) with Snowball are the following: * **Gas Fees** - Each transaction costs [***gas***](/resources/defi-glossary#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. ## What DeFi projects are supported? Snowball supports many [***DEXs***](/resources/defi-glossary#decentralized-exchange-dex), lending platforms and other types of decentralized apps: * [**Pangolin**](https://app.pangolin.exchange) * [**Trader Joe**](https://traderjoexyz.com) * [**Banker Joe**](https://traderjoexyz.com/#/lending) * [**BenQi**](https://app.benqi.fi) * [**Aave**](https://app.aave.com) * [**Teddy**](https://app.teddy.cash) * [**Axial**](https://app.axial.exchange) * [**Platypus**](https://platypus.finance) All our compounding strategies can be found in the [**Compound & Earn**](https://app.snowball.network/compound-and-earn) page of our site. {% hint style="info" %} Snowball now has Optimized Pools, which can be used to aggregate various platforms, and gain the yield of whichever one has the best rates at any given time. Learn more about there [**here**](https://medium.com/snowball-finance/introducing-snowballs-optimized-pools-ebba8dca34d9). {% endhint %} ## How does compounding work? The basics of auto-compounding involve reinvesting rewards accrued from other DeFi projects, but the process of doing so involves a few more steps. The functionality of Snowball's compounding strategies also vary based on whether it is a liquidity pool, lending or staking strategy: ### Liquidity Pool Strategies Liquidity pool (LP) strategies are the most common type of strategy you'll find at Snowball. These involve depositing two or more assets into a [***liquidity pool***](/resources/defi-glossary#liquidity-pool) of a supported DeFi project, and depositing the resulting LP token into Snowball's compounding strategy. Snowball then deposits your LP token back into the other project and auto-compounds any rewards you receive over time. These strategies have some of the highest APYs available on Snowball. This is because not only are they heavily incentivized by DEXs that need liquidity, but you also gain value from trading fees as other Avalanche users use the liquidity you provide to trade between tokens. {% hint style="info" %} To learn more about liquidity pools, check out the [**YF 122 - Liquidity Pools**](/defi-university/1st-year-courses/yf-122-liquidity-pools) course over at our DeFi University! {% endhint %} ### Lending + Folding Strategies Lending strategies are some of the safest investment strategies you can find, and involve lending a token of your choice on Snowball, which then deposits your token on a lending platform such as Banker Joe, BenQi or Aave. Other than the usual automatic reinvesting of rewards however, Snowball also implements [***folding***](/resources/defi-glossary#folding) - a strategy to dramatically increase returns with no extra risk if certain market conditions are met. Folding strategies involve borrowing and lending the same token multiple times in order to multiply the incentive rewards received by the underlying DeFi project. If market conditions no longer make this strategy profitable, Snowball's strategies automatically unfold your investments to avoid any losses. {% hint style="info" %} Looking for a more in-depth explanation of folding strategies? Check out the [**YF 312 - Folding**](/defi-university/3rd-year-courses/yf-312-folding) course over at our DeFi University. {% endhint %} ### Staking Strategies Staking strategies are simple, yet very effective. Examples of these are PNG staking through Pangolin, xJOE staking through Trader Joe, or TEDDY staking through Teddy. Depositing these tokens through Snowball instead of directly through their respective platforms will have all the benefits of auto-compounding, and therefore get you more returns with even less effort required on your part. ## One-Click Deposits Many of our compounding strategies allow you to deposit funds in a much simpler manner through a single token. This is sometimes referred to as zapping. For a quick overview of this process, check out our infographic below - or for a more in-depth review, read our article [**here**](https://medium.com/snowball-finance/a-look-at-snowballs-new-zapper-functionality-a7ddabae483). ![](/files/8x6zJHi5YNnTDqSHELTn) ## Optimized Pools Snowball also offers Optimized Pools, which enable you to always be netting the highest yields available for the token you wish to deposit. Check out our infographic about them below, or read a more in-depth article about them [**here**](https://medium.com/snowball-finance/introducing-snowballs-optimized-pools-ebba8dca34d9). ![](/files/Ue9xSmgenQNSAcp2DWpE) ## Compounding Resources {% content-ref url="/pages/-MWubd8Vq9\_o07Ry9l\_X" %} [Compounding FAQ](/faq/compounding-faq) {% endcontent-ref %} {% content-ref url="/pages/-MYfcNQxY94OKESl6zKa" %} [Compounding Contracts](/smart-contracts/compounding-contracts) {% endcontent-ref %} {% content-ref url="/pages/-Mg8mcaaNMxcqLxNsP1V" %} [Depositing into Compounding Strategies from Trader Joe](/resources/guides/compounding-guide-trader-joe) {% endcontent-ref %} {% content-ref url="/pages/-MgC5Dq05NNNdEPz7Yzp" %} [Depositing into Compounding Strategies from Pangolin](/resources/guides/compounding-guide-pangolin) {% endcontent-ref %} # NFT Marketplace Our [**NFT Marketplace**](https://app.snowball.network/nft-marketplace) hosts many pieces created by talented community contributors, as well as artists and illustrators from the Snowball team. ## Art Gallery Explore our awesome pieces of art below, or head to the [**marketplace**](https://app.snowball.network/nft-marketplace) to mint them. {% hint style="info" %} 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. {% endhint %} {% hint style="info" %} Some NFTs below were awarded to those that 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. {% endhint %} #### Snowball Holiday Beanie ![Made By NaotaMax](/files/IU9980bej1BeiAuPXN1E) #### Snow Ball Head ![Made By Fennec](/files/mTZMyVCzEagDOWzbwWAF) #### Sherpa Cash - Climb to the Top ![Made By R00001ndom](/files/aDMnEYaxwholr5LRmzOK) #### Sasquatch Throwing Snowball ![](/files/4nYn1d9Bis8iV4MaYI0R) #### Covid Relief in India ![](/files/GgU1MJM0WWVtrBKkqIC1) #### Rolling Sasquatches {% tabs %} {% tab title="Laser Eyes" %} ![Made By Louis Lee](/files/05TUcLbUhuon6pQRmOV8) {% endtab %} {% tab title="Pink" %} ![Made By Louis Lee](/files/Kemrv7UgCjWZxBqfHQwt) {% endtab %} {% tab title="Purple" %} ![Made By Louis Lee](/files/WdQVqM65rJfbT6LIINHy) {% endtab %} {% tab title="Orange" %} ![Made By Louis Lee](/files/fJ6OJZ9Q7NfaVzfoiFNg) {% endtab %} {% tab title="Blue" %} ![Made By Louis Lee](/files/ZWgODyeaorVqNu64AvrQ) {% endtab %} {% tab title="Green" %} ![Made By Louis Lee](/files/RlkpVjhXVKiBiq6XT1xw) {% endtab %} {% endtabs %} ## NFT Marketplace Resources {% content-ref url="/pages/EFak9x4BweSHrqUuo2DO" %} [NFT Contracts](/smart-contracts/nft-contracts) {% endcontent-ref %} # Axial ![](/files/lePI0S9b6lm2GPEELdW1) 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. ## 🔗 Links #### **Website** - [https://app.axial.exchange/](https://app.axial.exchange) #### **Documentation** - [https://docs.axial.exchange/](https://docs.axial.exchange) #### **GitHub** - #### **Twitter** - #### **Discord** - #### **Telegram** - #### **Medium** - # Lava 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. {% hint style="info" %} Lava is currently in development. Feel free to follow its Twitter and join its Discord server to keep up with any future updates! {% endhint %} ## 🔗 Links #### Website - #### Twitter - #### Discord - # Teddy ![](/files/LZb7hwu8e5OPencyNkwv) 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**](https://app.snowball.network/governance/proposal/20). ## 🔗 Links #### **Website** - [https://teddy.cash/](https://teddy.cash) #### **GitHub** - #### **Twitter** - #### **Discord** - #### **Telegram** - #### **Medium** - # General FAQ ### What can I do with my SNOB? SNOB is our governance token. You can use SNOB to provide [***liquidity***](/resources/defi-glossary#liquidity) on Snowball's many pools, or you may stake your SNOB to gain xSNOB, which can be used to vote on community proposals and gauge allocations, as well as pool reward boosting and gaining a percentage of protocol revenue. ### Where can I see the Total Value Locked (TVL) per asset on Snowball? You can view the TVL of Snowball on [**Markr.io**](https://markr.io/#/applications/Snowball). ### What kind of fees does Snowball charge users? Snowball takes a 10% performance fee on pool reward profits for providing the auto-compounding service on top of your rewards. These fees cover the [***gas***](/resources/defi-glossary#gas) costs of auto-compounding as well as funding further development of Snowball. ### Who is behind Snowball? Snowball was launched pseudonymously by [**@AbominableSas**](https://twitter.com/AbominableSas), [**@big\_wampa**](https://twitter.com/big_wampa), and [**@8\_bitgiraffe**](https://twitter.com/8bitgiraffe_). However, Snowball quickly transitioned into a community-driven project. Anyone who wants to see Snowball succeed can participate in its development and improvement by volunteering their time and work to the project and be compensated for doing so. We chose a pseudonymous launch for two main reasons; First, personal information is an excellent attack vector for hackers to try and phish for passwords, keys, etc. Second, we believe in promoting a decentralized, permission-less, and international community. Remaining anonymous allows people to participate regardless of status, nationality, background, or income. # Compounding FAQ ### Where can I find the current list of compounding strategies? All our compounding strategies can be found on the [**Compound & Earn**](https://app.snowball.network/compound-and-earn) page of our website. You can also find a list of all strategies under the [**Compounding Contracts**](/smart-contracts/compounding-contracts) page of our documentation. ### What fees does Snowball charge for auto-compounding? Snowball takes a 10% performance fee on all profits made through auto-compounding. This happens once every harvest. There are no deposit or withdrawal fees. ### Are Snowball’s compounding strategies safe? Snowball’s compounding strategies use code that has been forked from [**Pickle Finance**](https://www.pickle.finance), which has been audited. However, we still recommend using the protocol with caution as any new code may not have been fully audited. You can review our code on the [**Snowball GitHub**](https://github.com/Snowball-Finance). ### How does auto-compounding work with Snowball? To learn about how auto-compounding works with Snowball, visit the [**Compounding**](/our-products/compounding) page of our documentation. For a step by step guide on how to use Snowball’s auto-compounding page, view our [**compounding guides**](/resources/guides). ### How do I earn SNOB rewards while compounding? Once you’ve deposited tokens into a compounding strategy on Snowball, you will automatically start to earn SNOB rewards if the pool you deposited into has been voted on to receive rewards. SNOB rewards are determined by each pool's [**gauges**](/governance/xsnob/gauges). ### How often are rewards compounded? Rewards from our compounding strategies are compounded / re-invested 2-3 times a day. Feel free to check the #harvests channel on our [**Discord Server**](https://discord.gg/BPnBYDSqcb) to see updates each time this takes place. ### Does the APY on pools take fees into account? All APR and APY values displayed on Snowball have already taken into account our performance fee. What you see is what you get, always. ### I don't see my pool on Snowball anymore. Are my funds safe? If a pool you've deposited into is deprecated (no longer in use) it will not be displayed on our website. But do not worry, your funds are safe. Check out our guides [**here**](/resources/guides) on how to withdraw them. ### Can I get liquidated when depositing in any of Snowball's single-asset auto-compounding strategies? There is no liquidation risk for any of Snowball's strategies. This is because on our folding strategies, you are borrowing the same token you are providing as collateral, and Snowball is constantly re-investing your rewards, so your borrowed amount will never surpass 100% of your collateral's value. ### My single-asset strategy balance is slowly decreasing over time. What is going on? If the single-asset strategy you are deposited into involves folding, your balance will slowly decrease due to borrowing costs until a harvest occurs. When this takes place, Snowball is selling the rewards you've accumulated for your original underlying asset, and your balance will increase by a value much higher than what it decreased by previously. At the moment, these harvests take place 2-3 times a day and can be tracked through the #harvests channel on our Discord server. ### When are strategy APRs updated? The APRs displayed on each strategy on our site are updated every 10 minutes. ### How is Snowball getting such high rates from lending platforms? When possible, Snowball's strategies employ folding strategies. These allow us to achieve much higher rates on single-asset strategies that just lending your assets normally. To learn more about folding, check out our explanation [**here**](https://docs.snowball.network/faq/pages/-MUmO7OCM-TztYpkhTSB#lending-+-folding-strategies) or head to our [**DeFi University**](/defi-university/introduction). ### What happens when SNOB emissions end? 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. ### I haven't seen any harvests taking place in a little while, is everything OK? Harvest may not occur in certain circumstances, such as during rapid spikes in gas prices. Since we compound so often though, any changes to strategy profitability should be negligible. ### How can I calculate how much I've earned through compounding? While these stats are currently not displayed on Snowball's dashboard - they will be in the near future. Until then, keeping track of how much you've deposited initially is the easiest way to calculate this. Simply subtract that amount from what you currently have on Snowball, regardless of what type of token it is. If you haven't kept track, you can check your transaction history through a [**block explorer**](https://snowtrace.io) by inputting your wallet address. Some tools are available to help in that regard, so don't hesitate to reach out to us on [**Discord**](https://discord.gg/BPnBYDSqcb) if you need help. ### I've withdrawn my funds but don't see the tokens in my wallet, what happened? The most likely scenario is that you've withdrawn your LP tokens to your wallet - these are Liquidity Provider tokens from platforms such as Trader Joe or Pangolin, where you initially made your deposit. In order to convert those into your original tokens you'll have to go to their platforms and withdraw your liquidity. You should be able to see and withdraw your liquidity on the 'Pools' tab of either one. ### How do Zappers work? Zappers work through automatically making most of the transactions needed for depositing into our many compounding strategies. These are the same transactions you would be making manually otherwise, but faster and more gas-efficient. All tokens received through such transactions go to your wallet or our strategy on your behalf. No protocol fee is taken for this service. Read more about this functionality in our article [**here**](https://medium.com/snowball-finance/a-look-at-snowballs-new-zapper-functionality-a7ddabae483). ### How do Optimized Pools work? Optimized Pools work by daily re-allocating funds to whichever platform has the best yield at the time. Of course this means only utilizing the best battle-tested dapps on Avalanche, to ensure users' safety. Learn more about these pools in our article [**here**](https://medium.com/snowball-finance/introducing-snowballs-optimized-pools-ebba8dca34d9). # xSNOB FAQ ### What is xSNOB? xSNOB is received once you lock SNOB tokens. It gives you access to voting on community proposals, gauges voting, revenue sharing, and SNOB reward boosting. ### How can I get xSNOB? xSNOB is obtained by locking your SNOB for a period of time on the [**Staking**](https://app.snowball.network/staking) page of our website. Lock times can be as little as one week and as long as two years. Your xSNOB balance is based on how much SNOB you lock and for how long it is locked for. ### Can I transfer my xSNOB to another wallet? xSNOB is not a liquid token - it is simply a representation of how much and for how long you've staked SNOB for. For that reason, it cannot be traded or transferred to another wallet. ### Can I lock my SNOB for more than one period of time? You cannot lock your SNOB for more than one period of time on the same wallet. However, you can use different wallets to lock your SNOB for different time periods at any point. ### Can I unlock my SNOB before the unlock time selected? Once your SNOB is locked - it cannot be unlocked or withdrawn before the lock time expires. Choose your locking period carefully! Keep in mind that the longer you lock your SNOB for, the more xSNOB you will gain in exchange. ### Why is my xSNOB balance decreasing over time? Your xSNOB balance is partly determined by how long your SNOB tokens are locked for. Unless you continuously re-lock your SNOB tokens, your balance will go down over time because the remaining time that your SNOB is locked for is constantly decreasing. ### What do I gain by locking my SNOB for xSNOB? xSNOB gives you access to voting on community proposals, gauges voting, revenue sharing, and SNOB reward boosting. ### What is the APY for staking SNOB? The rewards gained for staking SNOB come directly from a percentage of the protocol's revenue. The more profitable the protocol becomes, the more SNOB you will gain over time by staking SNOB. An accurate APY is not available at this time. ### When do xSNOB revenue sharing distributions take place? Every Thursday mornings at 0 UTC. ### What happens if I forget to claim my SNOB rewards? Nothing. You can claim it next week or whenever convenient for you - or claim all your rewards at once when your locked staking is over. Up to you! # Introduction ![](/files/hs1q0UCyQNZHb5tOCfS4) ## Welcome! At Snowball's DeFi University we explore the world of decentralized finance, and learn all about the many innovations it is bringing to the financial industry, as well as everything we need to know in order to make the best decisions possible when it comes to money. And who knows, maybe you'll come out knowing something you didn't before. {% hint style="info" %} We sure aren't qualified to give financial advice, but everything at SDU should give you the context and knowledge necessary to know what tools are available to you and for you to do your own research. {% endhint %} ## Course Structure ![](/files/XDqeamP7EDuf47eJTnc3) Our courses are split into four different categories, each encompassing an aspect of DeFi - from the underlying blockchain technologies that made it possible, to the many unique governance structures that have sprouted from the various decentralized applications over the years: * **Fundamentals (FN)** - Explores the underlying technology and concepts of DeFi. * **Yield Farming (YF)** - Covers the different yield farming strategies available in DeFi. * **Governance (GV)** - Goes over the many governance structures ruling over decentralized apps. * **Extracurricular (EX)** - Extra; NFTs, decentralized gaming, anything at all. There is no specific order that these categories should be explored in, although the course's year level will indicate how complex its concepts are. Feel free to take a peek at some of the topics within each year level and choose some that interest you. Or pick something you've never heard of! Maybe you'll learn something interesting. {% content-ref url="/pages/00VFYGDZH0IasxExgOZv" %} [1st Year Courses](/defi-university/1st-year-courses) {% endcontent-ref %} {% content-ref url="/pages/HTPIikPx324WVk35kEqW" %} [2nd Year Courses](/defi-university/2nd-year-courses) {% endcontent-ref %} {% content-ref url="/pages/ZY69Tz0Ye5t4spUoAL1R" %} [3rd Year Courses](/defi-university/3rd-year-courses) {% endcontent-ref %} {% content-ref url="/pages/Bx2ELHk2D49eNggzKwpt" %} [4th Year Courses](/defi-university/4th-year-courses) {% endcontent-ref %} We at Snowball hope you'll appreciate the content we've curated here, and that by the time you've finished reading, you'll have learned something useful. {% hint style="info" %} Want to become a professor at SDU? Talk to us on [**Discord**](https://discord.gg/BPnBYDSqcb) and contribute with a course of your own! {% endhint %} # 1st Year Courses Welcome to SDU's 1st Year Courses! If you're a beginner to DeFi in general, this is the best place to start. Here are the courses available to you, in each of their respective sections: #### Fundamentals {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/f7yaPqXk2BhNgoNBX45Z" %} [FN 102 - Wallets](/defi-university/1st-year-courses/fn-102-wallets) {% endcontent-ref %} {% content-ref url="/pages/xyRfSn86CK8UURl1ScOi" %} [FN 103 - Block Explorers](/defi-university/1st-year-courses/fn-103-block-explorers) {% endcontent-ref %} {% content-ref url="/pages/9YpSlNVt2ZJmIQK8HL4b" %} [FN 104 - Tokens](/defi-university/1st-year-courses/fn-104-tokens) {% endcontent-ref %} {% content-ref url="/pages/lHIhFO55gYNrxqpLZIPo" %} [FN 106 - Gas Fees](/defi-university/1st-year-courses/fn-106-gas-fees) {% endcontent-ref %} #### Yield Farming {% content-ref url="/pages/jZ4hC8xmhregEmkPpaDP" %} [YF 111 - Lending Markets](/defi-university/1st-year-courses/yf-111-lending-markets) {% endcontent-ref %} {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} #### Governance {% content-ref url="/pages/k7nhXiU8dA6SU4D6h2wc" %} [GV 141 - DAOs](/defi-university/1st-year-courses/gv-141-daos) {% endcontent-ref %} #### Extracurricular {% content-ref url="/pages/cccI6Um28rpQCFIeeeRn" %} [EX 151 - Spotting Scams](/defi-university/1st-year-courses/ex-151-spotting-scams) {% endcontent-ref %} # FN 101 - Decentralized Finance ![](/files/RrXyY0L7IGyoxcPT9Sjv) The world of DeFi (Decentralized Finance) is constantly expanding, as new blockchains are introduced and new dapps (decentralized apps) are built on top of them. This introductory course for DeFi will cover the following: * Defining Decentralization * Smart Contracts * Types of Applications * Understanding DeFi Risks #### Suggested Prior Reading: None. ## Introduction Decentralization is simply the action of transferring authority from one place to many. In the world of blockchains and cryptocurrencies, this means that there is no one central authority controlling transactions. This is in stark contrast to the world of centralized finance, where banks control your money, investments and transactions at all times. The decentralized nature of blockchains transfer such authority to code and validators in the network. The more people you have validating the network, the more decentralized and secure the network is. The centralized financial system is built on trust. Trust in the financial institution or bank you give your money to, trust in whoever you are trading assets with, trust in whatever company you are investing in, etc. Even banks need to trust whoever they are giving a loan to through flimsy collateral deals, credit and background checks, and so on. Decentralized finance does away with trust and creates a trustless financial system where one does not need to know or trust the other person they are transacting with. This is because all transactions are controlled by smart contracts. ## Smart Contracts Smart contracts are essentially programs written on the blockchain. They can accomplish a plethora of use-cases that ultimately create the backbone of a fully decentralized financial system. A blockchain without smart contracts can still be decentralized and useful as a transaction system; Bitcoin, for example. However, DeFi has grown to be much more than that. Some applications of smart contracts in DeFi include the following: * Tokenized Assets * Decentralized Exchanges * Lending Platforms * Stablecoins * Decentralized Autonomous Organizations * Non-Fungible Tokens * No-Loss Lotteries * Prediction Markets The list above includes some of the functions that DeFi can execute more efficiently than traditional financial institutions. Moreover, some of these functions are simply too difficult to accomplish in a centralized environment. {% hint style="info" %} To find out more about each individual application, check out the other courses available at Snowball's DeFi University! We will most likely have covered the subject in varying levels of complexity. {% endhint %} Since smart contracts are deployed and ran on their respective blockchain, transactions performed with or by them are encrypted and extremely secure. Furthermore, since all contracts are digital and automated, there is no paperwork to file or human errors to account for. This means transactions are faster, more efficient and more accurate than their traditional finance counterparts. All smart contract code is fully transparent and publicly available on the blockchain. This allows for the trustless mechanisms present in DeFi, since you do not need to trust a third party; simply read the contract code and verify its functionality yourself. However, in order to facilitate this verification process, there are many organizations that conduct smart contract audits. These audits can help spot any errors or vulnerabilities in the code and ensure that a smart contract's functionality is legitimate for anyone who does not have smart contract or development experience. ## DeFi Risks As with any financial activity, we must look at the risks involved when using decentralized applications. These can be summarized into three categories: * Smart Contract Risk * Asset Exposure * Scams ### Smart Contract Risk The inherent risk of smart contracts is that at some point, a developer or a team of developers must write and deploy each contract. This means that there could be unintentional errors or vulnerabilities in the code that allow an exploiter or hacker to utilize the contract in unintended ways. This is why many DeFi projects (including Snowball) use code that has been used in other contracts (hopefully for a long period of time) and that has been audited, battle-tested and is trusted for its robustness and safety. ### Asset Exposure Cryptocurrencies are volatile. While you can minimize this risk by utilizing stablecoins (which are pegged to currencies such as the US dollar), any other tokenized assets can drastically increase or decrease in price based on normal market fluctuations, as well any event that affects supply and demand. Intuitively, if you are holding a token and its price drops significantly, you will incur that loss. ### Scams The scamming industry is a multi-billion dollar industry ([**source**](https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime)) in the world of traditional finance. Naturally, some of this would extend to the world of decentralized finance. The anonymity provided by blockchains is somewhat helpful in that sense, but the fact that every transaction is easily traceable has made it very difficult for scammers to cash out their returns. Regardless of the context or technology involved, scammers will always find a way to scam, and it is important to watch out for them. {% hint style="info" %} To learn more about how to avoid common scams in DeFi, check out the EX 151 course on 'Spotting Scams'. {% endhint %} ## Closing Thoughts Decentralized finance is a new technology that comes with revolutionary tools and capabilities unknown to the world of traditional finance. The ecosystems that are being built around this technology are still maturing and contain many risks to watch out for. Nonetheless, we hope that these courses can help others to explore the incredible new opportunities available to them in DeFi. # FN 102 - Wallets ![](/files/r5E0XTZZuLyEWwPRcByH) To interact with any contract in DeFi, you will need a wallet to call your own. In this essential beginners course we will cover the following: * Defining Wallets * Wallet Providers * Making Transactions * Understanding Transaction Fees #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} ## Introduction Your wallet is what holds your digital assets. It is similar to a bank account in the traditional sense, except for the fact that there is no personal information associated with it. The most important aspect of having your own wallet is that all the funds in it are directly controlled by you and nobody else. A wallet from the Ethereum chain or any other EVM-compatible (Ethereum Virtual Machine) chain will have the following characteristics: * A 42 character public key. * A randomly generated SHA256-encrypted private key. The Avalanche C-Chain, for example, is an EVM-compatible chain. The public key is what you would use to receive a transaction from someone else, or identify yourself in the blockchain. The private key is what you would use to make a transaction, or sign something. **This functions similarly to a username and password on any online service.** However, having to remember or walk around with your private key would be quite inconvenient, and honestly, rather unsafe. This is why there are many wallet providers out there that can help you access your wallet through a more standard interface, with a regular password, etc. ## Wallet Providers Most wallet providers will provide you with a seed phrase, which is simply a sentence with 12 words (sometimes more) that can be used to extrapolate your private key. This is to make it easier to import and export your wallet to different platforms. **Much like your private key, you should never share your seed phrase with anyone.** You can generally have two different types of wallets; hardware and digital. Hardware wallets are excellent for security, since they are disconnected from any computer and/or the internet, and can safely hold your private key away from any potential security risk. The two biggest providers of hardware wallets are Ledger and Trezor. Both offer integration with some digital wallets in order to interact with many of your favorite DeFi projects. Digital wallets are the easiest to access for those that plan on making many transactions per day, without the hassle of always having your hardware wallet with you. The most popular digital wallet as of 2021 is MetaMask, due to its simplicity, multi-chain integration and dapp support. Popularity is important in this case because the more decentralized applications that support your wallet, the easier it will be to make the most of your journey into DeFi. ![Snowball's Supported Wallets](/files/zV7OleuIaYmt0Rv7oqgg) {% hint style="info" %} We have a guide on how to setup MetaMask for use on the Avalanche Chain [**here**](/resources/guides/setting-up-metamask#1-metamask-setup). {% endhint %} ## Transactions When making a transaction, your private key is required in order to sign it. This is facilitated through the wallet provider of your choice - they will simply ask you to confirm the transaction. When using a new DeFi project for the first time, you will likely need to give permission for the smart contract to spend the assets in your wallet. For example, if you want to deposit some USDC into Snowball, we will ask you for permission to spend your wallet's USDC. This can be granted by confirming the transaction when it pops up through your wallet of choice. {% hint style="info" %} We have many guides on how to make any transaction on Snowball [**here**](/resources/guides). {% endhint %} It is important to note that with every transaction, you will need to pay a fee to execute it on the blockchain. Depending on what chain you are transacting in, there may be different mechanisms at play when a transaction fee is paid. On Ethereum, for example, a portion of transaction fees are burned (destroyed forever) and another portion is paid to users validating the network (keeping it running). The important thing to note is that by definition, there is never a centralized party collecting these fees. On Avalanche, all transaction fees are burned. What also varies between chains is the amount paid per transaction. This is never a fixed amount, and usually correlates with the amount of traffic on the network at any given time. Some [**tools**](https://cointool.app/gasPrice/avax) can help you track transaction fees on each chain at any given time. {% hint style="info" %} To learn why transaction/gas fees exist and how they work in more detail, check out the FN 106 course on 'Gas Fees'. {% endhint %} ## Closing Thoughts Having your own wallet and choosing how you want to access it is an important step to starting your DeFi journey. Make sure to keep your seed phrase, private key and yourself safe! # FN 103 - Block Explorers Block explorers are an essential tool for DeFi users that are present on every blockchain. This course will cover the following: * Defining Block Explorers * Listing Popular Block Explorers * Block Explorer Functionality #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/f7yaPqXk2BhNgoNBX45Z" %} [FN 102 - Wallets](/defi-university/1st-year-courses/fn-102-wallets) {% endcontent-ref %} ## Introduction Block explorers provide a way to view information on the blockchain in a simple and efficient manner. This information includes wallet balances, transaction history, smart contract information and much more. When first starting to use a chain, it is essential to find a block explorer to keep track of your transactions and interact with smart contracts if necessary. ## Block Explorers The Avalanche C-Chain has two main block explorers: * **SnowTrace** - [**https://snowtrace.io/**](https://snowtrace.io) * **AvaScan** - [**https://avascan.info/blockchain/c/txs**](https://avascan.info/blockchain/c/txs) {% hint style="info" %} All smart contract / DeFi-related transactions take place on Avalanche's C-Chain (Contract Chain). The links above are for this chain. The X-Chain and P-Chain have their own explorers. {% endhint %} Both explorers provide the same type of information, but have differing visuals and sometimes have more or less information regarding any specific smart contract. SnowTrace is the newest addition to the Avalanche ecosystem, made by the same creators of EtherScan and it's other chain alternatives (BscScan, PolygonScan, FtmScan, etc.). ![Snowtrace - Avalanche C-Chain's Main Block Explorer](/files/fANv6EfZpLYqxZKNwVC6) Other blockchains also have their own block explorers. The most popular ones are linked below: * **Ethereum** - [**https://etherscan.io/**](https://etherscan.io) * **Binance Smart Chain** - [**https://bscscan.com/**](https://bscscan.com) * **Polygon** - [**https://polygonscan.com/**](https://polygonscan.com) * **Fantom** - [**https://ftmscan.com/**](https://ftmscan.com) * **Harmony** - [**https://explorer.harmony.one/**](https://explorer.harmony.one) ## Block Explorer Utilities The primary and probably most important utility of a block explorer is the ability to see your transaction history. Let's take a look at a random wallet address on Avalanche for example: ![Random Wallet on Avalanche](/files/XhLHiWLi1kM6mWfuIlLO) If we search for this wallet address on the block explorer, it gives us a lot of information regarding its balance and transaction history. It seems to have been transacting some DAI.e, USDT.e and JOE lately. If you're wondering how it's possible to access anyone's transaction history through a block explorer, it's because everything on a blockchain is public. This is why blockchains are often referred to as public ledgers. Other than viewing wallet addresses, we can also see even more information regarding smart contracts on a block explorer. Let's take a look at Snowball's main governance contract for example: ![Snowball's Governance Contract on Avalanche](/files/ch93vooVzG48HiJIesma) We can see the entire source code for any smart contract on the block explorer unless the contract has not been verified yet. This allows for a lot more transparency and makes it easier for legitimate projects to stand out amongst the crowd of smart contracts by using well-written, safe and robust code. Through a block explorer you can also read, and most importantly write, to any verified smart contract. ![Writing to Snowball's Governance Contract on Avalanche](/files/7zs7RbniZ6d8b7WiExv1) When writing to a smart contract you can connect your wallet to the page much like any decentralized application, and interact with the smart contract directly. This is important since websites may have unforeseen downtime. If this happens you will always have access to your funds through the contract itself, on the blockchain. {% hint style="info" %} Guides for how to interact with Snowball's smart contracts through a block explorer can be found [**here**](/resources/guides/manual-contract-interaction). {% endhint %} ## Closing Thoughts Block explorers are an amazing tool to have at your disposal. Always make sure to familiarize yourself with the block explorer on whatever chain you are using, and use it to make sure all the contracts you are interacting with are legitimate. As always, don't trust; verify. # FN 104 - Tokens DeFi would not be very useful if you could only move funds around using the chain's native currency. Thankfully there are many different tokens for us to choose from. This course will cover the following topics: * Defining Tokens * Tokenomics * The SNOB Token * Avoiding Scam Tokens #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/f7yaPqXk2BhNgoNBX45Z" %} [FN 102 - Wallets](/defi-university/1st-year-courses/fn-102-wallets) {% endcontent-ref %} {% content-ref url="/pages/xyRfSn86CK8UURl1ScOi" %} [FN 103 - Block Explorers](/defi-university/1st-year-courses/fn-103-block-explorers) {% endcontent-ref %} ## Introduction Tokens are everywhere in decentralized finance and allow for a more robust financial system. This is because in chains without smart contract capabilities, you can only buy and sell the chain's native currency. However, with smart contracts, it's possible to create tokens for a variety of different purposes. But what is the value of these tokens? Similarly to traditional financial markets, an asset is only worth something if someone is willing to buy it from you. If no one wants to buy your dollars at a specific exchange rate to another currency, then your dollars aren't worth that much. The reason why people would want to buy your asset, is due to some utility that it provides; its purchasing power, store of value, potential appreciation, etc. There are tons of physical assets in the world, such as currencies, precious metals, stamps, houses, cars, and so on. People choose to hold what they think has the most utility for them. In DeFi, these tokens follow the same logic. BTC, for example, has been often described as a great store of value, similar to gold. AVAX has the utility of making transactions on its blockchain, and so on. But those are both native tokens that have their own blockchains. What about tokens that simply exist within DeFi? These tokens are smart contracts, following a token standard. The most common token standard is the ERC-20 token standard, used in almost all EVM-compatible chains. This standard allows tokens to be transacted between wallets and to contain information about themselves such as their name, symbol, and who holds the token in their wallet. Let's look at Snowball's own token as an example. ## Snowball (SNOB) ![](/files/ttJjIOcuJWIJ4sm4g91k) As can be seen above, the Snowball token has its own logo, contract address, a price, a marketcap, a total supply, is being held by over 7,000 wallet addresses and has been transferred over 490,000 times. It is also important to note that the token's symbol is 'SNOB' in this case. By clicking on the contract or on lower parts of the page, a lot more information can also be found regarding the token or its transactions as well. The economic mechanisms of a token that govern its supply are coded into the contract upon its creation, and are called the token's tokenomics. In the case of Snowball, it has a maximum supply of 18 million tokens. This maximum supply is interesting for those looking for a token's utility as a store of value. Since no more tokens can be created after that number, its supply will be static, and any increase in demand should increase price. Other than solid tokenomics, a token also needs to have some utility if it is to see a good level of adoption in DeFi. The SNOB token, for example, can be staked (deposited into another contract) in order to gain many benefits when using Snowball's platform, including a percentage of the platform's revenues every week. This utility creates demand for the token. The prices of tokens can be seen through any decentralized exchange, or an external website that provides such services. CoinGecko, for example, is one of those sites. You can see the price history of the SNOB token [**here**](https://www.coingecko.com/en/coins/snowball). {% hint style="info" %} You can learn more about the tokenomics and utility of the SNOB token [**here**](/governance/snob) and [**here**](/governance/xsnob). {% endhint %} ## Avoiding Scams While there are many great tokens out there, providing a ton of utility for their respective DeFi ecosystems, there are also a lot of really bad tokens, or just outright scams. This is because anyone can make a token, with whatever tokenomics or name they want. There are many things you can look out for when trading or investing in a token: * **Tokenomics** - Are its tokenomics sustainable? If its supply is increasing faster than its demand or a large percentage of its supply is in the hands of a few individuals, then it might not be a wise investment. * **Utility** - Does the token provide any utility to its holders? If not, its demand might be inflated and/or temporary. * **Liquidity** - Are a lot of people buying and selling the token? If not, you might have a hard time selling it later. * **Promises** - Is the token's platform or team behind it making promises that sound too good to be true? Steer clear. Good tokenomics and utility speak for themselves, with no need for outlandish promises of massive profits. {% hint style="info" %} To learn more about token scams and other types of common scams in DeFi, check out our EX 151 course on 'Spotting Scams'. {% endhint %} ## Closing Thoughts Tokens form the backbone of transactions, portfolio diversification and yield farming in DeFi. As long as you understand how to avoid the blatant scams out there you can take part in the massive ecosystem of decentralized finance, and all the financial freedom it brings with it. # FN 106 - Gas Fees ![](/files/vnXqhVTRvZRaCAwxT1NM) Gas/transaction fees; everyone knows of them, everyone hates them, but not everyone understands them. This course will cover the following regarding these fees: * Defining Gas Fees * Reasons for Gas Fees' Existence * How Gas Fees Work #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/f7yaPqXk2BhNgoNBX45Z" %} [FN 102 - Wallets](/defi-university/1st-year-courses/fn-102-wallets) {% endcontent-ref %} ## Introduction When making a transaction on any blockchain, users will need to spend some of the blockchain's native token in order to write this new data to the chain. This amount of tokens is determined by the complexity of the transaction being made (gas amount) and the price of gas at any given time. Paying more than the actual price of gas would mean your transaction would be prioritized, and therefore is likely to be executed faster. For this course, we'll use three EVM-compatible chains as examples; Ethereum, Polygon PoS and Avalanche C-Chain. The native token of each of these chains are ETH, MATIC and AVAX respectively. ## The Necessity of Fees It is a simple fact that blockchains and DeFi as we know it today would not be possible in a fee-less structure. This is because the main reason they exist is to prevent network congestion and spam. Regardless of how fast, scalable or efficient blockchain technology gets, there will always be a certain limit to how many transactions can be processed per second, how much data can be written, etc. Without fees, anyone would be able to generate an infinite amount of transactions and bring the network to a halt. By adding fees to the table, an attacker would still be able to generate these transaction, but it would cost them quite a bit. Creating necessary losses for attackers reduces the profitability of any attack, meaning the network also becomes more secure. Polygon, for example, has some of the lowest fees around, but in 2021 have had to raise their minimum fees since they were experiencing a large amount of bots spamming the network, slowing it down. Another reason why fees are necessary in some blockchains are to maintain the profitability of network validators. If block rewards and/or staking rewards are not sufficient to make it a profitable endeavor for validators to keep the network running, it would mean a significant drop in computing power maintaining the network. In turn, this would mean the network would become less decentralized, and likely less efficient. ## How Fees Work Depending on the underlying blockchain, the fees spent through making a transaction are treated differently: * **Ethereum** - Ever since the EIP-1559 upgrade, there are two types of fees to consider; the base fee and the priority fee. The base fee is burned - the tokens are gone forever. The priority fee is sent to network miners/validators. * **Polygon PoS** - The fees paid by users are sent to network validators. However, it is likely that in the near future Polygon PoS will adopt the same system as Ethereum. * **Avalanche C-Chain** - All transaction fees are burned - the AVAX tokens are gone forever. While some wallets such as MetaMask allow you to select a priority fee similar to how transactions are structured in Ethereum, in practice it is easier and more efficient to simply select a higher base fee. Everything is burned anyhow. On every blockchain, the price of gas varies depending on how congested the network is. Each blockchain, however, have their own complex methodologies to analyze congestion levels and determine gas prices while keeping them somewhat predictable, avoiding huge spikes in price, etc. Even so, price spikes may happen due to a large number of users trying to make time-sensitive transactions at any given time: ![Gas Prices on Avalanche C-Chain (23/12/2021)](/files/bW3YF6YMRQUo0dqoGRyA) Charts like the one seen above can be found for Avalanche [**here**](https://ava-labs-inc.metabaseapp.com/public/dashboard/d7a03dd2-28cf-44e5-bc1d-3c9ef41e69f5#refresh=60). These spikes can happen during exciting new IDOs, token launches, NFT drops, etc. On Avalanche these usually are very short-lived and regular users can simply avoid making transactions for half an hour or so in order to avoid paying high fees for everyday transactions. Reliable gas trackers for Ethereum and Polygon can be found [**here**](https://etherscan.io/gastracker) and [**here**](https://polygonscan.com/gastracker) respectively. ## Closing Thoughts Now that fees make more sense, we can hopefully bypass some of the Web 2.0 mentality of fees always seemingly benefiting some large corporation or evil overlord. Gas fees are necessary in order to make our ecosystems function as they do, and even so there is always a lot of work being done in order for these to be as low and as predictable as possible. # YF 111 - Lending Markets Lending markets allow for the safe lending and borrowing of tokens in DeFi, similarly to traditional markets but without a centralized party managing the funds. This course will cover the following: * Basics of Lending Markets * Collateralization Principles * Examples of Avalanche's Lending Markets * Exploring Investment Strategies #### Suggested Prior Reading: None. ## Introduction Lending and borrowing are essential functions of any fully fledged financial ecosystem, and in DeFi these are offered by what we call lending markets. On the surface, these markets provide very simple mechanisms to lend and borrow; you can lend your tokens in order to gain some percentage in interest, or you can borrow tokens and pay some percentage in interest. It is important, however, to note that there is no centralized entity controlling your credit score, for example. There is no entity to come running after you if you don't pay back your loans. All lending market functionality is governed autonomously by smart contracts. This is usually accomplished through over-collateralization. ## Over-Collateralization Over-collateralization means supplying more money than you want to borrow in case you default on your loan. By ensuring that all debt taken on the platform is over-collateralized, the value of assets being lent and borrowed against can fluctuate, without ever leaving anyone's funds behind. In practice, this looks something like the following: 1. Bob deposits 1,000 USDC into the lending market, and enables it as collateral. 2. Bob can now borrow against the 1,000 USDC they deposited as collateral. 3. Bob borrows 900 DAI from the lending market. In the above example we're using stablecoins each worth $1 for simplicity's sake, and a 90% threshold on borrowing. The idea is that the value of USDC could drop by 10% and all funds borrowed would still be fully covered by the provided collateral. What if the value of the collateral drops by more than 10% in this scenario? Well, liquidations would come into play. These can vary in functionality between lending markets, but one way or another your collateral would be at least partially liquidated. This means that part of your collateral would be used to pay back what you owe, automatically. Of course the tokens being lent and borrowed don't have to be stablecoins; one could lend ETH and borrow AVAX for example, or any combination of tokens as long as the value of the collateral is larger than the value of the tokens being borrowed. ## Avalanche Ecosystem In Avalanche, there are currently 3 main lending markets: * [**Aave**](https://aave.com) - The largest lending market from Ethereum, now on Polygon and Avalanche. * [**Trader Joe**](https://www.traderjoexyz.com/#/lending) - Avalanche's largest DEX, which recently added lending functionality. * [**BenQi**](https://benqi.fi) - A lending market native to the Avalanche chain. Each platform has different approaches to collateralization ratios and interest rates. However, what all have in common are token incentives for those lending and borrowing on their platform. Currently Aave provides incentives in WAVAX tokens, while BenQi uses QI, their own governance token and AVAX. Trader Joe uses a mix of both, their JOE token and AVAX tokens. ![Aave's Interface](/files/bqFRbeILQuQrAHxfhwFT) Lending markets will commonly display, as seen above, the total market size of each token, the amount being borrowed, and the rates for both lending and borrowing each asset. In this case the platform incentives are shown under the deposit and borrow APYs. Other lending markets will share a similar interface, but may or may not already include the incentives when displaying their rates. ## Investment Strategies "If you can only borrow up to a certain ratio of your collateral, what is the point of borrowing? Why not just use the assets you lent instead?" - A common question to pop up when it comes to lending markets. The answer comes in the form of many strategies that take these lending markets into account. The simplest is a scenario where borrow incentives are so high that it makes sense to borrow against your assets to make more over time. That is, when the incentives are higher than the cost to borrow. This scenario sometimes happens when an asset is not being borrowed against very often, and platform incentives are increased for some reason. The second reason to borrow would be to leverage your position on the same or a different asset. If you are extremely bullish on AVAX, for example, you could lend your AVAX, borrow some stablecoins by using your AVAX as collateral, and buy more AVAX. The same can be said for if you want to buy another token but don't have the assets on hand to do so. You could lend out your AVAX, borrow stablecoins and buy SNOB tokens, for example. {% hint style="danger" %} As always, strategies that involve leverage are risky and increase your exposure to volatile assets. Do your own research and invest carefully. {% endhint %} If the platform incentives are high enough so that you are gaining more from lending than borrowing, you can also implement folding strategies. These involve lending and borrowing repeatedly until it is no longer profitable due to diminishing returns. Snowball implements many folding strategies on all the lending markets on Avalanche alongside our auto-compounding strategies, so you don't have to do the math yourself. {% hint style="info" %} Want to learn more about folding strategies? Check out our YF 312 course on 'Folding'. {% endhint %} ## Closing Thoughts Making use of lending markets, either through Snowball or otherwise, can net you a lot of interesting opportunities. If you know what you are doing, borrowing can provide some of the safest ways to invest due to the low or zero risk of liquidations when folding or simply lending an asset. # YF 121 - Liquidity Pools Liquidity pools are one of the main concepts that has enabled the decentralized exchanging of tokens. They are a great way to contribute to the functionality of a blockchain while getting rewarded for doing so. This course will cover the following: * Basics of Decentralized Exchanges & Automated Market Makers * Defining Liquidity Pools * Understanding Liquidity Pool Functionality * Reasons to Provide Liquidity * Risks of Providing Liquidity #### Suggested Prior Reading: None. ## Introduction To understand liquidity pools, we must look at why they are necessary in the first place. Centralized exchanges function with an order book system. There is a buyer and a seller, and both parties deposit their funds into a centralized company's coffers. The centralized exchange's algorithm can then match buyers and sellers together, eventually executing the trade on each party's behalf. In decentralized finance, we seek ways of eliminating the middle-man, in this case the company executing the trades on behalf of their users. For this to be possible, we substitute the middle man for a smart contract, governed only by its code; unchangeable and verifiable by anyone. Automated Market Makers (AMMs) are a type of decentralized exchange that allow a user to simply swap one token for another, without ever having to deposit funds into a centralized exchange. To do this, however, they require liquidity. That is where liquidity pools come in. ## Liquidity Pools In a liquidity pool, users provide liquidity for AMMs to be able to function. This means that if someone wants to swap AVAX tokens for SNOB tokens, there would need to be SNOB tokens available for the smart contract to give the user. However, the same needs to be said for a transaction in the opposite direction. Because of this, when providing liquidity, a user must provide at least two tokens to the liquidity pool. We'll be looking into an example of an AVAX-SNOB liquidity pool, with $1000 in assets deposited. In this example, 50% of the value of the pool ($500) would be in AVAX tokens. The other 50% of the value of the pool ($500) would be in SNOB tokens. ![](/files/jAMXY0Cf3IpeSMvNoKOq) This pool would allow users of a decentralized exchange to swap between tokens easily - they would simply deposit one token and withdraw another. This transaction would be executed by the smart contract. As users swap tokens around, however, an imbalance in the pool may be created; There may be more value in the pool for one token than the other. This is mostly mitigated through price changes (based on supply and demand) and arbitrage trading. The number of tokens in each half of the pool may also change due to price changes of one or both tokens. For example, if the price of a token increases, the pool would need less of that token and more of the other token in order to maintain a balance of 50% value in each half. {% hint style="info" %} For a more in-depth review of the math behind calculating token balances at any given time in liquidity pools, check out the YF 423 course on 'LP Math'. {% endhint %} ## Providing Liquidity As a liquidity provider, you will receive Liquidity Pool (LP) tokens in exchange for depositing. These LP tokens represent your percentage share of the pool you have deposited into. If there are 100 LP tokens in circulation, for example, and you have 1 LP token in your wallet, you own 1% of the pool. This percentage is important since, as explained before, token amounts and values may change inside the pool as users utilize it on a decentralized exchange. In this case, your percentage share remains the same. If more people provide liquidity, however, your percentage share of the pool will diminish. For example, if the liquidity in the pool doubles and there are now 200 LP tokens in circulation, you now own 0.5% of the pool. At any time, you can withdraw your liquidity provided by returning your LP tokens. At this time, the smart contract, in exchange for your LP tokens, will give you your share of the pool back, regardless of its composition. For example, if at the time there are 100 AVAX tokens and 500 SNOB tokens in the pool, a 1% share would net you 1 AVAX and 5 SNOB. ## Economic Incentives Supporting the ecosystem through providing liquidity is great, but if that was only possible due to people's altruism it would definitely not be sustainable. This is why there are substantial economic incentives in place for people to provide such liquidity. Every time someone executes a swap through a decentralized exchange, they will pay a small fee in addition to the transaction cost. This fee will be added to that pair's liquidity pool. If you are providing liquidity for that token pair, you own a percentage of that pool. In that case, you just made some money! **The value of your LP tokens will be increasing over time due to this fee revenue.** Most decentralized exchanges also provide incentives in the form of their own token. For example, Trader Joe has JOE token incentives, while Pangolin has PNG token incentives. These allow users to make profits even at times where transaction volume isn't great on a specific pair. Furthermore, platforms such as Snowball, offer alongside our compounding strategies extra incentives in the form of our Snowball (SNOB) token: ![Snowball's Extra SNOB Incentive](/files/3OLcs8rDI6OlM3mA6t2g) The trading fees, extra platform incentives and in Snowball's case our auto-compounding features, make providing liquidity a convincingly profitable endeavor. But as with any financial decision, we must consider the risks. {% hint style="info" %} To learn more about the functionality of auto-compounders such as Snowball, check out the YF 261 course on 'Auto-Compounding'. {% endhint %} ## What Could Go Wrong There are two main risks of providing liquidity pools: * Underlying Token Exposure * Impermanent Loss The first is quite straightforward; it is important to keep in mind that by providing liquidity, **you are still exposed to price changes of whatever assets you are depositing.** If the price of such assets increase, great! But as with any volatile assets, prices can go down at any time. As a general rule of thumb, provide liquidity for assets you wanted to hold in the first place, not any token with a 9999%+ LP APY. The second is more complicated, and involves a loss on sudden large movement in asset prices in a pool, respective to each other. If you'd like to learn more about impermanent loss, the Y322 course "Impermanent Loss" is the place to be. ## Closing Thoughts Decentralized exchanges and AMMs are a must-have on any successful DeFi ecosystem, and providing liquidity for those to function is of utmost importance. Platforms such as Snowball allow you to make the most of the economic benefits and incentives of providing liquidity, but there are still many risks to consider. Happy yield farming! # GV 141 - DAOs Decentralized autonomous organizations are the newest experiments in governance mechanisms, this time on the blockchain. This introductory course to DAOs will cover the following: * Defining DAOs * Understanding DAO Functionality * Exploring the Pros & Cons of DAOs #### Suggested Prior Reading: None. ## Introduction Decentralized autonomous organizations take their name from the first DAO, adequately named 'The DAO'. While the first ever DAO failed in its mission to create an autonomous organization that, the experiment allowed many other organizations to learn from their mistakes and implement some of its aspects that made it great. In theory, a DAO is the following: * **Decentralized** - There is no sole controller or owner of the organization, and there is as little concentration of power as possible, be it financial, control or otherwise authority. * **Autonomous** - The organization is governed by smart contracts, and functions automatically based on the member's preferences and governance decisions. * **Organization** - Is by definition a group of people with a particular purpose. It could be said that the autonomous nature of DAOs is the most important experiment being done, but it is truly decentralization that allows this autonomy to not be misused, controlled or otherwise manipulated by any one party. ## Functionality How does a DAO work in practice? Well, a DAO requires smart contracts in order to control its rules, governance proposals, voting, membership, and so on. These contracts allow these governance structures to happen on-chain, autonomously and remaining completely transparent. Problems like voter fraud or trusting the government to count votes accurately during elections are non-issues for DAOs. Let's look at some other aspects of these governance structures: ### Token-Based Voting Sometimes referred to as 'coin voting', this is the main voting mechanism utilized by DAOs lately. This makes it so that in order to vote, a member needs to hold or stake a certain amount of the DAOs token. This usually means that the more tokens you hold, the more your vote has an impact. This alignment of economic incentives with governance has allowed a lot of projects to succeed. It makes sense that someone with a lot of their funds invested in a project will want to see that project grow, and thus make good proposals, vote positively on proposals that will improve the project, and so on. There has been harsh criticism to this model of voting though, most recently by Vitalik Buterin (the creator of Ethereum), who posted an article about it [**here**](https://vitalik.ca/general/2021/08/16/voting3.html). There are concerns regarding centralization due to vote delegation, the lack of privacy allowing for bribing to take place, and many others. ### Rules & Security There are many rules to a DAO, in order to maintain its integrity and allow for its governance structures to run smoothly. These rules are up to the DAO to configure, but can include many of the following: * Timelocks for smart contract changes * Limits to actions regarding the DAOs treasury * Minimum stake / tokens in order to vote * Minimum stake / tokens in order to make a proposal * Minimum votes in order for a proposal to be valid These rules can only be changed through voting, depending on how the smart contracts are structured, and are impossible to change suddenly due to timelocks, or secretly due to everything being public on the blockchain. ### Hierarchy Compared to a traditional organization's hierarchical structure, a DAO's structure would be much flatter if not completely flat. There can still be hierarchies, but usually these are decided on through votes, similar to any other governance decision in the organization. These would be made to promote someone into a particular role in the DAO, lead a team of developers to implement a proposal, or something of the sorts. ### Economic Incentives DAOs, through accomplishing their purpose, usually provide some economic incentives for people to become members, contribute and vote. For a yield farming platform like Snowball, for example, it makes perfect sense to share a portion of the project's revenue with members, since it is a direct indication of the project's success due to its member's contributions. Other platforms may have drastically different ways of providing incentives though. For example, MakerDAO, once of the largest DAOs out there, burns MKR tokens (their governance token) based on its revenue from DAI interest, increasing the value of the MKR token. ### Public Goods Funding A great aspect of DAOs that is often discussed is the ability to easily allocate treasury funds for public goods, either proactively or retroactively. Proposals can be made and voted on to give a certain amount from the DAOs treasury to anyone who has or wants to make something that provides value to the community. If enough people see the value in the public good, the vote will pass and the treasury will react accordingly. ## Closing Thoughts It is awesome to see the new applications of this decentralized technology, and all the amazing projects being born as DAOs. There are, however, many other aspects of DAOs that haven't been covered in this course, and many of ones that were can be looked into in a lot more detail in future courses. # EX 151 - Spotting Scams The ability to spot scams in the world of decentralized finance is incredibly important, as this is a new and rapidly growing industry. This course will cover the following: * Exploring Types of Scams * How to Avoid Scams #### Suggested Prior Reading: None. ## Introduction To begin with, it's important to be aware of the types of scams out there. There will always be new ones being created, but most can be categorized into the following: * Fake Websites * Social Engineering * Scam Tokens * Rug Pulls * Pump & Dumps Let's look at each one of these in detail, and how to avoid them: ## Fake Websites This type of scam is probably the simplest to understand, and to avoid. It quite simply involves a scammer setting up a website that looks similar to a legitimate project's, in order to fool users into using it. For example, a scammer could try and impersonate snowball.network by creating a website with the URL sn0wball.network. They would then pay or manipulate search results so that their website appears high up on Google search results, for example. The difference would be that when a user visits their site, instead of depositing their funds into Snowball's compounding strategy contracts, they would likely just be sending their funds to a scammer's wallet. The ways to avoid falling for this type of scam are as follows: 1. Bookmark the DeFi projects you are using. This means you will not have to search for them when you wish to access their apps. 2. Always check the URL of a site extensively before making any transaction. 3. Always make sure the website has a valid SSL certificate. This means checking if the site's URL is prefixed by https\:// and not http\://, or clicking the lock symbol on the URL bar of most modern browsers. 4. Confirm the transactions being made. Are they to the right contract? Search for the address in a block explorer to verify if that is the case. ## Social Engineering This type of scam can take place through email, social media platforms, messaging boards, or anywhere you are communicating through. This is because it revolves entirely on scammers trying to get information from you. Someone could reach out to you through Telegram or Discord, for example, telling you of this really cool airdrop (free tokens) that is taking place on any specific site. To claim it you'll just have to input your wallet address, seed phrase, twitter handle, and your favorite color! Wait. Did they just say seed phrase? Giving your wallet's seed phrase or private key to anyone will always result in you losing all of your funds. The scammer will be able to access your wallet and simply transact all your funds into their wallet. The single and most effective way to never fall for these scams is simple. Just **never give your seed phrase or private key to anyone**. Ever. ## Scam Tokens These tokens usually come in two forms; tokens pretending to be another token, and tokens that encourage a user to visit a specific site/app for scamming purposes. An example of the first type would be a token with the symbol USDC, that isn't actually the real USDC token. There are many reasons why scammers could try and convince others that their token is the real deal. Regardless of their strategy, their goal is to create some money out of thin air. The other kind is more common, however, and is especially prevalent in blockchains such as the Binance Smart Chain. This is where a scammer sends a scam token, usually with the name of a website, to thousands of wallets. Visiting the site will likely start some form of social engineering scam, or attempting to sell the token will instead trigger a malicious transaction that will try and steal your other funds in your wallet. An example of such tokens can be found [**here**](https://bscscan.com/address/0x0df62d2cd80591798721ddc93001afe868c367ff). Very often block explorers are smart about these types of scams and have warnings on their pages: ![Warning on bscscan.com (BSC's block explorer)](/files/mwtFlVEUHUWnfXSRAcA9) In order to avoid these scams, do the following: 1. Always check the token address of any token you are transacting, especially for any token not natively supported by a decentralized exchange. 2. If you suddenly receive a random token you do not recognize in your wallet, simply ignore it. ## Rug Pulls Rug pulls are perhaps the flashiest of all scams in DeFi, especially since they are a little harder to spot and affect a ton of users at once. This is where a project's smart contracts allow the team behind it or whoever deployed its contracts to simply take control of all the funds deposited in them. In practice, this usually means a project markets themselves for a couple weeks or months, offer a lot of rewards for early investors, probably deposit a lot of their own money to fool others into doing the same, wait until a lot of people deposit and then steal it all. To avoid these sort of scams, there are many strategies: 1. Use protocols that have been audited by a credible source, or is a direct fork of an audited project. 2. Look at their documentation and/or Github repositories. If they are lacking one or the other, or don't have their contract addresses and code open-sourced, don't use that protocol. 3. Check the contract you are interacting with on a block explorer. If it is verified, you can look at its code to confirm it is not different that what the team indicates. 4. By checking the contract on a block explorer, you can also see where the deposited funds are coming from. If 90%+ is from a single wallet, that is a huge red flag. 5. In general, have common sense. If a protocol seems too good to be true, or its value comes from their own token instead of any inherent value of the protocol itself, make sure you know exactly what you are getting into before investing any money. ## Pump & Dumps A pump and dump is a scam very common in traditional finance, where scammers make hyperbolic or greatly exaggerated claims about an asset in order to get others to buy into it. The scammer at this point would already own a lot of such asset, and once the price increases due to their marketing / scamming efforts, they sell their assets, resulting in a dramatic drop in price of the asset. As the name suggests, this is a rapid pump in asset prices, and then a rapid dump in asset prices. This scam usually takes place in assets of low marketcap and/or liquidity, since their prices are easier to manipulate. Since in DeFi there are a lot of new tokens with low liquidity and marketcap, this type of scam has become relatively common. Buying such tokens can quite enticing since you'll likely see a huge increase in price in a short amount of time. It is also possible to make quite a bit of money while willingly participating in such a scam, but only if you sell your tokens before the scammer, which is not likely to happen. In order to avoid becoming a victim in one of these scams, do the following: 1. Avoid sensationalism around any specific token. Never invest in anything just because someone on social media or YouTube is talking about it. 2. If a token does not provide any utility, or doesn't derive its price from any product, it is likely only being propped up by sensationalism. While not exactly a pump and dump scheme, it usually results in very sudden and large drops in price from early investors selling their tokens. 3. Don't buy a token simply because of a sharp rise in its price. Especially in low-marketcap tokens, this could be due to a single large investor buying, and is prone to equally as sharp drops in the future. ## Closing Thoughts There are many scams to be wary of in the DeFi ecosystem. Sticking to reliable, open-source and governance-oriented projects will always be a surefire way of avoiding most of them. Ignore any messages you receive in social media about free tokens, and don't sacrifice the safety of your funds for a temporary massive yield. A common saying in DeFi and cryptocurrency circles in general is "Don't trust; Verify". This hints that the fact that in a blockchain, everything is transparent and public. You should verify everything you do in DeFi, and not just blindly trust in any person or entity. Simply put, if you can't verify it, leave it be. # 2nd Year Courses Welcome to SDU's 2nd Year Courses! Here are the courses available to you, in each of their respective sections: #### Fundamentals {% content-ref url="/pages/fKgNOfZvUUA9zVLopaiX" %} [FN 205 - Bridges](/defi-university/2nd-year-courses/fn-205-bridges) {% endcontent-ref %} {% content-ref url="/pages/91MLqdRvxwjCN0h3kTbm" %} [FN 207 - Apps vs Dapps](/defi-university/2nd-year-courses/fn-207-apps-vs-dapps) {% endcontent-ref %} {% content-ref url="/pages/5pjVKjpTQlThcTaNRHfI" %} [FN 209 - Avalanche](/defi-university/2nd-year-courses/fn-209-avalanche) {% endcontent-ref %} {% content-ref url="/pages/JPhrAm8Z3FUQsrkiN4Vn" %} [FN 222 - DEXs](/defi-university/2nd-year-courses/fn-221-dexs) {% endcontent-ref %} {% content-ref url="/pages/F97lcHl0UCktSv3e0F7f" %} [FN 231 - Stablecoins](/defi-university/2nd-year-courses/fn-231-stablecoins) {% endcontent-ref %} #### Yield Farming {% content-ref url="/pages/IpSmntPTMc1e4N6FYSbn" %} [YF 261 - Auto-Compounding](/defi-university/2nd-year-courses/yf-261-auto-compounding) {% endcontent-ref %} #### Governance {% content-ref url="/pages/SIbUbdZOayb0xYDvDgef" %} [GV 242 - Voting Mechanisms](/defi-university/2nd-year-courses/gv-242-voting-mechanisms) {% endcontent-ref %} #### Extracurricular {% content-ref url="/pages/ciOkFGM1hLMWtmJxhTCX" %} [EX 271 - NFTs](/defi-university/2nd-year-courses/ex-271-nfts) {% endcontent-ref %} {% content-ref url="/pages/q1kppcxPCpI6RPPE2y9k" %} [EX 272 - The Metaverse](/defi-university/2nd-year-courses/ex-272-the-metaverse) {% endcontent-ref %} {% content-ref url="/pages/LkLApOxg3dF2EzxnhTWd" %} [EX 281 - DeFi Composability](/defi-university/2nd-year-courses/ex-281-defi-composability) {% endcontent-ref %} # FN 205 - Bridges ![](/files/CIdZfoQP3Zc5N9Q2kqv3) Bridges are fundamental services for being able to move tokens between different blockchains and thus keeping our decentralized finance ecosystem as well-connected as possible. This course will cover the following regarding these: * Defining Bridges * Exploring Different Bridge Types * Listing Popular Bridges #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/9YpSlNVt2ZJmIQK8HL4b" %} [FN 104 - Tokens](/defi-university/1st-year-courses/fn-104-tokens) {% endcontent-ref %} ## Introduction Let's say you have some tokens on Ethereum or some other blockchain, and you would like to use them on some exciting new decentralized apps on Avalanche. How would you make this move? In some cases, you might have to rely on a centralized exchange somewhere, deposit your tokens there, and hope they have support for Avalanche's C-Chain. Bridges introduce a solution to this problem. Through a bridge, you are able to transfer tokens on Ethereum to the same equivalent token on Avalanche, for example. Some bridges even allow swapping for a different token on another chain, which can be useful if you planned to make the swap on the other end anyways. Let's get into how these work: ## Bridge Functionality While they are most commonly referred to as bridges, there are technically two distinct types of services that function entirely differently from one another; bridges and routers. **Bridges function by locking a token on the original chain, and minting a new token on the destination chain.** This means the new token is backed 1:1 by the locked token. As an example, this would be like bridging USDC from Ethereum to Avalanche, where you would receive USDC.e tokens. Bridging the other way (from Avalanche to Ethereum) would result in the new token being burned, and the original token being sent to your wallet. **Routers function by having liquidity for a token in both chains, receiving it through a user in one chain and delivering it to such user in another chain.** This means no tokens are locked or minted in the process. Following the previous example, it would mean the protocol would have USDC tokens on Ethereum and USDC.e tokens on Avalanche. As long as there is enough liquidity, one can swap between them. Due to each of these methodologies requiring smart contracts to operate on both the origin and destination chain, there needs to be some system connecting the two. Most bridges opt for a centralized approach, since it is the easiest to implement and guarantees control over the transactions taking place. There are, however, ways of achieving this functionality in a decentralized manner, and those do opt for these are called trustless bridges. These usually involve validating transactions in the same way a blockchain does - through miners or validators. ## Bridges Available There are many bridges available on every chain, meaning they are are more inter-connected than ever before. When choosing between bridges, it important to take into account a number of factors: * If a bridge is trustless or centralized. * The fees charged to bridge your tokens. * Any bridge-specific liquidity issues on routing. * The chain and/or token coverage of the bridge. * How long a transaction takes to complete. To that end, let's look at some of the best bridges available on Avalanche (most of which are also available in a handful of other chains): ### Avalanche Bridge {% embed url="" %} The Avalanche Bridge is the native bridge of the Avalanche C-Chain, and can be used to bridge the most popular tokens between Ethereum and Avalanche. It is a simple bridge that functions extremely well, and also awards any transaction of over $75 to Avalanche with a generous AVAX airdrop. The fee associated with such transaction will be a flat fee of $3 for Ethereum to Avalanche transactions, or $15 for Avalanche to Ethereum transactions. ### AnySwap V3 {% embed url="" %} AnySwap V3 is a trustless bridge that functions as a router. It has fees of only $0.9, unless you are bridging to Ethereum, in which case a 0.1% fee is charged. Transactions can take over 10+ minutes, and even larger amounts of time on large transactions. This bridge covers 8 different chains, but only a handful of stablecoins and WETH can be bridged. This version is a big improvement in terms of usability when it comes to [**AnySwap V2**](https://anyswap.exchange), but if you'd like to bridge other tokens not supported by V3, V2 is your best bet. It comes with similar fee structures, a lot more chain and token support, but much less pleasant of a user experience. When using their router, you would have to ensure a token has enough liquidity on destination chain, lest your tokens won't be fully routed (you'll have to wait for someone to add liquidity before being able to withdraw). ### cBridge {% embed url="" %} cBridge is another trustless bridge that offers a very simple user experience. Transactions take about 5-10 minutes, and it covers 8 of the most popular chains. The bridge covers only some of the most popular stablecoins along with WETH. A bridging transaction has a base fee that usually ranged between $2-$3, and a 0.04% fee based on the amount transferred. If you are transferring between L2s on Ethereum such as Arbitrum or Optimism, this fee is increased to 0.1-0.2% depending on the transaction's direction. ### Synapse Bridge {% embed url="" %} The Synapse Bridge offers trustless bridging between 10 different chains, and many of the same tokens offered by other bridges. Due to the nature of their protocol, you can even swap one token for another in some cases, such as USDC on Avalanche for DAI on Ethereum, for example. Bridging also provides some small amount of native tokens on the destination chain for future transactions, which is a great addition. Their fees are a little more complex, since they depend on liquidity of each of their pools. In practice, these are usually a flat fee of $1-$3 on most chains ($200 on Ethereum), and a certain percentage on top of that based on pool composition and liquidity. This percentage could even be negative! ### ElkNet {% embed url="" %} ElkNet is a bridge that provides functionality for bridging the ELK token to other chains. While in Beta, there are no fees associated with the bridge other than what a user would pay for gas fees. Transactions take at least 2+ minutes to complete, and there is an option to convert 1 ELK to the destination chain's native token for future gas fees. This simple bridge can be a great choice if the fees on other bridges are too high - as long as buying and selling the ELK token on any given chain would not generate too much loss to compensate for that. ## Closing Thoughts There are a lot of great bridges to choose from, and as the ecosystem evolves, there'll be even more popping up. You should always check the rates and fees offered by each bridge before committing to a transaction, since even your favorite bridge may not be the best for the particular transaction you want to make. Have a safe and great time with your swaps, and good bridging! # FN 207 - Apps vs Dapps ![](/files/H435cce2vLodoQ1XnXgK) Decentralized applications are the basis for the Web 3.0, but how do they differ from the traditional Web 2.0 apps? This course will answer such question, and go into the following: * Defining Dapps * Contrasting Apps & Dapps * Exploring Difference Implications #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} ## Introduction Decentralized apps, or Dapps for short, are as the name suggests; decentralized versions of the Web 2.0 apps we are used to seeing and using everyday. Web 2.0 brought huge improvements in terms of interactivity and free flow of data between users and applications when compared to the static webpages of its predecessor. Web 3.0, its third iteration, brings with it a whole new aspect of decentralization to the existing web infrastructure. ## Apps vs Dapps Let's look at some of the major differences between apps such as Twitter or Facebook, and dapps such as Snowball or Axial: ### Decentralization The decentralized aspect of modern dapps means that the data and logic of any application lives on the blockchain, and is constantly being validated by hundreds or even thousands of people in the case of Avalanche. This has many implications, but is particularly impactful in terms of trust; trust on the entity controlling the application, as well as trust that the application won't go offline unpredictably. This is simply because it is much easier to trust that thousands of people won't act maliciously, than it is to trust that any one individual may do so. Because of the application's state always being on the blockchain, it cannot go offline because of any single point of failure. The entire blockchain would need to be taken down in order for the application's state to become non-accessible. This is in stark contrast to the state of any Web 2.0 applications, where a number of services going offline could and have caused many to simply become unusable for a period of time. ### Security In terms of security, dapps are miles ahead of their Web 2.0 counterparts. Smart contracts on the blockchain are immutable, meaning their code cannot be altered once deployed. Updating an application with some malicious code, or introducing a new bug or attack vector isn't possible with smart contracts. Furthermore, a large portion of traditional applications' security revolves around STO, or Security Through Obscurity. Because of this, many exploits happen because attackers are able to find some information they shouldn't have access to. Dapps function through an entirely opposite ethos, where all data is public, all transactions are public and traceable. Attackers have no choice but to attempt to exploit the code and/or data that is available for everyone to see. This is possible, of course, especially in the first few years of any new technology, but is a much safer standard regardless. ### Development Cost Web 2.0 infrastructure costs have been decreasing in the recent years, but have nonetheless generated a huge impact to up-and-coming apps. This can easily be exemplified by the fact that the biggest Web 2.0 tech giants have heavily invested in offering such infrastructure as a paid service, such as Amazon's AWS, Microsoft's Azure, Google's Firebase, etc. Since a dapp's data and logic is hosted on the blockchain, none of these hosting/computing/server solutions is necessary. While some functionality could require a dapp to spend some transaction fees to function, the basic need for storage, persistence, authentication, accessibility, etc. is natively covered by the underlying blockchain. ### User Interactions Through the decades of development, apps have been able to make user interactions as easy and simple as possible. On decentralized apps, this is still not entirely the case. Writing data to an application's state is free in most cases for regular apps, but require transaction fees in their decentralized counterparts. This and many other gripes of interacting with decentralized apps such as inconsistent wallet support, lack of browser support, etc. are expected to improve over time, of course. There are even ways of dapps to cover users' transaction fees while retaining the blockchain's security through proxy transactions, and who knows what will be developed next? ### Speed The speed of any application is determined by how much data it can process at any time. On Web 2.0 apps, this can be easily scaled by improving the hardware running the application, purchasing an extra server or simply paying for a better hosting plan on your favorite cloud provider. With dapps, this scaling is quite a bit more difficult. Blockchains have a certain amount of transactions they can process per second, and this is usually dictated by its consensus mechanism, its number of validators, or a myriad of other constraints. Blockchain can be scaled, however, through sharding, subnets, layer 2s, etc. These technologies are very much so still in development, so we'll have to see how they perform in relation to their predecessors' scaling ability. ## Closing Thoughts While the basic infrastructure of dapps are superior to apps in many ways, there is much work to be done particularly when it comes to user experience. This is a major barrier to entry for many, and is holding back the potential for mass adoption when it comes to these decentralized applications and Web 3.0 in general. # FN 209 - Avalanche ![](/files/rtgx3ts44cU2xcaNyWVy) With so many blockchains being developed, it is important to know exactly why we choose to build within Avalanche, and what makes it unique amongst other chains. This course will briefly cover the following: * Avalanche's Infrastructure * AVAX Tokenomics & Utility * Staking & Consensus Mechanisms * Scaling Solutions #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} ## Introduction While Avalanche mirrors many features and functionality from other blockchains, it is unique in the fact that its primary network (or Mainnet) consists of not one blockchain, but three: ![Quick Avalanche Mainnet Overview](/files/sxzuo2DqEFrOEm46voAX) This separation is with the purpose of specializing each chain's infrastructure; making it more suited for efficiently conducting its main purpose. The three chains are secured through the same set of validators, meaning that - as of the time of writing - all three benefit from having 1,300+ validators. This not only means that Avalanche is one of the most decentralized protocols out there, but also one of the most secure. Let's dive a little deeper into each of the aspects constituting Avalanche, starting with the token that helps bring it all together: ## The AVAX Token AVAX, the native token of Avalanche, is minted on its X-Chain, and has a hard cap of 720,000,000 tokens. Half of that supply was minted during the chain's genesis block, which allocated vesting schedules for the platform's seed, private and public sales, Ava Labs team, ecosystem grants, Testnet programs and the Avalanche Foundation. The rest of its supply is minted continuously as staking rewards for those validating the network. The token is utilized as an entry cost of validating the network, as well as to pay for gas fees throughout all its main chains. On Mainnet, all transaction fees paid in AVAX are burned, directly reducing the circulating supply of AVAX. This means that if network usage is high enough, AVAX could turn deflationary and never reach its maximum supply. {% hint style="info" %} For a more in-depth look into transaction/gas fees and why they exist, check our FN 106 course on 'Gas Fees' [**here**](/defi-university/1st-year-courses/fn-106-gas-fees). {% endhint %} ## Validating Avalanche Avalanche's Mainnet is essentially a Proof of Stake network, and therefore users must stake tokens in order to To become a validator on Avalanche, you must lock at least 2,000 AVAX for at least 2 weeks on the network's P-Chain. As a validator, you are verifying blocks of transactions submitted to ensure that no invalid or malicious data is submitted on-chain. Users can also delegate to existing validators with a minimum of 25 AVAX, in order to also gain staking rewards, albeit with the validator's fee. Validators have to adhere to strict parameters if they wish to receive AVAX staking rewards. Other than the minimum requirement of 2,000 AVAX and a 2 week lock, a validator's total weight (accounting for delegations) cannot have more than 3,000,000 AVAX (\~0.4% of AVAX's maximum supply) or 5x their stake; whichever number is smallest. This means that a validator with a stake of 2,000 AVAX can only have 8,000 AVAX delegated to it, for example. A validator's lock can also not exceed 1 year, and their node must be online for at least 80% of their lock period. {% hint style="info" %} Want to know how Avalanche and other networks achieve consensus through their validations? Check out our FN 308 course on 'Consensus Mechanisms' [**here**](/defi-university/3rd-year-courses/fn-308-consensus-mechanisms). {% endhint %} ## Avalanche's Scalability As DeFi expands into broader markets and grants everyday users more utility and freedom, the number of transactions and strain on any given blockchain can be tough to handle. This is why Avalanche, similarly to other platforms, needs a plan to appropriately scale. Avalanche's solution is subnets - separate networks/chains managed by its P-Chain and validated by a subset of existing Avalanche validators that can be built specifically for a given purpose. While an EVM-compatible chain like the C-Chain is excellent at accomplishing pretty much anything, it is not maximally efficient or a master at any given task. By creating a specialized subnet for an application, that application can not only be much more efficient, but it can separate itself from the transaction fees' variability of Mainnet, or even choose to use its own token as a gas token. This abstraction means that as popular dapps migrate to subnets that better suit their needs, the strain on any given network will be independent to each other, leading to not only a more decentralized protocol, but an infinitely scaling one as well. ## Closing Thoughts Alongside all its technical achievements, Avalanche has also created one of the most welcoming communities in crypto, where people are excited to build new dapps and educate newcomers to the space, be it through Discord servers, Twitter or even conferences like Avalanche Summit. Make sure to talk to others around you also enjoying Avalanche and all it brings, and have a great and safe time exploring your financial freedom! # FN 222 - DEXs Decentralized Exchanges (DEXs) are another essential functionality in DeFi. They allow you to trade any token without the relying on centralized companies and services. This course will cover the following: * Defining Decentralized Exchanges * Listing Popular DEXs * DEX Functionality #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/f7yaPqXk2BhNgoNBX45Z" %} [FN 102 - Wallets](/defi-university/1st-year-courses/fn-102-wallets) {% endcontent-ref %} {% content-ref url="/pages/9YpSlNVt2ZJmIQK8HL4b" %} [FN 104 - Tokens](/defi-university/1st-year-courses/fn-104-tokens) {% endcontent-ref %} ## Introduction Decentralized exchanges are an alternative to centralized exchanges such as Binance, Gemini, Coinbase, etc. Having to send your tokens to a centralized exchange, trade them for another token and then bring them back into DeFi would be a somewhat cumbersome, if not excessively inefficient process. Being able to make that swap without leaving your favorite chain is ideal, and is exactly what DEXs allow you to do. ## DEXs The Avalanche Chain's main DEXs are [**Trader Joe**](https://www.traderjoexyz.com/#/trade) and [**Pangolin**](https://app.pangolin.exchange/#/swap), since they currently have the most liquidity and trading volume in the ecosystem. There are however, many other projects that provide swapping services. As a user, you are looking for platforms with a lot of liquidity, low [***slippage***](/resources/defi-glossary#slippage) and low fees per swap. {% hint style="info" %} Snowball has launched Axial, a decentralized exchange for swapping between value-pegged assets such as stablecoins and other wrapped or synthetic assets. It offers much lower fees and slippage than traditional DEXs. Check it out [**here**](https://axial.exchange) or learn about it [**here**](https://docs.axial.exchange). {% endhint %} Other chains also have their own DEXs. The following are a few with decent functionality in each of the most popular chains: * **Ethereum** - [**UniSwap**](https://app.uniswap.org/#/swap), [**Curve**](https://curve.fi), [**SushiSwap**](https://app.sushi.com/swap) * **Binance Smart Chain** - [**PancakeSwap**](https://pancakeswap.finance/swap), [**SushiSwap**](https://app.sushi.com/swap) * **Polygon** - [**QuickSwap**](https://quickswap.exchange/#/swap), [**Curve**](https://polygon.curve.fi), [**SushiSwap**](https://app.sushi.com/swap) * **Fantom** - [**SpookySwap**](https://spookyswap.finance/swap), [**Curve**](https://ftm.curve.fi) * **Harmony** - [**Curve**](https://harmony.curve.fi), [**SushiSwap**](https://app.sushi.com/swap), [**ViperSwap**](https://viperswap.one/#/swap) ## DEX Utilities Swapping tokens through a DEX is simple, and in most cases follows the following three steps: 1. Connecting your wallet to the dapp. 2. Signing an 'approval' transaction through your wallet for the token you want to trade. 3. Signing the 'swap' transaction through your wallet. ![Trading 1 AVAX for SNOB on Pangolin](/files/iCrwPZh5EV6uSsYHJvvO) Once you input both the token you want to swap and the token you want to swap for, the dapp should show you the estimated slippage (displayed as 'price impact' above), and any fees associated with your transaction. Large transactions may have higher slippage and fees depending on where you are trading, so make sure you watch out for those and pick your DEX accordingly. ![Trading 100 DAI.e for USDT.e on Snowball's StableVault (Now Deprecated)](/files/qU5Tj5Hsl1vHtDcq5CAy) As you can see, swap interfaces are relatively similar and should always follow the same transaction process. If you have already traded a token using a specific DEX before, you will not need to approve its spending again, meaning the process is now reduced to 2 simple steps. Furthermore, most dapps automatically connect to your wallet if you've done so previously, which means exchanging tokens through a DEX is as easy as selecting the tokens you want to trade and clicking on 'Swap'. You'll have to sign the transaction, of course. ## Closing Thoughts Some decentralized exchanges may provide extra functionality, while others focus on simply providing the lowest fees and/or slippage. Whatever it is you are looking for in a DEX, finding it and familiarizing yourself with its functionality is a must whenever transacting in DeFi. # FN 231 - Stablecoins Stablecoins are a specific type of token that have brought a lot of utility to the DeFi ecosystem. This course will cover the following: * Defining Stablecoins * The Utility of Stablecoins * Exploring Types of Stablecoins * Stablecoin Risks #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/9YpSlNVt2ZJmIQK8HL4b" %} [FN 104 - Tokens](/defi-university/1st-year-courses/fn-104-tokens) {% endcontent-ref %} ## Introduction Volatility is a major issue in the cryptocurrency world, and therefore in DeFi as well. Most of us still transact daily with the official fiat currency of wherever we live. While that fact may change in the near future due to the increasing popularity of digital currencies, it is very much a reality. This is why having tokens whose value is tied to a fiat currency is extremely useful. USDT, USDC, BUSD and DAI are the largest stablecoins by marketcap. As some of their names suggest, these tokens are all pegged to the value of the US dollar. However, there are many other stablecoins spanning different fiat currencies or other assets that utilize different strategies to maintain their valuation. ## Types of Stablecoins You can simplify the types of stablecoins into the 4 strategies used to maintain their value: * Fiat-Backed * Crypto-Backed * Commodity-Backed * Algorithmic ### Fiat-Backed These stablecoins are tokens backed directly by some type of fiat currency. For USD-based stablecoins, for example, this means that for every token minted (created) on the blockchain, there is $1 in USD somewhere being held by the company issuing the stablecoin. This is the most common type of stablecoin, and is how tokens such as USDT, USDC, BUSD, GUSD, TUSD and others maintain their peg to the US dollar. These tokens have centralized issuers, but because of their 1:1 fiat backing, can suppress much of any possible price volatility of the token. There has also been much controversy regarding fiat-backed stablecoins due to some lack of transparency in terms of the funds backing the tokens; however, there has been great improvement in that regard. Regardless, there is still a lot of concern around the increasingly high risk of US regulators cracking down on these stablecoin issuers. ### Crypto-Backed These stablecoins are tokens backed by some form of cryptocurrency collateral. This means that through a smart contract, users can deposit collateral in some other token in order to mint a certain amount of the stablecoin. Different stablecoins use different strategies of over-collaterization and liquidations to maintain the stability of the token. This is necessary since the underlying collateral is still volatile. This type of backing is used by tokens such as DAI or TSD. These tokens are fully decentralized, which makes them transparent and much safer from regulatory overreach. They have also gained a lot of popularity in recent times due to the growing mistrust of the large centralized stablecoin issuers, resulting in much better liquidity in most chains. There is, however, more room for volatility in the stablecoin's price, due to its supply not being directly controlled by a centralized entity. ### Commodity-Backed These stablecoins are tokens backed by some other physical resource. These are very similar to fiat-backed counterparts in their centralized nature, but can be pegged to different types of assets. PAXG, for example, is a stablecoin pegged to the value of gold bars. These tokens have seen much less adoption since they don't provide the same utility as other stablecoins when it comes to buying and selling other tokens in DeFi, denominated in a commonly used fiat currency. They can, however, be a great way to get exposure to the asset the token is backed by. ### Algorithmic These stablecoins are tokens with a supply controlled entirely through a smart contract and its underlying algorithm. This means they don't require collateral, and should theoretically be very resistant to price changes relative to the assets they are pegged to. There are not too many of these in the DeFi ecosystem yet, but some have had great success in recent times. An example of this new type of stablecoin is the FRAX token, although some of its tokens are still backed by collateral as it was once a fully crypto-backed stablecoin. ## Closing Thoughts Utilizing stablecoins can greatly benefit DeFi users through great liquidity in DEXs and limiting exposure to crypto's volatility when desired. Products such as Axial's stablecoin liquidity pools can also provide a much better place to store your dollars compared to the minuscule interest rates offered by most banks worldwide. Knowing the risks of holding stablecoins though is always important, especially with the recent moves by the US government to investigate and ultimately regulate some fiat-backed stablecoins. # GV 242 - Voting Mechanisms Decentralized autonomous organizations have had the chance to experiment with various different types of voting mechanisms in their path to creating effective governance structures. This course will look at the following aspects of these voting mechanisms: * Exploring Types of Voting Mechanisms * Pros and Cons of Each Voting Mechanism #### Suggested Prior Reading: {% content-ref url="/pages/k7nhXiU8dA6SU4D6h2wc" %} [GV 141 - DAOs](/defi-university/1st-year-courses/gv-141-daos) {% endcontent-ref %} ## Introduction Any society or organization, when migrating from dictatorship-like governance structures to more democratic or community-based approaches has to decide on a voting system that works for them. This revolves around the fact that by querying for the community's needs and wants, you can more effectively govern it. In DAOs this factor is even more prevalent, since communities can essentially self-govern instead of only using these mechanisms to elect leaders. This means, however, that the effectiveness of its governance structures are even more important. An ineffective, inaccurate and/or easily exploitable voting system will lead to a failure in enacting policies that benefit the DAO. Traditional voting mechanisms have much room for improvement, and on the bleeding edge of these decentralized ecosystems are DAOs experimenting with each and every new type of voting system people can think of. Let's look at some voting mechanisms that have been used or theorized and point out what they bring to the table: ## Token-Based Voting The premise behind token-based voting is simple: $$ \text{1 Token = 1 Vote} $$ This governance token is usually a liquid asset that represents voting power for a particular DAO. This mechanism works due to directly aligning the success of an organization to financial incentives for its voters. A user wanting to intentionally vote on nefarious proposals or vote against good proposals would risk negatively affecting the organization, which would have negative repercussions on the value of the tokens they are holding. In this type of voting mechanism, proposals are usually considered 'passed' or 'accepted' if the majority of votes are in its favor. Most DAOs also implement a certain amount of votes necessary for the proposal to pass - usually referred to as a 'quorum' - in order to prevent malicious proposals from passing unnoticed. As simple and effective as this can be - especially at small scale - there are many downsides to this methodology. Depending on how the quorum is selected, it could be difficult to achieve, requiring an extremely active community in order to pass any proposal. Not only that, but the issues that come with uninformed voters become quite prevalent. If not a lot of effort is put in to ensure all members of the organization know exactly what they are voting for, many voters will vote blindly in order to simply achieve the required number of votes. While these aspects can be managed, perhaps the biggest criticism of token-based voting is how the mechanism allows for voting power to be concentrated for the wealthy among the organization. It is a simple fact that the more funds you have invested, the more voting power you will have. Not only that, but a malicious actor may buy voting power, use them and immediately sell their voting power in order to not be hit by any financial repercussions of whatever they voted for. There are ways, albeit imperfect ones, to deal with these issues. Snowball requires users to lock their SNOB (our governance token) for a specific amount of time in order to acquire voting power. This prevents the sudden buying and selling of voting power by outsiders wishing to manipulate votes. Other ways of dealing with this could involve vesting contracts, or other time-based approaches to distribution. The amount of voting power acquired in this mechanism is also relative to how long the user locked their tokens for. This doesn't completely eliminate the issue regarding concentration of voting power, but it means that someone with less funds could potentially acquire similar or more voting power than someone with more funds if they are more committed to the organization in the long-term (locked their tokens for longer). ## Liquid Democracy The concept of a liquid democracy involves, as the name suggests, a more liquid distribution of voting power. In practice, this means that members of an organization can delegate their voting power to someone else (a delegate), and have that person represent their interests within the organization. In order for such a mechanism to work adequately and scale to a sufficient level a few structural components must be in place: * There must be little to no barriers in place for someone to become a delegate. * The actions of those delegating their votes should be as anonymous as possible. * The actions of delegates should be as public as possible. * There should be no fee or penalty to re-delegating voting power. If all these components are implemented well enough, it allows voting power to be distributed efficiently to well-informed members of the community who are able to represent a portion of its interests. Delegates could also be able to delegate their combined voting power to another specialist if any proposal involves an area they are not familiar enough with, for example. While this approach focuses on enabling well-informed decisions and votes to take place, it runs the risk of becoming too centralized if the number of delegates fails to scale appropriately. This is an intrinsic problem within blockchain and other decentralized technologies, however, and puts much emphasis on community-building. For example, as Avalanche grows in usage and utility, it would require more validators in order to scale in a decentralized manner. The same concept applies here. ## Quadratic Voting This voting mechanism approaches the problem of the concentration of power to the wealthy from another angle. In short, it increases the price of additional votes on any given proposal. See the following table:
Vote NumberToken Cost (x^2)
11
24
39
416
525
The cost would continue to climb after the 5th vote, but the same logic applies. This means that someone with 25 tokens would be able to apply a voting power of 5 votes to any given proposal, while someone with 4 tokens would be able to apply a voting power of 2, for example. Similarly to more standard token-based voting mechanisms, it aligns economic incentives to a user's vote, but limits the impact of extremely wealthy investors from having too much concentration of power. Where quadratic voting really excels is during proposals where gauging interest for each option proposed is more important, rather than simple yes/no outcome votes. This is because users could assign how many tokens they would like to use to vote for each option based on how much they approve of them, and the quadratic aspect of voting power distribution means that the number of users who approve of any given option is more important than any particular vote weight applied to them. This also makes quadratic voting the perfect mechanism to vote on items such as public goods funding. On such things - from a utilitarian perspective - one would look for a voting method that would reflect the needs and wants of as large a proportion of members as possible. A glaring downside to this voting mechanism is its need for an sophisticated method of identifying unique users. A Sybil attack, for example, is where malicious actors create fake identities in order to exert disproportional influence over a network. In the context of a quadratic voting mechanism, this would mean making multiple wallets and voting with them in order to get more votes out of held tokens. This attack vector can be mitigated with implementations such as staked asset requirements to vote, the use of centralized IDs or even some form of whitelisting that takes place before each proposal, with the user's knowledge or behind-the-scenes. None of these solutions are perfect, however, and could diminish the ability of legitimate members of the organization from participating in governance. ## Conviction Voting Conviction voting is a very interesting take on voting for very active communities with a lot of proposals up at any given time. This is because it allows users to split their voting power in accordance to how much they support any given proposal, and those with the most interest from the community will pass. To exemplify this voting mechanism, let's say there are two proposals live, A and B. A user with 100 'voting power' (this could be distributed in a number of ways) can assign 20 votes to proposal A and 80 to proposal B. This would mean that they approve of both proposals and wants them to pass, but thinks proposal B is much more important and should be implemented beforehand. Every X amount of time, the number of votes on proposal A would increase by 20, and the number of votes on proposal B would increase by 80. This leads to the following taking place: * If the proposal reaches a specific number of votes, it passes. * If the proposal fails to reach a specific number of votes by a given time, it fails. The time limit on proposals, as well as the time per tick on votes added should be determined by the organization, and could be dynamically selected. The system should also allow for users to change their votes at any given time. If the user moves their 20 votes from proposal A to proposal B, for example, since their votes have gone from 20 -> 0 on proposal A, the vote amount on the proposal would decrease every tick instead of increasing. This relatively complicated voting mechanism achieves many interesting outcomes. Primarily, it eliminates sudden shifts in vote outcomes due to large investors jumping in, in exchange for requiring users' voting power to be 'used up' during voting periods. Users could always withdraw their tokens, but that would result in their votes slowly draining out of the proposals they've supported. This method of voting also makes it much more expensive to purchase voting power or bribe others to support certain proposals. This is because this system values long-term support more than any short-term investment into acquiring voting power. The downsides with conviction voting mechanisms lies in its implementation. Due to its complexity, it is harder to implement, and even harder to communicate its functionality and utility to an organization's members. It also makes it relatively difficult to pass proposals quickly, even with overwhelming community support. This is because the larger the time limit or number of votes needed, the more secure and effective it is at preventing any potential attack vectors and malicious actors from manipulating its results. Any attempt at passing a proposal quickly by lowering these factors would be risky. ## Closing Thoughts These are some of the most interesting voting mechanisms being explored by DAOs in the last few years. Perhaps some are happy with what they've created, or maybe the perfect solution is a mixture of many of the mechanisms explored in this course. I guess we'll see when even more experiments take place, and communities perfect their governance systems. Cheers to the future of decentralized governance systems! # YF 261 - Auto-Compounding Auto-Compounding services allow users to maximize the rates on their investments through utilizing extra platform rewards as efficiently as possible. This course will cover the following: * Defining Auto-Compounding * Exploring Parameters and Fees * Snowball's Strategies #### Suggested Prior Reading: {% content-ref url="/pages/jZ4hC8xmhregEmkPpaDP" %} [YF 111 - Lending Markets](/defi-university/1st-year-courses/yf-111-lending-markets) {% endcontent-ref %} {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} ## Introduction When providing liquidity, either through a lending contract on a lending market or a liquidity pool on a decentralized exchange, you will likely be gaining some extra token rewards as a platform incentive. An auto-compounder would sell those extra token rewards for whatever token you initially invested, and add them to your investment. With this compounding effect, your investment's returns would increase exponentially as time goes on. This is something that you could to manually, however. You would simply need to spend some more assets on transaction fees, and compound your earnings every day or every week. Auto-compounders do that for you, however. Not only would you not be paying transaction fees every time you compound, but the auto-compounding contract will likely have a strategy to compound as efficiently as possible; maximizing your returns. ## Auto-Compounding Parameters In order to compound efficiently, the contract's strategy should take many parameters into account: * Transaction fees * Any platform-specific deposit/withdrawal fees * Incentive rewards rate With these in mind, an auto-compounder should calculate how often it should harvest rewards and re-invest them to earn the most over time. Along with these, it should also calculate how much of a performance fee it should charge in order to cover the costs of these transactions. If a strategy can gain a lot more by compounding multiple times a day, for example, it may be worth it to spend more in transactions and charge a higher performance fee to do so. At the end of the day, the user would see higher returns. If transactions costs rise, however, it might not be profitable to maintain a high rate of harvests. These are all calculations done by a well-written auto-compounding smart contract. ## Snowball's Strategies Snowball provides auto-compounding strategies for liquidity pools on popular decentralized exchanges, compounding 2-3 times per day and drastically increasing the rates earned for any given token pair. Alongside our strategies, we also offer extra SNOB rewards allocated based on our community's voting. The performance fee on our auto-compounding strategies is of 10%, and there is no deposit or withdrawal fees on any of Snowball's strategies. There are also Snowball strategies on single-asset deposits, usually through lending markets. Alongside the usual 2-3 harvests per day, the single-asset strategies also involve folding, where you repeatedly lend and borrow the same asset in order to make the most of the incentives provided in any given platform. These usually greatly multiply earnings compared to simply depositing into a lending market. {% hint style="info" %} To learn more about Snowball's compounding strategies, check out our [**Compounding page**](/our-products/compounding) or our FAQ [**here**](/faq/compounding-faq). {% endhint %} ## Closing Thoughts Auto-compounding can not only take a lot off your plate, but also allow you to gain a much better rate on your investment than you otherwise would have. Be sure to check out all the auto-compounding opportunities out there prior to investing into any liquidity pool or lending market! # EX 271 - NFTs NFTs have been exploding in popularity lately, and if you want to understand why people are going crazy over this new type of asset, you're at the right place. This course will cover the following: * Defining NFTs * Exploring NFT Art & Collectibles * Other Types of NFTs #### Suggested Prior Reading: None. ## Introduction So you're looking to find out what these NFT things are? Good. You should never judge whether you're into something or not without knowing what it is first. If you simply pay attention to media headlines, you'll have seen things like 'X person buys JPEG for $2 Million dollars', and assume its just another weird internet trend that will go away soon. The reality is that the technology behind NFTs is a lot more interesting than clickbait articles would suggest, and it is definitely here to stay, but maybe not in the ways you imagine. ## What is an NFT? It is a type of token, more specifically a 'Non-Fungible Token', usually following the ERC-721 token standard. As defined by [**Merriam-Webster**](https://www.merriam-webster.com/dictionary/fungible), fungibility is "being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account". In simpler terms, a fungible asset is one that is replaceable. If I pay you one dollar, for example, and you pay me a different dollar, we both still have one dollar each. Nothing has changed. The same can be said for other fungible assets such as cryptocurrencies - BTC, ETH, AVAX, SNOB, etc. The non-fungible aspect of NFTs means that no NFT is the same as another. They are unique. Other examples of non-fungible assets could be physical, real-world assets such as land, or trading cards. The difference is that while physical properties would determine the value, authenticity and/or characteristics of these assets, these are determined through the digital properties of NFTs. Since value is highly subjective, let's take a look at authenticity; how would you tell if a contract, or a painting is authentic? You'd be looking for unique aspects that differentiate them from fakes, or a hard-to-replicate stamp, or something of the likes on other types of assets. Every NFT has its unique cryptographic hash on a blockchain, and all events such as who created/minted it, when it was minted and who has owned it in the past can be traced through the public ledger. This makes tracking the authenticity of an NFT extremely easy. So, with that being said, what are NFTs being used for? We'll take a look at all the possible use cases of NFTs in a later section, but first let's check out the type of NFTs that has exploded in popularity lately: ## Art & Collectibles NFTs that embody some form of art have become increasingly popular once people discovered that they can easily sell their art through this new medium. Not only that, but the authenticity is easily verifiable, and they can have control over a token's transferability through smart contracts. For example, an artist could choose to have royalties imbued into every sale of their NFT - meaning every time it is sold to another person, they would make 5%, 10%, or whatever amount they have set of the value of the sale. ![Some of the NFTs available on Snowball's NFT Marketplace](/files/RPnRQ6IQgCnv68maFgwP) When it comes to collectibles, it is clear why NFTs are the perfect medium to produce and distribute those. A collectible could simply be a visual item, or sometimes a representation of a feat or event attendance, like a badge or trophy. The world of collectibles is exploding in popularity in areas such as fantasy football, card games, and gaming in general. This is because problems of access, authenticity and transferability are issues these industries have been tackling for ages, and blockchain and NFT technologies simply solve all of them. Let's look at fantasy football, for example. To make it work, you'd need a secure network to buy and sell player cards. That's the blockchain. You'd need a way to check if player cards are authentic. If they are NFT's, just check their hash. Each card would needs to have player stats, parameters, etc. Since NFTs are simply a smart contract, those can be built-in or defined when they are minted. Done. In the world of gaming, having assets that are verifiable and easily transferrable is a blessing. Characters or items being NFTs take all the work of designing the systems behind those off the hands of game developers, allowing them to focus on making their games the best they can be instead. ## Other NFT Use-Cases Surely this technology can be used for other things as well, right? Absolutely. The ease of authenticity is incredibly useful for other applications such as event tickets or even university diplomas. Even UniSwap V3 LP positions are NFTs now, and those with funds in those pools know how much easier it is to manage your positions now because of it. While there will always be more use-cases for NFTs, let's list some others that come to mind here: * Music / Song Distribution * Property Contracts (Real Estate) * Other Ownership-Related Contracts * Decentralized Domain Names * Logistics / Supply Chain Tracking * Authentic Profile Pictures * Digital Identity Management ## Closing Thoughts The use-cases for NFTs are endless, and are definitely more than the 'selling JPEGs on the internet' that the mainstream media would let you know of. Some implementations of NFTs are definitely flashier than others, but the world-wide adoption of these tokens is on the way, and more and more physical assets are being digitalized and decentralized every day. # EX 272 - The Metaverse ![](/files/FwGfRkbUWkVlxZokZbxn) The metaverse is coming. The question remains as to what the metaverse really is - and what it can become. This course will cover some of these basics and more, such as: * Defining the Metaverse * Exploring What is Being Built * Understanding How DeFi Fits Into the Metaverse #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/ciOkFGM1hLMWtmJxhTCX" %} [EX 271 - NFTs](/defi-university/2nd-year-courses/ex-271-nfts) {% endcontent-ref %} ## Introduction It would be dishonest to say there is a perfect definition of the metaverse, but the easiest way to visualize it would likely be to use the book (and movie) 'Ready Player One' as an example. In the story, most of humanity interacts through a digital world, not only for games and entertainment, but for their jobs, education, etc. The metaverse, in essence, is an active digital world where one could accomplish pretty much anything that can be done in the physical world. Your identity in such a world would be your avatar, much like how your body in the physical world is, well, you. Much like in the book however, it seems gigantic tech corporations are the first to try and make it a reality and keep control of the resulting technology. Just in 2021, [Microsoft has developed their initial take on the metaverse](https://twitter.com/satyanadella/status/1455624165201887234), while [Facebook has entirely rebranded themselves to Meta](https://about.fb.com/news/2021/10/facebook-company-is-now-meta/) - in order to "bring the metaverse to life". The incentive is simple: data. By using and engaging with these companies' products, you are giving them data, which they use to generate revenue one way or another, usually through advertising. If that product is an entire world of their own, well, you see where this is going; that's a lot of data. There is one simple solution to avoid this dystopian future where a megacorporation controls all your data, and that is decentralization. ## How Can DeFi Help? By decentralizing the metaverse, there is an immediate shift in the way data is handled. In decentralized finance and web 3.0 technologies in general, **your data is under your control** instead of in a centralized server owned by some entity. Not only that, but by decentralizing the control over this new world, you are **moving the incentive to contribute to the ecosystem**, instead of controlling its infrastructure and data. Companies and/or individuals that provide the best products or services within the metaverse will be rewarded by doing so, through the world's economy. Speaking of which, any fully fledged metaverse will needs its own economy, much like how the physical world functions. Attributing value to assets and facilitating asset transactions are issues DeFi inherently solves. A centralized entity would never be able to rival the ability with which decentralization can **provide security and transparency to the metaverse's economy**, let alone implement better governance systems for overseeing it. Digital identities are also as aspect DeFi can contribute to. Your address on the blockchain is already inherently a form of identity; a very secure one at that. Certainly more secure than anything implemented by centralized solutions. Furthermore, through ERC-721 contracts (NFTs), having **unique and verifiable digital avatars to represent you** in this new world has never been easier. Although these are the main points to cover, there are many aspects of decentralization that would aid the creation of the multiverse such as having **verifiable interactions between users**, being able to **decentralize storage** to a scale almost impossible for any one centralized entity, and more. ## What's Being Built Most of the "metaverses" built so far are geared towards gaming. Even still, the underlying metaverse concepts are there - fully decentralized, identities via NFTs, interacting with other users on-chain, transacting assets, etc. More ambitious projects however, such as [**Decentraland**](https://decentraland.org) and [**Enjin**](https://enjin.io/solutions/individuals) aim to more fully realize the potential of the metaverse, and many similar projects are being built on Avalanche. Examples of such could be [**Imperium Empires**](https://imperiumempires.com) focusing on its space theme, while [**Kalao**](#suggested-prior-reading) focuses on digital art and creating awesome VR experiences. ## Closing Thoughts We can't be sure what the final form of the metaverse will look like, but one fact is certain; we'd be headed straight for a dystopian future were it not for decentralized technologies such as DeFi. Whether it is through the projects being built now, or through some other means we haven't even begun exploring, the metaverse will bring major change to the way we interact with each other in the digital realm. # EX 281 - DeFi Composability ![](/files/lylf9yBWDAzSJv9Dqj5O) The composability of smart contracts in decentralized finance brings immense possibilities to the space, but also with it brings the possibility of new bugs, exploits and attack vectors. This course will cover the basic concepts of composability in DeFi, such as: * Defining Composability * Exploring Composability Benefits * Analyzing the Negative Aspects of Composability #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} ## Introduction The composability of a system refers to the inter-connectivity potential of its components. The world of decentralized finance is entirely built through smart contracts which interact with each other, meaning it is inherently a system of incredible composability. This inter-connectivity allows smart contracts to build on top of other smart contracts, which can then be built upon further, and so on... Let's look at some examples of this building in practice: ## Building With Money Legos The simplest building block in DeFi could likely be considered the tokens themselves. An ERC-20 token is just that, a token that exists on the blockchain. Without anything else they aren't very useful. With other smart contracts to govern their minting, however, a lot more can be done. On Snowball, for example, the minting of SNOB tokens is governed by Snowball's Treasury, which in turn is controlled by Snowball's Governance contract as well as Snowball's Council contract. At this point, this is already 3 or 4 levels of legos piling on top of each other, and we've barely covered a fraction of one protocol built on the Avalanche blockchain. Things get even more complex when you build smart contracts on top of another protocol's smart contracts, as Snowball does quite often. Here's another example, this time of a series of actions a user could take utilizing many protocols interacting with each other: * Deposit AVAX on Teddy. * Mint TSD on Teddy by using your AVAX as collateral. * Mint LP tokens on Trader Joe by depositing AVAX and the TSD minted on a liquidity pool. * Deposit the LP tokens on Snowball in order to auto-compound your rewards. * Deposit the receipt token received into Snowball's gauge contract to earn SNOB. Obviously these platforms will try and abstract as much of this functionality out as possible, but the underlying building blocks of all these actions are even more complex that the list above. Constant work is always being put into making even the most complex smart contract interactions as easy as possible for the end user. ## Why Is Composability Desirable? The composable nature of smart contracts allows development of extremely complex financial tools to be much more efficient. It is incredibly difficult to build an all-encompassing financial tooling system in any scenario. By building on top of protocols and smart contracts that have achieved excellency in their particular space, you can increase the complexity of such system and offer more services in a much smaller timeframe. In an ecosystem like DeFi that moves so fast, the speed at which tooling and services are built is critical. The faster we can develop solutions to our problems in DeFi, the more streamlined adoption will become, and the clearer its position will be in replacing the traditional financial systems. ## Composability Downsides This efficiency of development and ease of which increased complexity can be achieved is all well and good, but it does come with some negative aspects. More specifically, these include increased risk of bugs and exploits, as well as generally creating fragmented liquidity in any given ecosystem. #### Smart Contract Risks By building smart contracts on top of other smart contracts, the risk of bugs and exploits increase since there are more contracts being used. Not only that, but the impact of any one contract being exploited or having a bug is largely amplified. If a token contract is exploited, all protocols in the ecosystem that leverage that token for any of their activity will have issues, for example. #### Fragmented Liquidity Due to the fact that DeFi is built in such a composable manner, there will likely always be different implementations of similar technologies. As more money legos are added to the pile, developers can create many more different products, but it does mean that token liquidity will be fragmented between all these great products. A lack of deep liquidity in any given asset is detrimental to users in the ecosystem, as it becomes more difficult to gauge value and swap between assets. ## Closing Thoughts Smart contracts are the building blocks of this new financial ecosystem being created. As time progresses, even more of these blocks will be available to build with, meaning even more and better tools for the space. In the near future we could even see cross-chain composability become a reality. We should all look forward to what is being developed, or be a part of its creation! # 3rd Year Courses Welcome to SDU's 3rd Year Courses! Here are the courses available to you, in each of their respective sections: #### Fundamentals {% content-ref url="/pages/7bwIBmqc8FStJ3XIyUEF" %} [FN 308 - Consensus Mechanisms](/defi-university/3rd-year-courses/fn-308-consensus-mechanisms) {% endcontent-ref %} {% content-ref url="/pages/Z1zCp4fLU1CcE6IQBclr" %} [FN 317 - Infinite Approvals](/defi-university/3rd-year-courses/fn-317-infinite-approvals) {% endcontent-ref %} #### Yield Farming {% content-ref url="/pages/mHPysZWLPHB5fAygTY3o" %} [YF 312 - Folding](/defi-university/3rd-year-courses/yf-312-folding) {% endcontent-ref %} {% content-ref url="/pages/FUS7my0fKN9FwNfJGu7F" %} [YF 323 - Impermanent Loss](/defi-university/3rd-year-courses/yf-323-impermanent-loss) {% endcontent-ref %} {% content-ref url="/pages/UhGbTA2Zs1DhnItOzLQK" %} [YF 362 - Liquid Staking](/defi-university/3rd-year-courses/yf-362-liquid-staking) {% endcontent-ref %} #### Governance * None yet. #### Extracurricular {% content-ref url="/pages/6twc6SE2ZJS0zSTKf2lF" %} [EX 325 - Single-Asset vs LP Strategies](/defi-university/3rd-year-courses/ex-325-single-asset-vs-lp-strategies) {% endcontent-ref %} # FN 308 - Consensus Mechanisms ![](/files/ph3qme7lenx7zd8qutn6) Different blockchains make use of different consensus mechanisms to ensure their decentralized nature and the safety of their network, while still remaining as scalable as possible. While software architecture is a large part of this, this course will specifically focus on how blockchains achieve consensus from their enormous number of participants; covering aspects as the following: * Defining Consensus Mechanisms * Understanding the Blockchain Trilemma * Exploring Different Consensus Mechanisms #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} ## Introduction Consensus mechanisms refer to the manner with which blockchains can achieve consensus; meaning the majority of the network agree that data or transactions made are valid. This is a fundamental aspect of any blockchain and necessary for their efficient functionality. Different consensus mechanisms have been developed and explored in the recent years, with many different ways of addressing the many problems existing in achieving consensus efficiently. These problems have generally been referred to as the 'blockchain trilemma', including the three most important problems faced upon any blockchain design. ## The Blockchain Trilemma ![](/files/D2Jg3rmSqP4wbfk5dLIL) The problems to solve within the blockchain trilemma are not exclusively related to consensus mechanisms, as major factors also include the blockchain's underlying software architecture, how data is stored, how nodes are engineered, etc. That being said, the consensus mechanism utilized on any given blockchain is integral to all its functionality, and needs to attend to these three problems accordingly: ### Security Any blockchain needs to be secure. This means not allowing a malicious actor from manipulating any data existing on-chain, or adding any invalid or malicious data to any new block. The toughest security risk to defend from is a an extreme form of Sybil attack often referred to as a 51% attack. This is particularly difficult since the purpose of a consensus mechanism is to infer consensus from the majority of participants in a network. If the majority of the network (51%) is malicious, well, that's tough to deal with. This is why most networks' consensus mechanisms create/use scarce resources in order to represent a user in the network along with incentives to remain fair and to not attempt to harm the network. ### Decentralization While using scarcity as a mechanism to halt malicious actors from taking part of a network is great from a security standpoint, it may cause issues regarding to the network's decentralization. If the consensus mechanism makes it too difficult for any given user to take part in the network, logically less users will be able to take part in the network. As there are less users validating the network, it becomes less decentralized and could even make it easier to perform a 51% attack. ### Scalability Scalability refers to many aspects of a blockchain as it scales. This includes the speed at which any given transaction achieves finality, the security and decentralization of the chain as well as any unintended outcomes such as significant environmental impact, etc. As a blockchain scales, scarce resources may become too expensive resulting in lesser decentralization, or perhaps compromises on security may be made by not utilizing the entire network when achieving consensus, allowing for more efficient consensus to be reached. ## Consensus Mechanisms ### Proof of Work This consensus mechanism was the first to be used in the blockchain space, still being used to this day when it comes to Bitcoin and Ethereum. The latter has plans to move to Proof of Stake sometime soon, however. Through proof of work, a user (miner, in this case) needs to solve a complex algorithmic/mathematical problem in order to add new data to the blockchain. This is usually done through expensive graphics cards and/or dedicated mining hardware, which may consume a large amount of electricity and generate much heat. This mining is the activity through which scarcity is introduced to the consensus mechanism. In order to mine, you would need to have a lot of potentially expensive hardware for a single purpose, meaning a significant monetary loss for anyone planning to attack the network. The incentive for users to mine new blocks and in turn help secure the network in this case is the mining rewards, usually through minting more of the network's native token and/or through a portion of transaction fees contained within blocks mined. The more mining capability a user has (more or more powerful hardware), the more likely it is that they will be picked to be the one mining any given new block. The mining of any given block of data is difficult to accomplish, but once the work has been done, it is extremely easy to be validated by other nodes in the network. In short, this is how the consensus mechanism functions. If the majority of nodes in the network agree to the previously mined blocks, they will keep adding new blocks on top of the old ones, forming a longer chain over time. The longer the chain, or in other words, the more validations previous blocks have, the safer any given block is to be truly valid. ### Proof of Stake This consensus mechanism is the most utilized in many blockchains currently, with many chains opting for a slight variation of the original alternative to proof of work. In short, this consensus mechanism requires users to stake (deposit/lock) the network's native token for a period of time in order to participate. The more tokens you have staked, the more likely it is you will be selected to validate any given new block. Similarly to proof of work, incentives are given out in various forms to network validators. In contrast, however, many blockchains have implemented slashing; the act of actively removing tokens from a users' stake if they attempt to harm the network in any way. The act of validating data is a lot more efficient in proof of stake, since it does not involve any complex problem to solve, thus eliminating any potentially harmful environmental concerns as the network scales. Many blockchains opt for this basic consensus mechanism for its simplicity and efficiency, while still creating an effective alignment between economic incentives and network security. There are, however, many changes that can be made to how a network reaches consensus other than its base scarcity/accessibility model. Let's look at how some chains approach this: #### Ethereum 2.0 As Ethereum 2.0 is focusing more on its sharding infrastructure for scalability, the chain introduced a 128 validator 'committee' which checks the work done by any validator. These validators are chosen randomly among the validator pool, and this lower count makes it possible to accomplish efficient validation and reach consensus faster even on smaller shards. Read more about how proof of stake works on Ethereum 2.0 [**here**](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/). #### Solana Solana chose to adopt what is referred to as 'proof of history', a version of proof of stake where the truthfulness/validity of any block is determined by how long it has been stored on-chain. The longer that time is, the more effort it takes (a higher number of validators is needed) to classify it as invalid and roll it back. Read more about how proof of stake works on Solana [**here**](https://solana.com/news/proof-of-history). #### Avalanche Avalanche uses the [**Snowball Algorithm**](https://www.youtube.com/watch?v=AXrrqtFlGow\&t=357s) to achieve incredibly quick transaction finality, through clever use of probability. In a nutshell, it involves many rounds of validation where nodes query other nodes' responses to continuously learn more about the network's opinion on any given block of data. This means that not every node will have to check every other nodes' work, increasing efficiency with no compromise on security. Read more about how this algorithm works [**here**](https://docs.avax.network/learn/platform-overview/avalanche-consensus), or learn more about how proof of stake in general works on Avalanche [**here**](https://docs.avax.network/learn/platform-overview/staking). ## Closing Thoughts There are many different ways of approaching consensus in a massively decentralized network, many of which have been extremely successful to this day. As blockchain technology and DeFi is increasingly adopted around the world we will likely see many struggle to meet the demands of the blockchain trilemma, especially at scale. # YF 312 - Folding Folding is a relatively safe investment strategy that can be profitable under certain conditions. This course will cover the following aspects of folding: * Defining Folding * Exploring Profitable Conditions * Folding Risks #### Suggested Prior Reading: {% content-ref url="/pages/jZ4hC8xmhregEmkPpaDP" %} [YF 111 - Lending Markets](/defi-university/1st-year-courses/yf-111-lending-markets) {% endcontent-ref %} ## Introduction To understand the concept of folding, let's take a look at one of Avalanche's lending markets: ![Trader Joe Lending Market - Screenshot taken on 20/10/2021](/files/SKRo3NlTHDzfgF671KTA) The above is the lending market of Trader Joe, sometimes referred to as 'Banker Joe'. Other lending markets such as Aave, BenQi or Cream have a similar layout. The important data to keep an eye on is the market size (how much is being lent and/or borrowed) alongside the rates being offered. For the purposes of exploring folding strategies, we will focus on the rates available. A quick summary of each rate being displayed is as follows: * **Deposit APY** - Compounded interest rate on the token being deposited / lent out. * **Deposit Rewards APR** - Rate for token incentives when lending. * **Borrowing APY** - Compounded interest rate on any borrowed tokens. * **Borrowing Rewards APR** - Rate for token incentives when borrowing. In the case of Trader Joe, the deposit and borrowing rewards are currently paid out in JOE tokens. Other lending markets may choose to pay out these incentives in the form of their own token or sometimes in the form of the network's wrapped native token, like WAVAX. **A folding strategy is one where assets can be repeatedly lent and borrowed in order to multiply the rewards received from token incentives.** While this can always be done, it is only profitable in some scenarios. Let's look at how folding works in more detail: ## How Folding Works While the basic concept of folding is easy enough to comprehend, there are many factors to consider when deciding whether it would be an appropriate strategy to follow through with. The first is to consider the interest rates and incentives you are exposing yourself to. **If the interest rate for lending plus incentives is not higher than the borrowing rate, the strategy will not be profitable.** $$ \text{Lending Rate} + \text{Lending Rewards} - \text{Borrowing Rate} + \text{Borrowing Rewards} $$ In order for folding to be profitable, the equation above must result in a positive number. Let's take a look at an example from the last screenshot: ![](/files/lneBiG17sfhDfUUTmeBW) For the AVAX token, we can grab the current interest rates and incentives and check if it would be profitable to perform a folding strategy on such an asset at this time: $$ 10.57 + 5.94 - 18.18 + 8.17 = 6.5 $$ Since the resulting value is positive in this example, folding can be a profitable strategy. However, you must also take transaction fees into account. Every time you fold, you will be transacting twice, once for borrowing, and once for lending the borrowed assets. The more funds invested, the shorter the time it will take to recoup the losses of these transactions. In practice, a 3x folding strategy using an 80% borrowing threshold would look like so: 1. You lend 100 AVAX 2. You borrow 80 AVAX 3. You lend 80 AVAX 4. You borrow 64 AVAX 5. You lend 64 AVAX 6. You borrow 51.2 AVAX 7. You lend 51.2 AVAX Of course you can continue folding many more times, but with diminishing returns. This is because the 6.5% extra APY being gained on each fold is relative to the amount of capital invested, which grows smaller on each fold. To visualize this diminishing return, let's look at the returns on this strategy given 0, 1, 2 and 3 folds: * 0 Folds (Only lending) = 16.51% APY * 1 Fold = 21.71% APY * 2 Folds = 25.87% APY * 3 Folds = 29.2% APY A more aggressive folding strategy using more folds and a 90% borrowing threshold, for example, can get even better rates, but will require more transactions and carry more risk. ## The Risks As with any leveraged or margin trading strategy, the most important risk to keep in mind when folding is liquidations. **In contrast to most leveraged strategies, however, folding carries no liquidation risk on price movements.** This is because you are borrowing the same asset you are lending, meaning the price ratio of your borrowed assets to your collateral will always remain the same. There is still risk of liquidation, but one entirely under your control. This is because while the benefits of folding dramatically increase the amount of incentive rewards you are accumulating, you are still losing funds due to the borrowing interest rate you are exposed to. In practice, this means you are losing token A while gaining even more of token B. Your collateral is token A, and the platform incentives you are receiving is token B. If you borrow at a threshold of 90% against your collateral, for example, because of the borrowing interest rate, as time goes on that number will rise to 91%, 92% and so on. If your collateral is no longer enough to cover the amount you have borrowed (exceeded 100%), a portion of your funds may be liquidated. This is completely avoidable if you increase your collateral or pay back your loan using the rewards in token B you've gained throughout this time period. **By using an auto-compounder like Snowball, this liquidation risk is also completely mitigated.** This is because our strategies automatically harvest your rewards to re-invest them, meaning they are converted back into token A periodically. Not to mention that you would also be gaining better rates since you are consistently increasing your invested amounts by the rewards harvested. ## Closing Thoughts Folding can be a very profitable strategy, and knowing the risks and how to mitigate them can help you decide if it's a strategy worth pursuing. It can involve a lot of math, transactions and constant monitoring though to avoid liquidation and ensure the strategy remains profitable, which leads many to use auto-compounding contracts with all that logic already programmed in as an easy and safe solution to their folding needs. # FN 317 - Infinite Approvals ![](/files/xOesYq2hGeRGnARyQFqJ) Most decentralized applications utilize infinite token approvals for everyday user transactions. This course will cover everything you need to know about these: * Defining Token Approvals * Evaluating The Risks of Infinite Approvals * Managing Token Approvals #### Suggested Prior Reading: {% content-ref url="/pages/uJxjUIHJkjgPLtWonRJv" %} [FN 101 - Decentralized Finance](/defi-university/1st-year-courses/fn-101-decentralized-finance) {% endcontent-ref %} {% content-ref url="/pages/9YpSlNVt2ZJmIQK8HL4b" %} [FN 104 - Tokens](/defi-university/1st-year-courses/fn-104-tokens) {% endcontent-ref %} {% content-ref url="/pages/lHIhFO55gYNrxqpLZIPo" %} [FN 106 - Gas Fees](/defi-university/1st-year-courses/fn-106-gas-fees) {% endcontent-ref %} ## Introduction The method with which decentralized applications (dapps) can transfer tokens from your wallet is through approvals - a permission you are personally granting to the application's smart contract. When calling the 'approve' function of a token, you are allowing another smart contract to transfer X amount of tokens from your wallet. When a transfer takes place, the amount of tokens transferred is subtracted from the amount you allowed the contract to transfer on your behalf. For example, if you allow a decentralized exchange to spend 10 AVAX tokens, and you trade 6 AVAX for SNOB, you will still have an allowance of 4 AVAX on the exchange's smart contract. There are currently two popular methods of requesting user approval prior to making transactions - either requesting the exact amount the user plans to transfer, or an infinite amount. {% hint style="info" %} Snowball offers both approval methods - not selecting infinite approvals by default. {% endhint %} ## Infinite Approvals In practice, requesting an infinite amount of tokens involves simply asking the user to approve an extremely large number of tokens to the dapp's smart contract. While these approvals have been used in scams, they are most commonly used in large, real and trusted applications, mostly for one simple reason: **With infinite approvals, you will only need to approve a token's expenditure once.** This means significantly less transactions and gas fees for a dapp that you might utilize on a consistent basis. The issue behind this feature is that it is a significant trade-off between convenience/cost and security. It is given that smart contracts are immutable and can only act according to their code, hopefully transparent and verified on a block explorer. Regardless, there are instances where bugs and found and exploited. An example of such can be found [**here**](https://cointelegraph.com/news/multichain-asks-users-to-revoke-approvals-amid-critical-vulnerability). ## Managing Approvals Given the presented trade-off, there are many ways of managing your finances appropriately with a risk level that is comfortable to you. A wallet with a small amount of funds can be used with infinite approvals with little risk, thus potentially avoiding a large amount in transaction fees, and being a little easier to use in day-to-day activities. However, if you have a wallet address with a large percentage of your assets, it is likely you'll want to simply approve exactly what you are transacting at any given time. This means that once you have transacted your tokens, your approval amount for any given contract will be of 0. Similarly, for infinite approvals you have granted previously, you can manually assign those approval amounts to 0. This can be done on Avalanche through [**SnowTrace**](https://snowtrace.io/tokenapprovalchecker), which is also covered in our guide [**here**](https://docs.snowball.network/resources/guides/metamask-security-measures). Other block explorers from other chains also offer this functionality, and there are also some third-party apps that may accomplish this. ## Closing Thoughts Token approvals can present an unexpected risk factor to your funds, thus keeping them in check is highly advisable. Decentralized apps should take user safety extremely seriously, and it is a good sign that more dapps are opting for limited approvals by default over time. Stay safe out there! # YF 323 - Impermanent Loss Impermanent loss is a term that is thrown around quite a bit when it comes to providing liquidity to automated market makers (AMMs) on various decentralized applications. This course will cover the following: * Defining Impermanent Loss * Understanding Arbitrage Opportunities * Protecting Yourself From Impermanent Loss #### Suggested Prior Reading: {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} ## Introduction Impermanent loss's name can be a bit deceiving. It comes from the fact that as a liquidity provider, your losses will not be realized until the moment you withdraw your funds from a liquidity pool. It should not be glossed over, however, since once you do withdraw your funds the loss is by all means permanent. The loss itself comes from a comparison between the funds acquired on withdrawal to the funds you would have if you had not deposited those funds in the first place, given a change in asset prices. To demonstrate this in practice, we will look at two people, Bob and Alice, and their approaches to their investments. ## A Tale of Two Investors Bob and Alice are two investors, each with $1000 worth of USDC tokens, and $1000 worth of AVAX tokens. Alice decides to just hold the tokens in their wallet. Bob, however, deposits their USDC and AVAX tokens into a liquidity pool. While there are other types of liquidity pools out there, we will assume this pool holds 50% of its value in USDC and 50% in AVAX, as is most common. If AVAX's price is $100 (for simplicity's sake), Bob's assets in the pool would look like the following: ![Bob's Assets on Initial Deposit](/files/NjoGZSr1RI5vaVVrkJEe) As is common in financial markets, let's say the price of AVAX increases by 10%. In this hypothetical scenario, 1 AVAX is now worth $110. Bob's assets in the pool would then look like the following: ![Bob's Assets After 10% Increase in AVAX Price](/files/OP6oVIc5H7XdXDqQ74Us) The pool's assets in this case are worth more, but the pool is unbalanced; no longer accurately reflecting its 50/50 goal. The mechanism behind the rebalancing of the pool back to its initial state is simple; arbitrage. ## Arbitrage Opportunities To understand how arbitrage functions in this scenario, it is important to know that token prices in AMMs are not determined by order books like centralized exchanges. **In a liquidity pool, the only variable that indicates a token's price is the ratio of each token.** In the prior example, since Bob deposited 1000 USDC and 10 AVAX, the pool assumes the price of AVAX is 100 times that of USDC. This means that through the pool, someone can trade 100 USDC for 1 AVAX, and since that will affect the pool's ratio of tokens, their assumed prices will be affected as well. This also means that an arbitrage trader or bot is able to purchase AVAX at a 10% discount in comparison to other markets, given the state of the pool from the previous image (where 1 AVAX is worth $110). As this arbitrage takes place, USDC is deposited into the pool, and AVAX is withdrawn from the pool, until the value ratio of the pool returns to its ideal ratio of 50% for each token. This would result in the following: ![Bob's Assets After Arbitrage Rebalancing](/files/QQTmoOGyojydrnyM5PdG) Now that the pool is rebalanced, it accurately reflects the prices of USDC and AVAX for swapping. But in this process, arbitrage traders or bots made some profit off of their discounted prices, and money doesn't just pop out of thin air. Let's take a look at our two investor's assets: Alice still has 1000 USDC and 10 AVAX; now worth $2100 in total. If Bob were to withdraw their funds from the liquidity pool, the 1048.81 USDC and 9.53 AVAX would now be worth $2097.62. **Bob has experienced an impermanent loss of -$2.38.** Of course this doesn't take into consideration any profit Bob has made in trading fees or rewards while providing liquidity to the pool, which Alice would have missed out on. {% hint style="info" %} If you're looking for a more in-depth explanation of the math behind LP and impermanent loss calculations, check out the YF 424 course on 'LP Math'. {% endhint %} ## Mitigation Strategies The more volatility each asset has in comparison to the other asset(s) in the pool, the more exposure you have to impermanent loss. An estimation of expected impermanent loss can be seen in the following chart: ![](/files/6EN5sZGzAHUn2uEr7e2D) Knowing this can lead to some possible solutions to mitigate such exposure. For example, since impermanent loss derives from the volatility of an asset, couldn't you just provide liquidity to a pool with non-volatile assets? Well, yes, you could. **A liquidity pool consisting of stablecoins, for example, would only be susceptible to a negligible amount of impermanent loss.** Example of this kind of pool could be Axial's stablecoin pools. Since they are comprised solely of stablecoins, unless one of them lost its peg, the chance of any impermanent loss is extremely low. While relying solely on stablecoins can be very safe, it does severely limit the number of options you have when choosing which tokens you would like to hold and invest. Especially since many might want to hold tokens that might have a lot of upside potential, for countless reasons. In that case, there is another way of mitigating your exposure to impermanent loss while providing liquidity. **By selecting two or more assets that are highly correlated in price, you can greatly reduce your impermanent loss risk.** This is because if both tokens' price increases by 10%, for example, there is no impermanent loss. In such a scenario, the ratio between the two tokens in a liquidity pool would have remained the same. ![Price Correlation of SNOB and PNG Tokens](/files/iKwBRtsAjETLP2SPnHJo) In the image above, for example, we can see that the SNOB and PNG tokens seem highly correlated. Why? Well, both are tokens on Avalanche, both are used as incentives for their protocol, Snowball utilizes many of Pangolin's pools for our auto-compounding strategies, and so on. Finding a sufficiently correlated pair of tokens is not easy, and does not by any means guarantee they will remain correlated in the future. Even so, it can be a viable strategy to avoid impermanent loss. ## Closing Thoughts At the end of the day, impermanent loss should be considered when choosing a liquidity pool to deposit into, and especially when withdrawing. However, selecting a pool where the trading fees and rewards over time will drastically outweigh the potential risk of impermanent loss would be ideal. As always, managing risk is the most important skill in making financial decisions, and we hope this course has equipped you with some more knowledge to aid in that decision process. # EX 325 - Single-Asset vs LP Strategies Snowball offer many auto-compounding single-asset and LP strategies for you to make the most out of your assets. Having trouble deciding between the two types? This is the course for you. It will cover the following: * Pros/Cons of Single-Asset Strategies * Pros/Cons of LP Strategies * Basics of Diversification Principles #### Suggested Prior Reading: {% content-ref url="/pages/jZ4hC8xmhregEmkPpaDP" %} [YF 111 - Lending Markets](/defi-university/1st-year-courses/yf-111-lending-markets) {% endcontent-ref %} {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} {% content-ref url="/pages/mHPysZWLPHB5fAygTY3o" %} [YF 312 - Folding](/defi-university/3rd-year-courses/yf-312-folding) {% endcontent-ref %} {% content-ref url="/pages/FUS7my0fKN9FwNfJGu7F" %} [YF 323 - Impermanent Loss](/defi-university/3rd-year-courses/yf-323-impermanent-loss) {% endcontent-ref %} ## Introduction To begin with, it is important to clarify that whatever strategy you employ to get the best rates for your assets, you must keep in mind your exposure to the assets you are holding. This is because regardless of how good the returns are for a strategy, if you are forced to hold a token you would not usually feel comfortable holding you are taking on a lot of extra risk with your investments. You wouldn't invest your savings into bottle caps if someone offered to double your bottle cap count, for example. But let's assume you already have all the tokens you want to hold; what would you deposit them in? Single-asset lending strategies? Maybe a liquidity pool that includes two of them? Let's take a look at some simple pros and cons of each type of strategy, and later practice our mock decision-making process with an example portfolio. ## Single-Asset Strategies Single-asset strategies always involve only one asset as the name suggests, and usually involves lending markets or staking. Strategies that involve staking are some of the simplest and safest strategies out there, as long as the platform you are staking in is verifiably trustworthy. Lending strategies are almost as equally safe, have no risk of liquidations contrary to what some may assume, and when folding is implemented alongside it can earn some extremely attractive yields. To summarize: #### Pros * Extremely safe. * Most liquidity concentrated in battle-tested and highly trusted dapps. * Can have significantly high yields. * No impermanent loss risk. * No liquidation risk. #### Cons * No yields from trading fees. * Folding strategy yields may diminish in certain market conditions. To clarify the last con; folding strategies are based on the profitability of folding. This means that if an asset is over-borrowed and the price of borrowing rises, the strategy may opt to de-leverage in order to remain profitable. This usually means a significant, albeit temporary, drop in APY for users of such strategy. This can take place when volatility in the market is high, such as when the bull market is in full strength and multiple cryptocurrencies are reaching their all-time-highs. ## LP Strategies LP strategies involve depositing two or more assets into a liquidity pool, and then staking the resulting LP tokens into a contract to receive some extra rewards. These strategies have some of the highest APYs on Snowball, and come from pools in the two largest DEXs on Avalanche. To summarize: #### Pros * Extremely safe. * Most liquidity concentrated in battle-tested and highly trusted DEXs. * Can have extremely high APYs. * No liquidation risk. * On volatile market conditions, yields can increase due to trading volume and fees. #### Cons * Exposed to impermanent loss risk. * Less control over your exact assets. The downsides to LP strategies definitely revolve around the potential change of ratios in your underlying assets, resulting in impermanent loss. This is an issue if you really want to keep strict control over the amount of any one asset you have, rather than just caring about the resulting value of your LP tokens. ## Example Portfolio Let's say you have some AVAX and SNOB in your wallet, and you want to evaluate your options to decide where you want to deposit those. In the context of this course, we'll look at both single-asset strategies and LP strategies. {% hint style="info" %} Keep in mind these examples will take into account the current rates as of 02/11/2021, and will certainly be different in the future. The logic behind the analysis still stands regardless of rates or assets. {% endhint %} #### Single-Asset AVAX Strategies ![Aave WAVAX Lending + Folding Strategy](/files/nqzTJERMCKOj6XixK6JA) ![BenQi WAVAX Lending + Folding Strategy](/files/qq9bTzdek1ey7EfGs7DW) For the strategies above, the important aspects to consider are the rates being offered, TVL, underlying platform and the composition of the rates you are getting. The rates being offered for these lending and folding strategies are quite similar, including their compositions (both have approximately 5.5-6% of SNOB APR). Because of this, a decision between these two would likely come down to TVL and how battle-tested each of the underlying platforms are. When it comes to TVL, there is an obvious winner - and while putting your funds where other people have done so isn't always the best strategy, a large TVL is a good indicator of people's trust in a platform's code and history. This is likely due to the fact that while BenQi is an amazing Avalanche-native platform with audited code, Aave has been around for much longer on other blockchains, with an excellent track-record. #### Single-Asset SNOB Strategies In terms of single-asset strategies, the best way to allocate your SNOB would be to lock it for xSNOB on Snowball's staking page. As of writing, this results in an approximate 30-40% APY per xSNOB. To learn more about xSNOB, check out our documentation [**here**](/governance/xsnob). #### AVAX-SNOB LP Strategies ![Trader Joe AVAX-SNOB Liquidity Pool Strategy](/files/hU7PmeO1ARwKSE7ZC82L) ![Pangolin AVAX-SNOB Liquidity Pool Strategy](/files/LcdfeL4cTtSZd3o40Udl) If you were to consider LP strategies, you'll likely be looking at the two above. To compare the two, we'll be looking at the same characteristics of each strategy as we did for single-asset strategies. The rates offered for these pools can be significantly higher than single-asset strategies, but come with the drawbacks mentioned in the previous section. These strategies at the moment also seem to be offering a larger amount of SNOB APR at 11% and 27% respectively, which if your goal is to accumulate as much SNOB as possible is great. In terms of TVL, we can see that Trader Joe has acquired the majority of deposits, which could simply be due to the extent of their incentive rewards, or some reflection of people's trust in the platform. An important aspect to note is that since the TVL is relatively low on Pangolin's strategy, you could gain a large portion of the SNOB rewards allocated to that strategy, but the APR will lower as large deposits are made. Of course, you could always vote to allocate more SNOB rewards to that strategy. ### Making Decisions Making decisions as to where to allocate your assets will come to analyzing each of the aspects discussed above, along with your risk-assessment strategies and any time-based considerations. If you are a safe investor that likes to avoid as much risk as possible, you'd likely opt for single-asset strategies for both AVAX and SNOB, or diversify your portfolio into both types of yield-generating strategies; single-asset and LP-based. In the first scenario you would be avoiding impermanent loss entirely, while in the second you would be diminishing the risk of fluctuating rates due to any unexpected market conditions. Why would you not just deposit all your funds into AVAX-SNOB strategy on Trader Joe, since they have the highest rates right now? Since you are already are and plan on holding both assets, you definitely could. The biggest consideration here is impermanent loss. The 118% rate offered will likely diminish throughout the year, but regardless, let's consider a base rate of 90%; could you potentially experience enough impermanent loss to bring these gains down to below what you would have gained with other strategies? Technically, yes. This would largely depend on the time you plan on holding the AVAX-SNOB LP token. While the AVAX and SNOB tokens have relatively good price correlation, impermanent loss can still definitely take place, and it can most definitely take place in the short-term. In contrast, the interest rate displayed on the strategy is on an yearly basis. This means that if you only plan on holding these LP tokens for a short period of time, you could even lose money due to impermanent loss. On the medium to long term, however, it is very likely that the interest accrued will largely outperform any losses due to impermanent loss. ## Closing Thoughts At the end of the day, choosing strategies to allocate your funds to will largely depend on your investment and risk-assessment strategies. Knowing all the risks and having looked at our example scenario will hopefully have highlighted some aspects to consider and aid your decision-making process. Happy farming! # YF 362 - Liquid Staking ![](/files/cmat8LgEhVY1bJLhaVs2) Liquid staking brings a whole other level of flexibility when it comes to staking and securing the network. This course will cover the following regarding this awesome new way to stake: * Defining Liquid Staking * Exploring How Liquid Staking Works * Pros/Cons of Liquid Staking #### Suggested Prior Reading: {% content-ref url="/pages/7bwIBmqc8FStJ3XIyUEF" %} [FN 308 - Consensus Mechanisms](/defi-university/3rd-year-courses/fn-308-consensus-mechanisms) {% endcontent-ref %} ## Introduction Liquid staking is a solution to the common problem of locking your assets long-term in any blockchain. In these stakes - usually in Proof-of-Stake blockchains - participants can gain significant yield on the chain's native asset while also helping secure the blockchain by validating blocks of transactions. The issue is that these stakes are almost always long-term commitments, where unstaking your assets before their locking period has come to an end is either impossible or not financially sound. Liquid staking allows you to stake your assets as always, but in turn also be rewarded another liquid asset of the same or similar value to your stake when you do so. In practice, this means you can continue to utilize DeFi with that asset, as if your underlying assets were not locked. ## Advantages of Liquid Staking #### Velocity of Money As less assets are locked and unusable, the velocity of money in the network is increased. This does not mean there is more money in circulation, but rather that some of the value that was previously locked is now liquid again. This brings more economic activity to DeFi protocols as well as more opportunities for investors in the space. #### Investment Flexibility As liquid staking platforms are essentially a proxy between direct staking, they can bring many utilities to allow for more flexible staking. This is usually the case in terms of staking minimums as well as lock periods. Investors with less funds are able to stake through delegations with no minimums as enforced by most proof-of-stake blockchains, as well as stake for shorter or longer periods of time, with less restrictions and early withdrawal penalties. ## The Risks #### Centralization The risk of centralizing staked funds exists in most types of staking platforms, not only liquid staking ones. As a platform acts as an intermediary to facilitate such stakes, most commonly the assets are concentrated in one or a handful of validators in a network. This can be mitigated by employing a more decentralized approach to bringing in new validators to the platform, but can be a tough problem to solve. #### Intermediary Points of Failure Whenever there is an intermediary to any sort of transaction, there is risk. In DeFi this can be mitigated through well-tested, open-source smart contracts of course, but sometimes staking can be a little more complicated. On Avalanche, for example, since staking takes place on the P-Chain and DeFi and smart contracts take place on the C-Chain, there needs to be an intermediary to transfer funds between them. #### Slashing This refers to a penalty to validators that 'misbehave'; usually a loss of a certain percentage of your stake. This is not an issue on Avalanche since slashing does not occur, but in other networks since you are delegating your stake to another validator through the liquid staking protocol, you would need to trust the validator to not misbehave and lose your funds. ## Implementations There are many ways to implement liquid staking, with each type of implementation having its own advantages and disadvantages. The following are a couple of examples to start you off on your own research: ### Lido {% embed url="" %} **Lido** was one of the earliest liquid staking platforms available on Ethereum 2.0, and works well through issuing tokens 1:1 to your original stake. Although they have plans to decentralize their staking mechanisms in their roadmap, their current number of validators is quite low, meaning centralization is a definite concern. ### Lava {% embed url="" %} **Lava** is another of Snowball's ventures, bringing decentralized and flexible liquid staking to Avalanche. LAVAX is issued 1:1 to your original stake, community validators mean that the protocol remains decentralized as it scales, and there are economic mechanisms in play to prevent malpractice from P-Chain/C-Chain intermediaries. ### BenQi {% embed url="" %} **BenQi**, the popular lending protocol on Avalanche, has also released their form of liquid staking. Their sAVAX token grows in value in reference to AVAX as staking rewards accrue, meaning it does not maintain a 1:1 peg to AVAX. This can be a little inconvenient for farming liquidity, but may facilitate rewards acquisitions. They also delegate stakes among public and available Avalanche validators, meaning their approach is also quite decentralized. ## Closing Thoughts Liquid staking brings a lot of flexibility to staking, and thus becomes some of the safest and most rewarding strategies to invest in out there. Knowing how a protocol works when choosing one to stake in is extremely important, so make sure you research the ins and outs of it before investing any funds. Good luck in your liquid staking journey! # 4th Year Courses Welcome to SDU's 4th Year Courses! Here are the courses available to you, in each of their respective sections: #### Fundamentals * None yet. #### Yield Farming {% content-ref url="/pages/qIIA553sAtYUSBpVZIKG" %} [YF 424 - LP Math](/defi-university/4th-year-courses/yf-424-lp-math) {% endcontent-ref %} {% content-ref url="/pages/oRErAs28okdRnq9XJIwW" %} [YF 425 - One-Sided Stable LPs](/defi-university/4th-year-courses/yf-425-one-sided-stable-lps) {% endcontent-ref %} #### Governance * None yet. #### Extracurricular * None yet. # YF 424 - LP Math The math around liquidity pools can be a bit confusing, but nonetheless very insightful. This course will shed a light on the equations that govern these pools and will cover the following: * Constant Product Formula * Calculating Fee Revenue * Calculating Impermanent Loss #### Suggested Prior Reading: {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} {% content-ref url="/pages/FUS7my0fKN9FwNfJGu7F" %} [YF 323 - Impermanent Loss](/defi-university/3rd-year-courses/yf-323-impermanent-loss) {% endcontent-ref %} ## Introduction There are many different types of liquidity pools, but by far the most common are pools with two tokens, of a 1:1 ratio (50/50) in total pool value. This course will explore these pools. The equations demonstrated in this course are applicable to other types of pools, but would require some modifications. ## Constant Product The main equation that governs the balancing of tokens in a liquidity pool is the constant product formula: $$ x \* y = k $$ Simple enough. In this equation, `x` refers to the amount of the first token in the pool, and `y` refers to the amount of the other token in pool. Finally, `k` is the pool's constant product. Let's use the AVAX-SNOB pool on Pangolin as an example: ![Pangolin's AVAX-SNOB Liquidity Pool Contract](/files/KFsAj4WgMTNpbnEllOhr) As can be seen on the pool's [**contract**](https://snowtrace.io/address/0xa1C2c3B6b120cBd4Cec7D2371FFd4a931A134A32), there are approximately 1,089 AVAX tokens and 623,500 SNOB tokens in it. This means we can calculate the pool's current `k` value: $$ \text{1,089} \* \text{623,500} = \text{678,911,50}0 $$ This value, while not very useful on its own, can help calculate the pool's balances based on certain events. The relevant events that can take place in a liquidity pool are the following: * Others deposit into the liquidity pool * Fees are collected from swaps * A change in price of one of the tokens in the pool When others deposit into the pool, the value of `k` would increase since there are more tokens in the pool, but your percentage share of the pool would decrease proportionally. Therefore, other than receiving a smaller percentage of trading fees over time, your LP position would not be majorly affected. In the case of trading fees being collected into the pool, since there are also more tokens in the pool, the value of `k` would increase. However, since there are still the same amount of LP tokens in circulation, your share of the pool is unaffected. This means your LP tokens are now worth more. For example, if you owned 0.5% of the pool: $$ \frac{\text{1,089}} {100} \* 0.5 = \text{5.445} \text{ AVAX} \text{, } \frac{\text{623,500}} {100} \* 0.5 = \text{3,117.5} \text{ SNOB} $$ However, let's say over the span of a week 10 AVAX and 5,725 SNOB were collected as fees into the pool: $$ \frac{\text{1,099}} {100} \* 0.5 = \text{5.495} \text{ AVAX} \text{, } \frac{\text{629,225}} {100} \* 0.5 = \text{3,146.125} \text{ SNOB} $$ This would result in a profit of 0.05 AVAX and 28.625 SNOB for you. This is assuming there were no deposits into or withdrawals from the pool in terms of liquidity, or any asset price changes. These first two events are quite self-explanatory, and do not require a lot of calculations. Where it does start getting a little messy is when price changes come into play. ## Price Changes The important value to keep in mind when considering asset price changes is the ratio between the two tokens in the pool. In our starting example: $$ \frac{\text{623,500}} {\text{1,089}} \approx 572.54 $$ In practice, this means 1 AVAX is equal to 572.54 SNOB. As calculated beforehand, if you owned 0.5% of the pool, you have 5.445 AVAX and 3,117.5 SNOB. However, let's say that the price of SNOB tokens doubles by next week. AVAX prices remain the same. 1 AVAX would be equal to 286.27 SNOB. In order to calculate the new pool balances based on this price change, we need a few new equations: $$ x\_t = \sqrt{\frac{k} {r\_t}}, y\_t = \sqrt{{k \* r\_t}} $$ In the equations above, `x` and `y` are the token balances at any given time. `k` is the product constant that we calculated beforehand. `r` refers to the ratio of tokens at any given time. We can test these equations with our original values prior to the price change: $$ x\_t = \sqrt{\frac{\text{678,911,500}} {572.54}} \approx \text{1,089}, y\_t = \sqrt{{\text{678,911,500} \* 572.54}} \approx \text{623,461} $$ And similarly, calculate the new balances after the price change using the new ratio: $$ x\_t = \sqrt{\frac{\text{678,911,500}} {286.27}} \approx \text{1,540}, y\_t = \sqrt{{\text{678,911,500} \* 286.27}} \approx \text{440,854} $$ If you owned 0.5% of the pool, previously you would have had 5.445 AVAX and 3,117.5 SNOB. After the price change, you would now have: $$ \frac{\text{1,540}} {100} \* 0.5 = \text{7.7} \text{ AVAX} \text{, } \frac{\text{440,854}} {100} \* 0.5 = \text{2,204.27} \text{ SNOB} $$ ## Impermanent Loss Since we have the pool's token balances at any given time based on it's token ratio, we can also calculate the impermanent loss for any price change. We can convert the token balances to one token for easier calculations. For example, prior to the price change: $$ \text{1,089} + \frac{\text{623,461}} {572.54} = \text{2,178 AVAX} $$ And similarly, after the SNOB token's price change: $$ \text{1,540} + \frac{\text{440,854}} {286.27} = \text{3,080 AVAX} $$ If you owned 0.5% of the pool, you would have gone from having the equivalent of 10.89 AVAX to having the equivalent of 15.4 AVAX. That is a 41.41% increase in value, or a profit of 4.51 AVAX. Since the value of SNOB doubled, wouldn't you expect a 50% increase in value? The value of your original deposit, if you hadn't provided liquidity, would now be the following: $$ 5.445 + \frac{3,117.5} {286.27} \approx 16.335 \text{ AVAX} $$ This would be a 50% increase in value, as expected. To calculate the impermanent loss of such an event, we can use the following equation: $$ \text{IL} = \frac{value\_{lp}} {value\_{hold}} - 1 $$ $$ \text{IL} = \frac{15.4} {16.335} - 1 \approx -0.057 = \text{-5.7%} $$ **This means that a 100% change in price of one token in comparison to the other paired token will result in an impermanent loss of approximately -5.7%.** Of course, if AVAX prices in this example also climb in at the same rate, impermanent loss will be null. The same is true for the same percentages to the downside, as well. ## Closing Thoughts With these equations, you can more accurately predict the impact of trading fee revenue, price changes and impermanent loss on your LP positions. With this information you can hopefully make better decisions as to what pools you would like to invest in, and what risks you are willing to take in your positions. # YF 425 - One-Sided Stable LPs Liquidity pools consisting of one volatile asset and a stablecoin have been around for a while, but have received significantly less attention than other alternatives due to their seemingly unavoidable levels of impermanent loss. This course will cover the following: * Defining One-Sided Stable LPs * Exploring Obvious Downsides * Analyzing Not-So-Obvious Opportunities #### Suggested Prior Reading: {% content-ref url="/pages/wax4CXLy1MLVThKix0GM" %} [YF 121 - Liquidity Pools](/defi-university/1st-year-courses/yf-122-liquidity-pools) {% endcontent-ref %} {% content-ref url="/pages/FUS7my0fKN9FwNfJGu7F" %} [YF 323 - Impermanent Loss](/defi-university/3rd-year-courses/yf-323-impermanent-loss) {% endcontent-ref %} ## Introduction The majority of liquidity pools are of two assets, and a majority of those include pairing a network's native token to any other token. See AVAX-SNOB on Avalanche for example, or AVAX-PNG, AVAX-JOE, etc. Why? Well, the native token of any given network is by definition needed by the network's users, and thus has great liquidity, volume and use cases. It is also generally extremely easy to wrap that token to use in liquidity pools. By creating a liquidity pool of any token and the network's native token, you're also allowing for easy routing between your pair and all other pairs on the DEX of your choosing, which may generate more swap volume through your pool. Another asset that is generally used by the majority of a network's users, regardless of what protocols/dapps they enjoy interacting with, are stablecoins. These also share many pools with other assets, making them ideal as far as routing is concerned. One-sided stable LPs - the focus of this course - refer to pairs that include one stablecoin and another volatile asset. See USDC-ETH, USDC-AVAX or UST-BTC, for example. Despite being composed of mostly common tokens with large marketcaps, having incredibly large amounts of liquidity, these are mostly ignored when considering investment opportunities. Let's look at why: ## Impermanent Loss In the [**YF 323**](/defi-university/3rd-year-courses/yf-323-impermanent-loss) course on impermanent loss, we recommend utilizing highly correlated assets or stablecoin pairs (two stablecoins paired with each other). Such advice is quite grounded in the reality of wanting to avoid impermanent loss, and in most cases is likely the safest approach to liquidity pools in general. After all, we can clearly see that avoiding impermanent loss in such one-sided stable LPs is quite difficult. If the price of any asset in a liquidity pool changes after your deposit, the only way to mitigate impermanent loss in that position would be if the price of the second asset in that pool has also changed by the same amount, in the same direction. If your pool consists of one volatile asset and one stablecoin, that clearly cannot take place (at least not without destructive consequences to the stablecoin). Unless the price of the volatile asset reverts back to its value during your initial deposit, you will have incurred impermanent loss in that position, relative to how far from that original price value the token is. There is, however, great study into concepts such as [**mean reversion**](https://www.investopedia.com/terms/m/meanreversion.asp), where assets trend towards their mean average over any given period of time. By timing your entry into a liquidity pool where your entry price is as close to the volatile asset's mean price, you have a greater chance of essentially 'absorbing' potential price changes and more opportunity to liquidate your position with diminished impermanent loss. This is particularly applicable to assets commonly trading within a distinguished [**range**](https://www.investopedia.com/terms/r/range.asp). ## The Probabilistic Approach Among the many interesting arguments for the profitability of a one-sided stable LP, one is approaching the issue of impermanent loss and upside potential through the lens of simple probability. For a simple liquidity pool, there are nine possible outcomes when it comes to the price action of its underlying assets: ![Simplified Grid of Possible LP Outcomes](/files/JNxYkYC59FoZ3UkXHa1A) Obviously in reality there is a lot more granularity to how each outcome affects a pool's position, but we can simplify each outcome by how likely it is to generate a large amount of impermanent loss. Highlighted in green above, for example, are the scenarios where impermanent loss is somewhat mitigated, even though the second and third green outcomes could see impermanent loss if one asset's price movement is much larger than the other. Highlighted in orange are scenarios where impermanent loss is caused by one asset's price movement, and thus would require a large percentage change in order to cause a large amount of impermanent loss. Highlighted in red are outcomes where due to assets' prices moving in different directions, a smaller percentage change in each asset's price would be required to affect the pool's ratio enough and cause significant impermanent loss. In a one-sided stable LP, the possible outcomes are reduced to essentially the first row of the grid above: 1. Asset A has no change in price. Asset B has no change in price. 2. Asset A has no change in price. Asset B's price increases. 3. Asset A has no change in price. Asset B's price decreases. In this case we maintain the 1/3 chance of generating no impermanent loss, either the same as a traditional liquidity pool or drastically better if you'd argue against the classification of some previously green outcomes. More importantly, you are no longer exposed to the scenarios most likely to generate large amounts of impermanent loss. This is quite intuitive when you consider you are only exposed to the price movements of one token rather than two. ## The Automation Approach The strategy of buying an asset when it's price is low and selling it when it is high is the most basic strategy in investing, regardless of the type of market. Many investors seeking exposure in DeFi may opt to have a significant amount of their assets in stablecoins, use them to buy a token when its price is low and other conditions have been met, and sell the token back to stablecoins when the price is high enough, or a downwards move is to be expected. By instead allocating a token's position into a one-sided stable LP, you are essentially automating this strategy. Due to the way liquidity pools operate, as a token's price decreases there will be more of that token in the liquidity pool. Similarly, as a token's price increases there will be less of that token in the liquidity pool. If you have deposited liquidity into such pool, the ratio of your owned liquidity will be changing accordingly. Take a USDC-AVAX liquidity pool, for example. As the price of AVAX decreases, your share of the liquidity pool will contain less USDC, and more AVAX. You are essentially spending USDC to purchase more AVAX as its price decreases. Similarly, as the price of AVAX increases, you will essentially be selling AVAX for USDC. In practice, this functions as a somewhat unconventional [**hedge**](https://www.investopedia.com/terms/h/hedge.asp), where you are automatically taking profits off of a performing asset with the opportunity cost of limiting your exposure to that asset's potential upside. Of course these profits would only be truly realized when exiting the position. You could even consider exiting the position after a large upwards price change of an asset, accepting the impermanent loss that comes from such a move, if you expect the asset to quickly reverse towards its mean. ## The Yield Approach At the end of the day, if a strategy's yield is not there, it is not worth much regardless of its safety factor or probability of impermanent loss. It is relevant that, as discussed prior, stablecoins are some of the assets with the most liquidity and volume of most ecosystems. ![Top 10 Trader Joe Liquidity Pools Sorted By 7-Day Volume (https://analytics.traderjoexyz.com/)](/files/29djQrG6IZRxkdh1BHSQ) Above we can see the ten largest liquidity pools sorted by weekly volume, on Avalanche's largest decentralized exchange, Trader Joe. All of them include WAVAX, the wrapped form of Avalanche's native token; AVAX. Interestingly, six of them are also one-sided stable LPs, including the two largest pools, with over $100M in weekly volume each. Keep in mind this is only one decentralized exchange; similar results can be seen on Pangolin, for example: ![Top 10 Pangolin Liquidity Pools Sorted By 7-Day Volume (https://info.pangolin.exchange/)](/files/PDTg4JjLV1V5Yj31VF5C) Considering even the worst Trader Joe one-sided stable LP has a yield of 11.55% APR, one could argue that exposure to impermanent loss is but a small inconvenience. At these rates, the price of the volatile asset in such a pool would have to almost triple in order to engulf the yield received. This is, of course, completely plausible in DeFi during the timespan of a year, but nonetheless, if an asset you are holding triples in value, I'd say you are well off regardless. Keep in mind the above rates are demonstrative of yield received through swap fees when providing liquidity, and not encompassing of any additional yield platforms such as Trader Joe or Pangolin may use as incentives to attract liquidity. ## A Personal Experiment In an attempt to prove to myself the efficacy of these pools, I embarked in an almost 2-month long experiment in one of Trader Joe's pools; not one of their top pools in terms of liquidity or volume, but one with popular assets that I thought would enable me to gain some insights: ![WETH.e - USDC.e Trader Joe Liquidity Pool Stats](/files/Xa8IEqaKMymgR5xGaxiA) I entered the pool on the near the end of January, when the price of WETH.e was at approximately $2,396. During the time I had liquidity deposited in such pool, the price of ETH (and subsequently WETH.e) increased by 23.33%, to a value of approximately $2,955. Despite the large price increase, due to no downwards (or upwards) movement from the the stable asset in the pool, the impermanent loss caused was considerably low. Even though I was only in the pool until the second half of March (approximately 50 days after depositing liquidity), the yield generated from swap fees more than covered the impermanent losses caused by the price jump. After all, the impermanent loss caused by such a move would only be approximately 0.55%. By holding USDC and ETH, I would have a profit of 11.67% solely due to the price change of one of the tokens. By comparison, I withdrew my liquidity from the pool after the 50 days with a total profit of 14.12%, including any impermanent loss generated from price movements. ## Closing Thoughts There are many strategies to consider when providing liquidity, and even more when considering the entirety of DeFi, nevertheless I hope these one-sided stable LPs are no longer dismissed as a simple guarantee of impermanent loss, and contribute to anyone's arsenal of investment tools. Be safe, informed, and happy farming! # Our Team Our team is made up of a large assortment of talented individuals from the community, who have contributed to making Snowball the platform it is today. {% hint style="info" %} Want to be a part of our team and contribute to the development of Snowball? Reach out to us on [**Discord**](https://discord.gg/BPnBYDSqcb). {% endhint %} ## Core Team #### ![](/files/-MkriJ84WcaF3kajgzra) Big Wampa (Founder) | [**Twitter**](https://twitter.com/big_wampa) #### ![](/files/-MkrtoaDTyVey36K-4hD) 8-Bit Giraffe (Founder) | [**Twitter**](https://twitter.com/8bitgiraffe_) 8-Bit Giraffe is one of the three co-founders of Snowball; an American giraffe with a bachelors degree in marketing, with a minor in psychology. As a full believer in the space, they've quit their legacy job to create Snowball with the other co-founders, contributing their business and marketing know-how in order to make it a reality. #### ![](/files/-MkrtqEGV71CUTC-wRuw) Abominable Sasquatch (Founder) | [**Twitter**](https://twitter.com/abominablesas) Abominable Sasquatch is enjoying the Avalanche. #### ![](/files/-MkrtwhdDcowuu0P4Jrb) Jomari (**Core Strategist**) | [**Twitter**](https://twitter.com/Jomari_P) #### ![](/files/-MkrtwhezDPMtpJatmgK) Jonas (Software Engineer) | [**Twitter**](https://twitter.com/cyberjenos) Jonas is a Brazilian software engineer with over 7 years of experience working with ERP systems and other web 2.0 technologies. Having coded Pangolin's 'Pangobot' for fun, they quickly become involved with the Avalanche ecosystem, and now contributed much to the back-end and front-end development of Snowball. They are also a member of Snowball's council. #### ![](/files/-MkrtwhkkjOMq2qWhnBU) Saito (Software Engineer) Saito hails from El Salvador, and has over 9 years of experience in software engineering and software architecture. They've helped develop much of the back-end, dev-ops and infrastructure behind Snowball's products. #### ![](/files/-MkrtpViMo_lL3vEd0Fh) Abbie (Smart Contract Engineer) #### ![](/files/-Mkrtwhls9BpWBOYpseN) Sanjeev1308 (Front-End Engineer) #### ![](/files/AapEmGsugUwYWvOSY1fr) Mohsen (Front-End Engineer) #### ![](/files/-MkrtwhXid77B8Du1Hlh) Cryptogoddess91 (Marketing Coordinator) | [Twitter](https://twitter.com/cryptogoddess91) Cryptogoddess91 is from the US, and has three associate degrees in business administration, social and behavioral sciences and natural sciences, as well as a nanodegree in UX design. When they aren't dancing, laughing or exploring the world they are using their creative skills to create amazing UX designs for Snowball's community, as well as coordinating our marketing efforts. #### ![](/files/-MkrtwhbvhSHabaTUvQZ) GuanabaNat (Illustrator) GuanabaNat is a Venezuelan graphic designer with over 5 of experience, who also shares an enormous passion for illustration, NFTs and branding. They also have a background in game development and social media management. #### ![](/files/W61K56CujLfvjGXDVrJw) Dilaanys (Illustrator) | [Twitter](https://twitter.com/dilaanys) Dilaanys has 5 years of freelance experience as a graphic designer and illustrator, developing content for various clients and agencies over the years. Now they've brought their talent over to the blockchain and NFT space, as is creating awesome art for the Snowball community. #### ![](/files/-Mkrtwhik4zo7HhqHkIm) Ncookie (Technical Writer) | [**Twitter**](https://twitter.com/ncookie_eth) Ncookie is a Brazilian software engineer with a bachelors degree in computer science. While developing 'CookieTrack', they've become increasingly excited about the future of DeFi and the Avalanche ecosystem, and now generates the internal and external documentation as well as writing articles, courses and newsletters for the Snowball community. ## Support Team #### ![](/files/-Mkrtr1DWnWoco0HnS58) AzuLeto (Discord Community Moderator) #### ![](/files/-MkrtwhmnRsPbzJV4ndr) Sergio2098 (Telegram Community Moderator) | [Telegram](https://t.me/sergio_2098) Sergio2098, from Turkey, has stepped up to provide moderation and support to the Snowball community over at our Telegram group, and has allowed the huge number of Turkish DeFi users to use Snowball through translations of our documentation and guides. #### ![](/files/C66zXSW1R5wZeg2TJcT5) Zacknistelrooy (Business Development & Support Staff) Zacknistelrooy is an investment analyst with 5+ years of experience working in traditional finance. They have a passion for analyzing and investing in traditional and cryptocurrency assets, as well as being an avid sports fan - particularly when it comes to soccer, tennis, F1 and golf. #### ![](/files/-MkrtwhZHYNV2eqPmrM6) Erkan (Support Staff) ## Active Community Contributors #### ![](/files/x7UukP8lpFA0wH4sX5cs) Auroter #### ![](/files/-Mkrtwh_HSA6n_X17uA1) Feds #### ![](/files/-Mkrtwhf7ZdWJQBdAg4F) Luis #### ![](/files/-MksAGn-4V3otYCWAtPF) Bloomie #### ![](/files/-MksAGmydWJbVi5EvgT2) Bmino #### ![](/files/-MksAGmzxH7tW0xxK552) Leo #### ![](/files/-MksMA1LCifVJSnzt7hO) Nrv #### ![](/files/-MksMA1MHz26G6ggz8OX) TylerS #### ![](/files/t4NLBKGPSep4M6FWd9kM) The Baked One #### ![](/files/-MkrtwhYdeVapmYJLsNB) David-Defi-Web #### ![](/files/WO4wNbpwuQV5ealDfsDE) Khayeni #### ![](/files/Lr9pXweYM3cMPG3GANUO) Alireza #### ![](/files/nuG7dkbuisJRdQiY0nj8) 0xYeti #### ![](/files/Pl7Ox5SmDDo5MuU1Uekt) Fuzzylemma #### ![](/files/ttS8JPbSuRxFAjCAM3kM) Marhilism ## Past Community Contributors #### ![](/files/-MksCIERGceKv3FeOiZe) Mintle #### ![](/files/-MksMA1IOFu9IfkUtNhb) Kadir #### ![](/files/-MksMA1Hym8ZM3GnAb9c) Jahn\_k #### ![](/files/-MksMA1Jj_dQrpQzCxoY) Louis Lee #### ![](/files/-MksMA1KB6NcVJuGur2i) Metadept #### ![](/files/-MksMA1N6xBvTqMSoXzO) Whale Club #### ![](/files/-MksMA1GCSKMWqWvcpRX) Cryptofish #### ![](/files/phmCdJh53WmQS3xBmkQi) **Elroy** #### ![](/files/lny6JXZWlELJQoq5hfWm) **Jediballs** #### ![](/files/I8fGu5ytSgJo7iLsqsh3) **Pedrohccq** #### ![](/files/-MkrtwhnFs4iH76TlT5r) Shung #### ![](/files/-MkrtwhqvqBhJlbGzFSy) Timbotronic #### ![](/files/-MkrtwhpbnSCizk6C0E7) Tide #### ![](/files/-MkrtwhcqlW78CiMRlcc) Jennywenny #### ![](/files/LcW2lGGH6glkwLWfMCdr) NaotaMax #### ![](/files/-Mkrtwha95kVxq7GT_Wh) Frostbourne #### ![](/files/-MkrtwhjYISoFvrX4Evw) Pan\_ # Brand Assets Want to include some of Snowball's graphics in your application and/or DeFi project? Links to some of our main assets are included below. Feel free to come by our [**Discord**](https://discord.gg/BGpEHvehMz) if you'd like some other assets! ## Snowball Assets ![](/files/HlKyPRPYdi2LY9f16nle) {% file src="/files/HlKyPRPYdi2LY9f16nle" %} ![](/files/Jn6aFqmmUPOFeXUnpmdF) {% file src="/files/Jn6aFqmmUPOFeXUnpmdF" %} ![](/files/EhmzexSvrXKwCpHo3rnN) {% file src="/files/EhmzexSvrXKwCpHo3rnN" %} ![](/files/iwjNjSuHRNl25L7fwuRs) {% file src="/files/iwjNjSuHRNl25L7fwuRs" %} ## SNOB Token Logo ![](/files/Fbr68oMwBP9LRpBe5uwn) {% file src="/files/Fbr68oMwBP9LRpBe5uwn" %} # Guides Our guides will provide you step-by-step instructions to interact with our various products. Have any questions or ran into issues while following one of them? Reach out to us on [**Discord**](https://discord.com/invite/BPnBYDSqcb)! {% content-ref url="/pages/-MVbcjl84hUEmiGhksx2" %} [Setting Up MetaMask](/resources/guides/setting-up-metamask) {% endcontent-ref %} {% content-ref url="/pages/-Mg8mcaaNMxcqLxNsP1V" %} [Depositing into Compounding Strategies from Trader Joe](/resources/guides/compounding-guide-trader-joe) {% endcontent-ref %} {% content-ref url="/pages/-MgC5Dq05NNNdEPz7Yzp" %} [Depositing into Compounding Strategies from Pangolin](/resources/guides/compounding-guide-pangolin) {% endcontent-ref %} {% content-ref url="/pages/-MaVPnI5eoLRh7mQPhYW" %} [Staking SNOB for xSNOB](/resources/guides/staking-snob-for-xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MkIe579nr08F4c8Op1s" %} [Unstaking SNOB](/resources/guides/unstaking-snob) {% endcontent-ref %} {% content-ref url="/pages/-MaVXrS6PQF6NxxkgCtG" %} [Voting on Gauges with xSNOB](/resources/guides/voting-on-gauges-with-xsnob) {% endcontent-ref %} {% content-ref url="/pages/-MhymNhQ0avLuoYuds8V" %} [Manual Smart-Contract Interaction](/resources/guides/manual-contract-interaction) {% endcontent-ref %} {% content-ref url="/pages/cFZyCfhoXax58GtTx1Da" %} [MetaMask Security Measures](/resources/guides/metamask-security-measures) {% endcontent-ref %} {% embed url="" %} # Setting Up MetaMask This guide covers how to setup MetaMask on your browser for making transactions on the Avalanche C-Chain. In order to transfer funds to your wallet, you'll need to use some exchange or fiat gateway that supports transfers/withdrawals to the Avalanche C-Chain. 1\) Install MetaMask from [**here**](https://metamask.io/download). {% hint style="danger" %} Always verify the URL you are downloading wallet software from. Downloading it from a third-party website may mean downloading compromised and unsafe software. {% endhint %} 2\) Create or Import a Wallet. If you already have an Ethereum wallet address, you can import it to MetaMask. If you do not, selecting **Create a Wallet** will allow you to make one. This process is free. When following MetaMask's steps on creating a new wallet, make sure you take note of your password, seed phrase and private key. The password is locally stored - and is not linked to the blockchain in any way. The seed phrase is what MetaMask can use to identify your private key. Your private key is what any wallet software needs to sign your transactions on the blockchain. Keep all three of these items somewhere safe, don't write them down online or in any cloud services or messaging apps. **If you lose all three, you will lose access to your wallet and all funds in it.** 3\) Connect to the Avalanche C-Chain. ![](/files/Gz9iJPY3VO3o9UpwXj8j) By selecting **Add Network** on the dropdown menu, you'll be prompted to enter some data for the new network you want to connect to. Enter the following into their respective fields: * **Network Name**: Avalanche Network * **New RPC URL**: * **Chain ID**: 0xa86a * **Symbol**: AVAX * **Block Explorer URL**: Once these are setup, you should see Avalanche on the networks list to switch to anytime. **Congratulations!** Once these settings are setup, you should see the Avalanche Network on the networks list to switch to anytime. Once you have some AVAX in this newly created wallet, you'll be ready to make some transactions. # Depositing into Compounding Strategies from Trader Joe This guide covers how to deposit into our compounding strategies on Snowball for Trader Joe liquidity pools. To understand more about how our compounding strategies work, check out our [**Compounding**](/our-products/compounding) docs. 1\) Go to the Snowball [**website**](https://app.snowball.network) and click on the **Compound & Earn** page on the sidebar. ![](/files/-Mg8swJcddupFvMFsIlw) 2\) Find the pool you want to deposit into. In this example, we will use the AVAX-SNOB pool from Trader Joe. {% hint style="info" %} If you would like to utilize Snowball's one-click-deposit functionality, you are able to skip steps 3, 4, 5 and 6 by simply depositing AVAX. {% endhint %} 3\) Click on **Get JLP**: ![](/files/-Mg8nhr44dtNnxKDvZ2p) 4\) This will take you to the Trader Joe website. There you can select the amount of tokens you want to deposit. Once you've done that, select **Approve SNOB** (Will depend on what token you are depositing). You will be asked to approve the transaction in your wallet. ![](/files/-Mg8o0RtD45ndXZ9rhjZ) 5\) Next, click **Supply**. You will be asked to approve the transaction in your wallet. ![](/files/-Mg8oHYbzPUC7lNUa0VX) You now should have LP tokens in your wallet. Don't worry if they are not displayed on MetaMask, since you haven't added them yet. 6\) Go back to the Snowball [**Compound & Earn**](https://app.snowball.network/compound-and-earn) page. If you don't see your balance updated, simply refresh the page. 7\) Find the same pool as before (AVAX-SNOB in this example) and click **Deposit**. ![](/files/-Mg8oakIcSL4v5peIhDi) 8\) Enter the amount of LP tokens you would like to deposit, then click **Approve**. You will be asked to approve the transaction in your wallet **twice**. ![](/files/-Mi2iVOFGO3b6XuzPIB9) 9\) Click **Deposit**. You will be asked to approve the transaction in your wallet **twice** again. ![](/files/-Mi2ibCBQgojR2U9qcf3) **Congratulations!** Your funds have now been deposited on Snowball's compounding strategy. If the pool you've chosen has SNOB rewards, you can **Claim** your rewards at any time. You can also withdraw your funds at any time by using the **Withdraw** button. To add more funds to the same pool, just follow the same steps! # Depositing into Compounding Strategies from Pangolin This guide covers how to deposit into our compounding strategies on Snowball for Pangolin liquidity pools. To understand more about how our compounding strategies work, check out our [**Compounding**](/our-products/compounding) docs. 1\) Go to the Snowball [**website**](https://app.snowball.network) and click on the **Compound & Earn** page on the sidebar: ![](/files/-Mg8swJcddupFvMFsIlw) 2\) Find the pool you want to deposit into. In this example, we will use the AVAX-SNOB pool from Pangolin. {% hint style="info" %} If you would like to utilize Snowball's one-click-deposit functionality, you are able to skip steps 3, 4, 5 and 6 by simply depositing AVAX. {% endhint %} 3\) Click on **Get PGL**: ![](/files/-MgC83i_uKOXSB7K69Bp) 4\) This will take you to the Pangolin website. There you can select the amount of tokens you want to deposit. If you are depositing an AVAX pair, then you will need WAVAX (Wrapped AVAX). If you don't have wrapped AVAX, don't worry. Select 'WAVAX' and change it to 'AVAX'. Your AVAX will be wrapped automatically during the transaction. You will need to click on **Approve** for each of the tokens you are spending, if you haven't done that previously. ![](/files/-MgC8lZJN29cLOWf0Kcc) ![](/files/-MgC8mu1UZubU1JYu-dq) 5\) Next, click **Supply**. You will be asked to approve the transaction in your wallet. ![](/files/-MgC8vhTR51QytNzCsWS) You now should have LP tokens in your wallet. Don't worry if they are not displayed on MetaMask, since you haven't added them yet. 6\) Go back to the Snowball [**Compound & Earn**](https://app.snowball.network/compound-and-earn) page. If you don't see your balance updated, simply refresh the page. 7\) Find the same pool as before (AVAX-SNOB in this example) and click **Deposit**: ![](/files/-MgC9909VRXWGJqDMkkW) 8\) Enter the amount of LP tokens you would like to deposit, then click **Approve**. You will be asked to approve the transaction in your wallet **twice**. ![](/files/-Mi2jg8NW5VMJzQoVAXb) 9\) Click **Deposit**. You will be asked to approve the transaction in your wallet **twice** again. ![](/files/-Mi2jinoorLS-0wf7SHz) **Congratulations!** Your funds have now been deposited on Snowball's compounding strategy. If the pool you've chosen has SNOB rewards, you can **Claim** your rewards at any time. You can also withdraw your funds at any time by using the **Withdraw** button. To add more funds to the same pool, just follow the same steps! # Staking SNOB for xSNOB This guide covers how to stake your SNOB tokens. Staking will lock your SNOB for a predetermined amount of time and in return you will receive xSNOB. Before depositing, learn about all the benefits of holding xSNOB [**here**](/governance/xsnob). 1\) Head to the staking page of our website [**here**](https://app.snowball.network/staking). Make sure you connect your wallet and that you are currently on the Avalanche Chain. ![](/files/-Mk9TtB5yZ31soUHk4JI) 2\) Enter the amount of SNOB you would like to stake and the amount of time you would like to stake it for. *Staked SNOB will be locked for the duration of your stake and cannot be traded or unlocked.* ![](/files/-Mk9UcVp9pC8I1GORcfN) 3\) Once you are certain about your deposit, click on **APPROVE AND CREATE LOCK**, then sign the transaction in your wallet once prompted. **Congratulations!** Your SNOB is now locked and you have now received xSNOB in exchange. If you don't see your xSNOB balance reflected yet on-site, just refresh the page. # Unstaking SNOB This guide covers how to unstake your SNOB tokens. Keep in mind you cannot unstake before the lock period you selected has expired. To learn more about how SNOB staking works, check out our docs [**here**](/governance/xsnob) or our FAQ [**here**](/faq/xsnob-faq). 1\) Head to the staking page of our website [**here**](https://app.snowball.network/staking). Make sure you connect your wallet and that you are currently on the Avalanche Chain. 2\) As long as your stake has expired, you will be able to click **WITHDRAW**. You will be asked to approve the transaction through your wallet. ![](/files/-MkIh5WFa7AZKdGyyO2P) **Congratulations!** As soon as the transaction is confirmed, your SNOB should be back in your wallet. Thank you for contributing to Snowball's governance during your stake, and we hope you'll return soon! # Voting on Gauges with xSNOB This guide covers voting on gauges with xSNOB to determine the allocation of SNOB rewards. Once you have voted, your vote will remain in place, unless you change your vote. To learn more about the functionality of gauges, check out our documentation [**here**](/governance/xsnob/gauges). 1\) Head to the staking page of our website [**here**](https://app.snowball.network/staking). 2\) Click on **Vote**. 3\) Select the pools you would like to vote for through the drop down menu. Alternatively, click **SELECT ALL** to view all the pools simultaneously (this does not force you to vote on every pool). ![](/files/-MkDxPj51VzIXkbO6N9l) 4\) Type the percentage weight you would like to apply to each pool into the boxes on the right. Remember that the total percentage must add up to 100%. ![](/files/-MkDyxuYWruVaj8pUEIz) 5\) When you are satisfied with your selections, click **SUBMIT VOTE**. You will be asked to approve the transaction through your wallet. If the button is greyed out, please ensure that your vote percentages add up to 100%. ![](/files/-MkDzxaAjRO7cee3dFDA) **Congratulations!** Once your transaction is confirmed, your vote will have been counted. Thank you for doing your part to ensure SNOB rewards are going to wherever best suits our community! # Manual Smart-Contract Interaction In the rare case something happens to Snowball's website, you can always interact with our contracts through a block explorer. This guide will cover how to deposit funds into our contracts, claim your SNOB rewards and withdraw from our contracts without relying on our beautiful web interfaces. {% hint style="info" %} If you're planning on interact with deprecated contracts, all the addresses you'll need can be found [**here**](/smart-contracts/deprecated-contracts) instead of our usual compounding contracts page. {% endhint %} ## Depositing into Compounding Strategies 1\) If depositing LP tokens, first supply liquidity to a pool on [**Pangolin**](https://app.pangolin.exchange/#/png/1) or [**Trader Joe**](https://www.traderjoexyz.com/#/pool) that receives rewards. 2\) Find the contract address for the pool you deposited into and open it on a [**C-Chain block explorer**](https://snowtrace.io). On Pangolin, this can be found on their [**analytics page**](https://info.pangolin.exchange/#/home). On Trader Joe, this can be found through their [**pools page**](https://www.traderjoexyz.com/#/pool). 3\) Once you have found it, click on **Contract** and **Write Contract**. ![](/files/2vQSQRHeXbLAMoqw1irI) 4\) If not already connected, connect your MetaMask wallet to the block explorer. ![](/files/20K0ejwbNGnIutjKS1L5) 5\) Find the **Approve** method. In the first box - *spender(address)* - you will need to input Snowball's **compounding deposit contract** for the token pair you'd like to compound. This can be found on our [**Compounding Contracts page**](/smart-contracts/compounding-contracts). In the second box - *value(uint256)* - add the amount of LP tokens you would like to approve or a slightly larger amount. If you are unsure, you may simply input an arbitrarily large number such as `999999999999999999999999999`. This value simply needs to be equal to or larger than the amount you wish to transfer in the next steps. ![](/files/30iwtRZ0mP7ZP25MQxNH) 6\) Click **Write**. You will be asked to approve the transaction through your wallet. 7\) Navigate to the Snowball's compounding deposit contract through the block explorer and click on **Contract** and **Write Contract**. This is the same address that you entered on step 5. 8\) Find the **depositAll** method. ![](/files/LcNj1Xptk3cveM6kkEYM) {% hint style="danger" %} **Never deposit tokens directly into a compounding gauge contract. Doing so will lead to a loss of funds.** Steps 9 and 14 are to deposit into the compounding deposit contract and compounding gauge contract respectively. These need to be followed in order. {% endhint %} 9\) Click **Write**. You will be asked to approve the transaction through your wallet. 10\) On the same page, find the **Approve** method. In the first box - *spender(address)* - you will need to input Snowball's **compounding gauge contract** for the token pair you'd like to compound. This can be found on our [**Compounding Contracts page**](/smart-contracts/compounding-contracts). In the second box - *value(uint256)* - add an arbitrarily large number, such as `999999999999999999999999999`. ![](/files/30iwtRZ0mP7ZP25MQxNH) 11\) Click **Write**. You will be asked to approve the transaction through your wallet. 12\) Navigate to the Snowball's compounding gauge contract through the block explorer and click on **Write Contract**. This is the same address that you entered on step 10. 13\) Find the **depositAll** method. ![](/files/LcNj1Xptk3cveM6kkEYM) 14\) Click **Write**. You will be asked to approve the transaction through your wallet. **Congratulations!** Your tokens have now been deposited in Snowball's compounding pool, and if there are SNOB rewards allocated to the pool you've chosen, you will gain SNOB tokens over time. ## Claiming SNOB Rewards 1\) Find the **compounding** **gauge contract address** for the pool you want to claim rewards from and open it on a [**C-Chain block explorer**](https://snowtrace.io). This can be found on our [**Compounding Contracts page**](/smart-contracts/compounding-contracts). 2\) Once you have found it, click on **Contract** and **Write Contract**. ![](/files/zpMiSTGhjOQBxIh3SeN8) 3\) If not already connected, connect your MetaMask wallet to the block explorer. ![](/files/20K0ejwbNGnIutjKS1L5) 4\) Find the **getReward** method. ![](/files/Xd08iannFRKhKkEJHt37) 5\) Click **Write**. You will be asked to approve the transaction through your wallet. **Congratulations!** Once the transaction is confirmed, any SNOB rewards in that pool will have been transferred to your wallet. ## Withdrawing from Compounding Strategies 1\) Find the **compounding gauge contract address** for the pool you want to withdraw from and open it on a [**C-Chain block explorer**](https://snowtrace.io). This can be found on our [**Compounding Contracts page**](/smart-contracts/compounding-contracts). 2\) Once you have found it, click on **Contract** and **Write Contract**. ![](/files/zpMiSTGhjOQBxIh3SeN8) 3\) Find the **withdrawAll** method. ![](/files/AcB7ZCnQnWEiMJ3qJE4T) 4\) Click **Write**. You will be asked to approve the transaction through your wallet. 5\) Find the **compounding deposit contract address** for the pool you want to withdraw from and open it on the block explorer. This can be found on our [**Compounding Contracts page**](/smart-contracts/compounding-contracts). 6\) Once you have found it, click on **Contract** and **Write Contract**. ![](/files/ya3S30O58azDrQ2wz5kK) 7\) Find the **withdrawAll** method. ![](/files/AcB7ZCnQnWEiMJ3qJE4T) 8\) Click **Write**. You will be asked to approve the transaction through your wallet. **Congratulations!** Once the transaction is confirmed, any tokens you had previously deposited in that pool will have been transferred to your wallet. # MetaMask Security Measures This guide will cover how to keep your MetaMask wallet safer than ever through revoking unnecessary token approvals, disconnecting from unused dapps and learning how to lock your wallet when you are no longer utilizing it. ## Revoking Token Approvals 1\) Head to [**https://snowtrace.io/**](https://snowtrace.io) and click on **More** > **Token Approvals**: ![](/files/1aQRqY0DFnZgdbTQwozY) 2\) Enter your wallet address. ![](/files/WprUgRNiWWjq3PMg609R) 3\) Use the **Connect to Web3** button to connect your wallet. 4\) Click on the revoke icon and then the **Revoke** button on any approvals you would like to remove. ![](/files/SFA5ajM4GOb7Is7D54IF) 5\) Confirm the transaction to revoke any given approval: ![Example MetaMask Transaction Confirmation](/files/U4mKkcSOsBk5nhqw2ZWG) ## Disconnecting From Unused Dapps 1\) Select the three dots on the top right and click on **Connected Sites**. ![](/files/MUWi8PpPGTx66P9IsIp7) 2\) Click on the trash icon next to any dapps you no longer interact with, and confirm the disconnection: ![](/files/BCrNMaYUJ7Jd7RhLrBnU) ## Locking Your Wallet When not using your computer, and especially if you are not accustomed to locking your computer when walking away from it, it is highly advised to lock your wallet to not allow others nearby to make any transactions you are not aware of. This is as simple as clicking on your account icon on the top right and selecting **Lock**: ![](/files/c8KGVJfDHE9s8Ruoa5vb) {% hint style="info" %} By default, MetaMask locks your wallet after a certain amount of time. This value can be changed through MetaMask's advanced settings. {% endhint %} # DeFi Glossary *Some definitions have been sourced from websites including: Investopedia, Cryptopedia, and Coinmarketcap.* ### Annual Percentage Rate (APR) APR equals the annual return you will receive on an investment. APR is different from APY in that APR does not include the effects of compounding. ### Annual Percentage Yield (APY) APY equals the annual return you will receive on an investment when the returns from that investment are compounded. APY is different from APR in that APY includes the effects of compounding. ### Arbitrage Arbitrage is the buying and selling of assets between two different markets for the purpose of making a profit. This is done by taking advantage of differing prices of the same asset. (Example: if the price of AVAX on exchange 1 is $60 and the price of AVAX on exchange 2 is $61, then the arbitrager can buy AVAX on exchange 1 and sell it to exchange 2 for a profit) ### Automated Market Maker (AMM) Automated market makers are part of the decentralized finance (DeFi) ecosystem. They allow digital assets to be traded in a permissionless and automatic way by using liquidity pools rather than a traditional market of buyers and sellers. AMM users supply liquidity pools with tokens, whose prices are then determined by a constant mathematical formula. ### Compounding Compounding is the process in which an asset's earnings are reinvested to generate additional earnings over time. This growth is exponential and occurs because the investment will generate earnings from both its initial principal and the accumulated earnings from preceding periods. ### Decentralized Autonomous Organization (DAO) A decentralized autonomous organization (DAO) is an organization that runs on a blockchain protocol fully and autonomously in accordance with rules encoded via smart contracts. By circumventing the need for human intervention or centralized coordination, DAOs are often referred to as “trustless” systems. ### Decentralized Exchange (DEX) A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform. In the absence of a central authority, DEXs employ smart contracts that self-execute under set conditions and record each transaction to the blockchain. ### Decentralized Finance (DeFi) Decentralized finance (DeFi) is a major growth sector in blockchain that offers peer-to-peer financial services and technologies built on various blockchains, including Avalanche. DeFi exchanges, loans, investments, and tokens are significantly more transparent, permissionless, trustless, and interoperable than traditional financial services, and trend towards decentralized governance organizational methods that foster equitable stakeholder ownership. ### Folding Folding refers to a strategy of borrowing an asset from a lending platform in order to reinvest it in the same platform. This can be profitable under certain conditions, especially when platform-specific incentives for borrowing are large enough. This can be repeated multiple times with diminishing returns, since you need to remain overcollateralized at all times. ### Gas Gas refers to the fee required to successfully conduct a transaction or execute a contract on a blockchain. ### Liquid Staking Liquid staking refers to a form of staking/depositing where funds aren't entirely locked. By depositing funds, a user receives another asset of equivalent value and functionality to their original stake. This increases the ecosystem's velocity of money, since value is not locked to any particular contract. ### Liquidity Liquidity refers to the ease with which an asset can be converted into cash or traded into another asset. When you supply liquidity on a Decentralized Exchange (DEX), you are making it easier for people to trade the assets you supply. ### Liquidity Pool Liquidity pools are pools of tokens locked in smart contracts that provide liquidity for decentralized exchanges. ### Multisig Multi-signature (multisig) wallets are wallets that require signatures from multiple entities before executing any transaction. This makes them safer to control and/or hold large amounts of funds due to the inability of 1 person to misuse them, and also distributes the security risk of key exposure among all signers. ### Pegged Tokens A digital currency created with the intent of holding a stable value to some other asset. (Example: wrapped Bitcoin is pegged 1:1 with Bitcoin) ### Slippage Slippage is the difference between the expected price of a trade relative to the actual price at which the trade is executed. Slippage generally occurs when an investor buys or sells an asset on a platform with poor liquidity and low trading volume. If there is a large gap between the bid-ask price on an exchange's order book, the asset purchaser may end up paying more for an asset or receive less of the asset than expected once the trade has been executed. ### Smart Contract A smart contract is a self-executing code or protocol that carries out a set of instructions that is verified on the blockchain. These contracts are trustless, autonomous, decentralized, and transparent; they are irreversible and unmodifiable once deployed. ### Stablecoin A stablecoin is a digital currency created with the intent of holding a stable value. The value of most existing stablecoins is tied directly to a predetermined fiat currency or tangible commodity. However, stablecoins can also achieve price-stability through collateralization against other cryptocurrencies or algorithmic token supply management. # Snowball Contracts | Role | Address | | -------------------------- | --------------------------------------------------------------------------------------------------------------------- | | `Snowball Token (SNOB)` | [0xc38f41a296a4493ff429f1238e030924a1542e50](https://snowtrace.io/address/0xC38f41A296A4493Ff429F1238e030924A1542e50) | | `Governance` | [0xfdCcf6D49A29f435E509DFFAAFDecB0ADD93f8C0](https://snowtrace.io/address/0xfdCcf6D49A29f435E509DFFAAFDecB0ADD93f8C0) | | `Treasury` | [0x294aB3200ef36200db84C4128b7f1b4eec71E38a](https://snowtrace.io/address/0x294aB3200ef36200db84C4128b7f1b4eec71E38a) | | `Council` | [0x028933a66DD0cCC239a3d5c2243b2d96672f11F5](https://snowtrace.io/address/0x028933a66DD0cCC239a3d5c2243b2d96672f11F5) | | `Payroll` | [0x05faF04e3416e40Af70ecA1deEfe2E8B6feC3703](https://snowtrace.io/address/0x05faF04e3416e40Af70ecA1deEfe2E8B6feC3703) | | `Proposal 3 Funds` | [0x5df42ace37bA4AceB1f3465Aad9bbAcaA238D652](https://snowtrace.io/address/0x5df42ace37bA4AceB1f3465Aad9bbAcaA238D652) | | `Base Controller V4` | [0xf7B8D9f8a82a7a6dd448398aFC5c77744Bd6cb85](https://snowtrace.io/address/0xf7B8D9f8a82a7a6dd448398aFC5c77744Bd6cb85) | | `Backup Controller V4` | [0xacc69deef119ab5bbf14e6aaf0536eafb3d6e046](https://snowtrace.io/address/0xacc69deef119ab5bbf14e6aaf0536eafb3d6e046) | | `Timelock Controller V4` | [0x3d88b8022142ea2693ba43BA349F89256392d59b](https://snowtrace.io/address/0x3d88b8022142ea2693ba43BA349F89256392d59b) | | `Optimized Controller V4` | [0x2F0b4e7aC032d0708C082994Fb21Dd75DB514744](https://snowtrace.io/address/0x2F0b4e7aC032d0708C082994Fb21Dd75DB514744) | | `Trader Joe Controller V4` | [0xCEB829a0881350689dAe8CBD77D0E012cf7a6a3f](https://snowtrace.io/address/0xCEB829a0881350689dAe8CBD77D0E012cf7a6a3f) | | `Aave Controller V4` | [0x425A863762BBf24A986d8EaE2A367cb514591C6F](https://snowtrace.io/address/0x425A863762BBf24A986d8EaE2A367cb514591C6F) | | `Banker Joe Controller V4` | [0xF2FA11Fc9247C23b3B622C41992d8555f6D01D8f](https://snowtrace.io/address/0xF2FA11Fc9247C23b3B622C41992d8555f6D01D8f) | | `BenQi Controller V4` | [0x252B5fD3B1Cb07A2109bF36D5bDE6a247c6f4B59](https://snowtrace.io/address/0x252B5fD3B1Cb07A2109bF36D5bDE6a247c6f4B59) | | `Axial Controller V4` | [0xc7D536a04ECC43269B6B95aC1ce0a06E0000D095](https://snowtrace.io/address/0xc7D536a04ECC43269B6B95aC1ce0a06E0000D095) | | `Platypus Controller V4` | [0x14559fb4d15Cf8DCbc35b7EDd1215d56c0468202](https://snowtrace.io/address/0x14559fb4d15Cf8DCbc35b7EDd1215d56c0468202) | | `Vector Controller V4` | [0x5a068C00E32D18A354755Cddb01aC65ca074Aa06](https://snowtrace.io/address/0x5a068C00E32D18A354755Cddb01aC65ca074Aa06) | | `Echidna Controller V4` | [0x10A2B0cc29d36f2816cDC3F3db17a4f0f91E7313](https://snowtrace.io/address/0x10A2B0cc29d36f2816cDC3F3db17a4f0f91E7313) | | `Kyber Controller V4` | [0xee9797F49E729DdDCa58f357feBe5ba1ffaa6c1b](https://snowtrace.io/address/0xee9797F49E729DdDCa58f357feBe5ba1ffaa6c1b) | | `Staked SNOB (xSNOB)` | [0x83952E7ab4aca74ca96217D6F8f7591BEaD6D64E](https://snowtrace.io/address/0x83952E7ab4aca74ca96217D6F8f7591BEaD6D64E) | | `Gauge Proxy V2` | [0x215D5eDEb6A6a3f84AE9d72962FEaCCdF815BF27](https://snowtrace.io/address/0x215D5eDEb6A6a3f84AE9d72962FEaCCdF815BF27) | | `SNOB Fee Distributor` | [0xad86ef5fd2ebc25bb9db41a1fe8d0f2a322c7839](https://snowtrace.io/address/0xad86ef5fd2ebc25bb9db41a1fe8d0f2a322c7839) | | `Pangolin Zapper` | [0x9675064a9b93dC4156366A4E5f1400185D751375](https://snowtrace.io/address/0x9675064a9b93dC4156366A4E5f1400185D751375) | | `Trader Joe Zapper` | [0x2dA2409cDf11C607375AC9A43c18faB2152b5884](https://snowtrace.io/address/0x2dA2409cDf11C607375AC9A43c18faB2152b5884) | | `Gnosis Safe` | [0xcb42072b73FbD80a4c8005336c2ea78f770c223B](https://snowtrace.io/address/0xcb42072b73FbD80a4c8005336c2ea78f770c223B) | | `Manual Harvesting` | [0xbfF6149B2a1EeB145B84e897d2af5AfA3bFf6119](https://snowtrace.io/address/0xbfF6149B2a1EeB145B84e897d2af5AfA3bFf6119) | # Compounding Contracts ## Optimized Strategies | Name | Deposit | Strategies | Gauge | | -------- | ---------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `DAI.e` | [Deposit](https://snowtrace.io/address/0x8665e1FAD19D14b16Eecb96A7608cD42962E7eEB) | [Aave](https://snowtrace.io/address/0x13d753C651526Bf3501818813B829B339ae867AF), [BenQi](https://snowtrace.io/address/0x1Ab9ab0260736Cebbf1FdA8E0e31650Cf14B93DA) | [Gauge](https://snowtrace.io/address/0x2dE1D367a08067447B17dd76d61B4Fc284E4DcDA) | | `LINK.e` | [Deposit](https://snowtrace.io/address/0xECce05f99cc3D9252eb22699c4fa4B0268B33353) | [BenQi](https://snowtrace.io/address/0xEbbDEC4bFDd23eCC53225214Faf4612c19Dd0347), [Banker Joe](https://snowtrace.io/address/0x702490d609BcaAf697f345D502b15F7c60F35856) | [Gauge](https://snowtrace.io/address/0x392e70C71D14da085688ACa52f55Ea3239429112) | | `WAVAX` | [Deposit](https://snowtrace.io/address/0x3a3a0570f66cD5DfacB3c72b5214fec88e5722a8) | [Aave](https://snowtrace.io/address/0x0f776b5b97BfA366f929FE82bd50C312C39f26f1), [BenQi](https://snowtrace.io/address/0xcC6f8BEf7387A9aD0e6041530367D66Cfd2adDfE), [Banker Joe](https://snowtrace.io/address/0x5bd7bB54e3B6798Ca33AcbD1F26541053721e69f) | [Gauge](https://snowtrace.io/address/0x85b3A9256f650704365B3c1F8de38Dc7fab542CF) | | `WBTC.e` | [Deposit](https://snowtrace.io/address/0x26CBeA666139daAde08A5E6E8bc3bB7245c6b5dd) | [Aave](https://snowtrace.io/address/0xC623a46Ebd2398db4188070Efde2f355F5832399), [BenQi](https://snowtrace.io/address/0x35C340bFFB89e00734e13b245EA2B80570D528b1), [Banker Joe](https://snowtrace.io/address/0x9DcB28e8c2dB31b44Ce0448d567f48E8a310E808) | [Gauge](https://snowtrace.io/address/0x5927aa343d502aC2037eCd501095db95AcBc74e4) | | `WETH.e` | [Deposit](https://snowtrace.io/address/0xEBeCc1f55963F52649B71BCeCA663d2A03028f76) | [Aave](https://snowtrace.io/address/0xBe290f7E69d5eC6941F9A3d6F1ebF93C179AD6DE), [BenQi](https://snowtrace.io/address/0x730ad83E992aE5A328a5ccEeEF26B0e821ACB524), [Banker Joe](https://snowtrace.io/address/0xfd2400B36a20a07c4ca79DfbEf4045Ea249B2a45) | [Gauge](https://snowtrace.io/address/0xe27C618E1a4527AD187E0f1745eE843e9D918e82) | ## Trader Joe Strategies | Name | Deposit | Strategy | Gauge | | --------------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `AVAX - AXIAL` | [Deposit](https://snowtrace.io/address/0xa9ebe7B640F65077c16803Ff1275D790796038a0) | [Strategy](https://snowtrace.io/address/0x0Ab2EA5c4172928D988CFe3E1969C864E15BFdeE) | [Gauge](https://snowtrace.io/address/0xFA5A332faEf127E5fe5e0051ec19682d3D35f762) | | `AVAX - COOK` | [Deposit](https://snowtrace.io/address/0x70807713924697Cc5A4a252aCeaeD921365bbf29) | [Strategy](https://snowtrace.io/address/0x64d597123fcA932F4494396De898088a06AB19Fb) | [Gauge](https://snowtrace.io/address/0xF37298d4b07352adeDf1F47d52494d32653538d5) | | `AVAX - DOMI` | [Deposit](https://snowtrace.io/address/0x13a531D4eF7eBa06985751569Af8B1EC3Bfc0078) | [Strategy](https://snowtrace.io/address/0x340056C7162270574d1E624A53793756867651Ee) | [Gauge](https://snowtrace.io/address/0xBc7D6F16e8C3bb6EEeb5D52A7cDA27B7Aa169bc6) | | `AVAX - FLY` | [Deposit](https://snowtrace.io/address/0xcb5fbE1EEE42aDC9C85E009593e4a586373F62CB) | [Strategy](https://snowtrace.io/address/0x40f9c78CE39b4Ce12B65dAEdca7f3f699613FF42) | [Gauge](https://snowtrace.io/address/0xa8A0C62d1fa894432F331888Dc7B435B41b85Cdf) | | `AVAX - GMX` | [Deposit](https://snowtrace.io/address/0x4943489a97ac7228efFb3D6b06C6A106A1BA9E60) | [Strategy](https://snowtrace.io/address/0xC231E58f0Dcf1D67E0f98b4bF5E27D67C5bd3c1C) | [Gauge](https://snowtrace.io/address/0xC4C99cA54ea6D5D4Aeabc9215832BFeEad1993c4) | | `AVAX - JOE` | [Deposit](https://snowtrace.io/address/0xcC757081C972D0326de42875E0DA2c54af523622) | [Strategy](https://snowtrace.io/address/0x51918e67A3160B3A94826fE141FAb7AD116083f1) | [Gauge](https://snowtrace.io/address/0x606E5d9F9d368C2f049431D876C7d1cAb4eD988F) | | `AVAX - LOST` | [Deposit](https://snowtrace.io/address/0x91667cA26c0d81B2134ee210aCeD5a93d22fbD20) | [Strategy](https://snowtrace.io/address/0xc66Af7148559Cc59dC98c9a64ad159e730E20719) | [Gauge](https://snowtrace.io/address/0x5E8f09169083D515fc7b6F63EC80A1A358Abb519) | | `AVAX - MORE` | [Deposit](https://snowtrace.io/address/0x8C0A2Cd047d2da517Dc51B189EDfbdC150ee832d) | [Strategy](https://snowtrace.io/address/0xfEB47879704e8D2938F09C21b17B5b059790357C) | [Gauge](https://snowtrace.io/address/0xF00B29bF0bE99fA54202f4BBa882BD10Fc51f448) | | `AVAX - PTP` | [Deposit](https://snowtrace.io/address/0x0377c3e6072bEa5cb34a19adce67394373AeD04B) | [Strategy](https://snowtrace.io/address/0xdE138F00685F6dd2920AFfF1B012EB114050b305) | [Gauge](https://snowtrace.io/address/0x09A3C4E9c61adBd8826F405d7D290e3DB6249F81) | | `AVAX - sAVAX` | [Deposit](https://snowtrace.io/address/0x2ca2F78D38D05489C95f4499E6abB669b5E42546) | [Strategy](https://snowtrace.io/address/0x37ffC9cDf0c3b9aFC5E0D979cd0aCD145a86347C) | [Gauge](https://snowtrace.io/address/0xceb1ce6a47557CbDC87E647049e3153299e23128) | | `AVAX - USDC` | [Deposit](https://snowtrace.io/address/0x4D91F4aCE55472df8863957CF69D2bE497B43be4) | [Strategy](https://snowtrace.io/address/0x9e61dA0111a844b1E1dBbc027edC51d8398097Bb) | [Gauge](https://snowtrace.io/address/0x542baef5a78Aa9EAB505b38E52b16F930d07835d) | | `AVAX - VTX` | [Deposit](https://snowtrace.io/address/0x217c51E85205ae8278c08583C9f2C89f85c26a99) | [Strategy](https://snowtrace.io/address/0x443EA91CaD685e8985AC056175a03a899A35742F) | [Gauge](https://snowtrace.io/address/0x7aa58A93666A81094F9C76726A38e9f432807591) | | `AVAX - WBTC.e` | [Deposit](https://snowtrace.io/address/0x5c52587bD441A6e6916D2C2d32A84735b9Ee4ccD) | [Strategy](https://snowtrace.io/address/0x8A757940f003109726995C507237EDab521471a4) | [Gauge](https://snowtrace.io/address/0xBc1fd03A8F153cBB5F0dbbf1f67442b886120650) | | `AVAX - WETH.e` | [Deposit](https://snowtrace.io/address/0xe13E1a491eDc640b0591D70390897620f31bbF6E) | [Strategy](https://snowtrace.io/address/0x54e0ea713E9D96BB390C89Ebde33d1C90F36c0D7) | [Gauge](https://snowtrace.io/address/0x4360a7a98f7618232e1fEb3568d7bD8015254689) | | `JOE - USDC` | [Deposit](https://snowtrace.io/address/0x1a838403f3fAb35867b29CF3f9f8aFa89BA5ba95) | [Strategy](https://snowtrace.io/address/0xA10248624402AcC8733f9697f6E22e10087F7B34) | [Gauge](https://snowtrace.io/address/0x419F61313957Ea97d3F299aF46920CCE39cC6a97) | | `xPTP - PTP` | [Deposit](https://snowtrace.io/address/0xFFa18894152f4B1869C9dfEFB28459468f065e31) | [Strategy](https://snowtrace.io/address/0x39e2e980071b2247365b7ACdfd0c6395798d1965) | [Gauge](https://snowtrace.io/address/0x7FaB30D2361c14C155596A6E4DF0812495909e87) | ## Pangolin Strategies | Name | Deposit | Strategy | Gauge | | --------------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `AVAX - AMPL` | [Deposit](https://snowtrace.io/address/0xeEc0b6B6Af1a5Ec3571Ca5E219511bbd630F0477) | [Strategy](https://snowtrace.io/address/0xdc5Fc3178D5f140206530c7E817144B90f1A8eEC) | [Gauge](https://snowtrace.io/address/0xFecac8049f15F731a069654B7b84d74D5CB50308) | | `AVAX - AVXT` | [Deposit](https://snowtrace.io/address/0x44F8c64856ea948D502DBEE084d3D6293fA291c8) | [Strategy](https://snowtrace.io/address/0x7508De4f00a397a107E9C8e9C0f6fa848A328e07) | [Gauge](https://snowtrace.io/address/0x09D20b31Fa96233762aB7091A6Ac7e65C08DBA88) | | `AVAX - CLY` | [Deposit](https://snowtrace.io/address/0x4aB4944Bf4D376b9914Ae4b81E7C31Ff88d633b8) | [Strategy](https://snowtrace.io/address/0xfC4C187b5b2379403D50561A577A45f8758586BA) | [Gauge](https://snowtrace.io/address/0xC7D14e80d612588950C714a148a7f34fe3068cc7) | | `AVAX - DYP` | [Deposit](https://snowtrace.io/address/0xf4a591BeaC3A4D864C3293477bBD3f86880ADa16) | [Strategy](https://snowtrace.io/address/0x68FAf4DD1566062ABf0A21A8AeAf3A9658C0B659) | [Gauge](https://snowtrace.io/address/0x5e183333e0113109Ed657b58b0EaB2c3aC03fCcc) | | `AVAX - FRAX` | [Deposit](https://snowtrace.io/address/0x8a9d06976073715461D66d595523a06C7B5c5313) | [Strategy](https://snowtrace.io/address/0x2bA0fA57188A0d8ff1271B18fCC088658173578f) | [Gauge](https://snowtrace.io/address/0x8670E82e0A38046Eb89202CDeC5f1F099efab9d0) | | `AVAX - JEWEL` | [Deposit](https://snowtrace.io/address/0x7F00E024cA3C514a1c9228f89F96dB0dcb6cE04F) | [Strategy](https://snowtrace.io/address/0x8df22F5dF3bE78B69Ab28d28fdd7649a9A7d6f07) | [Gauge](https://snowtrace.io/address/0xA9b3cBF38d796e55B2904FD4a0500adE3eB6e5DB) | | `AVAX - LINK.e` | [Deposit](https://snowtrace.io/address/0x08D5Cfaf58a10D306937aAa8B0d2eb40466f7461) | [Strategy](https://snowtrace.io/address/0xfBba29DFA336a93a2a7Bd1D9E82496F91D109005) | [Gauge](https://snowtrace.io/address/0xC57B205cA66f04329fb24567460D14Ed92E5e73A) | | `AVAX - LOST` | [Deposit](https://snowtrace.io/address/0xF19e161736746DDbE8bAEd66B87beaDa8b9476A6) | [Strategy](https://snowtrace.io/address/0x073AD5c55383007c83bD6fB8d283bDFcD55424ce) | [Gauge](https://snowtrace.io/address/0x2d3F879B3637d8d48Ca7617e0F540285E9782342) | | `AVAX - PEFI` | [Deposit](https://snowtrace.io/address/0x5fb4d08bCBD444fDD5a0545fdB0C86783D186382) | [Strategy](https://snowtrace.io/address/0xaBDA973019b4038Dca46A75ba4Ac6066FDf2E45f) | [Gauge](https://snowtrace.io/address/0x6914Cd86BDf0b46f7257Bc0E0a994174d5fD6C27) | | `AVAX - PNG` | [Deposit](https://snowtrace.io/address/0x621207093D2e65Bf3aC55dD8Bf0351B980A63815) | [Strategy](https://snowtrace.io/address/0xD8d665fbafb87a1baF80CD7d72171CB664dE12c4) | [Gauge](https://snowtrace.io/address/0xB99459c049aeE1AdB8b8E4E422bFDBc7081B2FAc) | | `AVAX - QI` | [Deposit](https://snowtrace.io/address/0xeEc21abC6daD38A8515a7C3388E5ef962Cd960e6) | [Strategy](https://snowtrace.io/address/0x0E2A701e6BD06c8C5B00f37B03689a42E251De1b) | [Gauge](https://snowtrace.io/address/0x846bBe49dA91d4CD4f65c25bc62193127116bCd0) | | `AVAX - ROCO` | [Deposit](https://snowtrace.io/address/0x026402B96A3EBDeaE03B70E4C197D70a8f33B295) | [Strategy](https://snowtrace.io/address/0x765Fbb8BE0eB3434c0aac07c9B3Bf02Db4bCED3E) | [Gauge](https://snowtrace.io/address/0x8Fa6d42eDfdaBe9af2A7c85771242a67dE11eb75) | | `AVAX - SNOB` | [Deposit](https://snowtrace.io/address/0xF4072358C1E3d7841BD7AfDE31F61E17E8d99BE7) | [Strategy](https://snowtrace.io/address/0x0BCF9DCa633DCE9A519BF809535beb60900d3b24) | [Gauge](https://snowtrace.io/address/0x57D37BCe66597459dfe2A69a02cDdf41D8e71842) | | `AVAX - USDC.e` | [Deposit](https://snowtrace.io/address/0xd63359ff51BF1217730ae2C37979242B1a3f7c53) | [Strategy](https://snowtrace.io/address/0x88569a232c84B3DDa282bfcF2BDc88E5143e8060) | [Gauge](https://snowtrace.io/address/0xdBed559AA8336Eca7a23f18b601C9B6BF23375D5) | | `AVAX - USDT.e` | [Deposit](https://snowtrace.io/address/0x7CC8068AB5FC2D8c843C4b1A6572a1d1E742D7c8) | [Strategy](https://snowtrace.io/address/0x721E9945a95242C48Cff85f6336eA8210172cC05) | [Gauge](https://snowtrace.io/address/0x29b9E36FB4f3b28d873cD6E9da64F8ab9EF5e76D) | | `AVAX - UST` | [Deposit](https://snowtrace.io/address/0x4B1A41c327A29961c57833bAde1C05a9C78c1656) | [Strategy](https://snowtrace.io/address/0x7118946c7786e7503D9b0ECF49585637a3dBd34b) | [Gauge](https://snowtrace.io/address/0xe7FBcD496f6eb8B0d2624d9659160790Bf31Dd34) | | `AVAX - WBTC.e` | [Deposit](https://snowtrace.io/address/0x04A3B139fcD004b2A4f957135a3f387124982133) | [Strategy](https://snowtrace.io/address/0xEC650443E4818Cb6e7caDB75377CFD08A060b560) | [Gauge](https://snowtrace.io/address/0x515234c282b56BE0AB500Fbba8763Cf79De24fAC) | | `AVAX - WETH.e` | [Deposit](https://snowtrace.io/address/0xfEC005280ec0870A5dB1924588aE532743CEb90F) | [Strategy](https://snowtrace.io/address/0xe1BA5e7feb54e50d02985a6781817e04EfE44643) | [Gauge](https://snowtrace.io/address/0xe685b2138A3A0FA1dB484C59F7bAAcF9A116Cd01) | | `AVAX - XAVA` | [Deposit](https://snowtrace.io/address/0x6AB8DAC517c244f53D86a155a14064E86c2dE653) | [Strategy](https://snowtrace.io/address/0x40a3cCD8Fdd23dBB41D004873811c4efFAa4c924) | [Gauge](https://snowtrace.io/address/0xF4766bb575f548b2E4E5E0102F32E52e1cdce476) | | `AVAX - YAK` | [Deposit](https://snowtrace.io/address/0x1BF90bdeb965a76Af56024EF3e70439DEa89bF3f) | [Strategy](https://snowtrace.io/address/0xE6020e41A65d1B4fe1650f767e1062A110aa25Da) | [Gauge](https://snowtrace.io/address/0x0Ee98F4D8008F5eda35A601826933c3cc16d603F) | | `AVAX - YAY` | [Deposit](https://snowtrace.io/address/0xD7601D15ce8D207Ef01f2e45c6e24Fc5A34c393f) | [Strategy](https://snowtrace.io/address/0xB5304d050c5904aA71ceBeD89A1d5b9b5849caC6) | [Gauge](https://snowtrace.io/address/0xcBe09f0D0ACA32A5deEf395C6781Bec7e0bA0759) | | `PNG - UST` | [Deposit](https://snowtrace.io/address/0xFAAF43102A439F37A0EA016EC3DE23176dF20885) | [Strategy](https://snowtrace.io/address/0xb6f159bd14FC33EECC39c9eF5049Ca9F85d5e289) | [Gauge](https://snowtrace.io/address/0x4441C62F1DA14c404d51A8e57bCD692F4eb1dCa0) | | `UST - USDC` | [Deposit](https://snowtrace.io/address/0x96E94AE06c49dCE4a401AfDFaA20f19c3dba845d) | [Strategy](https://snowtrace.io/address/0x8E8d14f0Db2BEb74016c216930887157c13ba7e9) | [Gauge](https://snowtrace.io/address/0x8D24BD94EC2b4951d87ADfbffE8A8497bf402f16) | | `PNG` | [Deposit](https://snowtrace.io/address/0xA22D8FD15FB36aA9e1Db795A78db8b688F6284F6) | [Strategy](https://snowtrace.io/address/0x472174D73e5A5CfFDE80F6E6423F4d1e7B373084) | [Gauge](https://snowtrace.io/address/0x696899b21e4Ca0f6Fc7d3b95bDe174335a4F9a8C) | ## Benqi Strategies | Name | Deposit | Strategy | Gauge | | -------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `DAI.e` | [Deposit](https://snowtrace.io/address/0x7b2525A502800E496D2e656e5b1188723e547012) | [Strategy](https://snowtrace.io/address/0xc9a6A413FBAf5029A4d4b9Ca9e15efe88c8e70d4) | [Gauge](https://snowtrace.io/address/0x9817017A23B5B443d71BbAc32106658583dFfb19) | | `LINK.e` | [Deposit](https://snowtrace.io/address/0x32d9D114A2F5aC4ce777463e661BFA28C8fE9Eb7) | [Strategy](https://snowtrace.io/address/0xbd86DdDf32923763F26A0eB051c35b6442c323fe) | [Gauge](https://snowtrace.io/address/0x3605a13e60C5C40d448262c2665d45f7FF06894F) | | `QI` | [Deposit](https://snowtrace.io/address/0x124F5991e1EAD696D3082139154dB787E52f4C87) | [Strategy](https://snowtrace.io/address/0x21997Ab6ee3f5B382067171705c1f4Cc75163a9b) | [Gauge](https://snowtrace.io/address/0x527bb871bf906b3F9D1A78302363a8BdA01FbB58) | | `USDC` | [Deposit](https://snowtrace.io/address/0x527AA1d955c75EDb206B698CB74cBF08682633ca) | [Strategy](https://snowtrace.io/address/0x87A54204755A06F7e52066C388142397BBf6A332) | [Gauge](https://snowtrace.io/address/0xF3efBC4E26bFE5d3Af4CbD3A28ACD9d6F021B846) | | `USDt` | [Deposit](https://snowtrace.io/address/0x4F8050eCb2F95ED7ddD6EaE3eE223C71C2BfA0E2) | [Strategy](https://snowtrace.io/address/0xd0917321D44c2A413453fc37b0b87FA982D5e1b4) | [Gauge](https://snowtrace.io/address/0x5Ac7D6df4884663157Ab612E2e944A09FdB6B6F9) | | `WAVAX` | [Deposit](https://snowtrace.io/address/0xaCF2814cF22fCB08b3dDA331221A52ad7B05639B) | [Strategy](https://snowtrace.io/address/0x2098e8Ce5e24BB6f4984f9667ABd7aDC3d362a33) | [Gauge](https://snowtrace.io/address/0x66f86F4580da4E8f215123f0aE84a7E1Ed59D6F5) | | `WBTC.e` | [Deposit](https://snowtrace.io/address/0x8FA104f65BDfddEcA211867b77e83949Fc9d8b44) | [Strategy](https://snowtrace.io/address/0x3DD8c4BB2e3fC4dC42e5D2765093aE9325E49ed6) | [Gauge](https://snowtrace.io/address/0xe067afF54A2c76DE67342Da2660D9C4928fb0734) | | `WETH.e` | [Deposit](https://snowtrace.io/address/0x37d4b7B04ccfC14d3D660EDca1637417f5cA37f3) | [Strategy](https://snowtrace.io/address/0x46a6aCd149f7BeA5c469580FEE851dd9F5ba968e) | [Gauge](https://snowtrace.io/address/0x7DA39924647c85A8e286D58C68493aDD22bc84Bd) | ## Aave Strategies | Name | Deposit | Strategy | Gauge | | ------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `USDC` | [Deposit](https://snowtrace.io/address/0xF72297a7f441AD65e5eA12bCd0fAbA91f533Cf6b) | [Strategy](https://snowtrace.io/address/0x260cF34cF2B6A2FFB9859B1B114dFE25fB7f15c1) | [Gauge](https://snowtrace.io/address/0x01ce05DB5b4d4e04aa555376e1c502D1dff70bf5) | | `USDt` | [Deposit](https://snowtrace.io/address/0xE9A447DCA4882d6a75cDb905EC5251FCF10Ff916) | [Strategy](https://snowtrace.io/address/0x2F523714930697fB7c08ebAEc456D214dD1A5838) | [Gauge](https://snowtrace.io/address/0x0F8642ce28E4b99833D843DfC1A12D6F7a0B4Bb8) | ## Axial Strategies | Name | Deposit | Strategy | Gauge | | ------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `AA3D` | [Deposit](https://snowtrace.io/address/0xb4281C75bab70734CDe886A9f6624385e88429CC) | [Strategy](https://snowtrace.io/address/0x351Af4FDd0BdB0Cf6AD31119FEC3465977AB87c2) | [Gauge](https://snowtrace.io/address/0xC3CbA3817831aF8Dd8dFa5D3410F27CfDaAa46C9) | | `AC4D` | [Deposit](https://snowtrace.io/address/0xce589add607A2e541EEa8eEFB3544e3B0Ba2dFf9) | [Strategy](https://snowtrace.io/address/0x92794b4789173dc06304238B1c4A2572a95EaE5d) | [Gauge](https://snowtrace.io/address/0x6afe941c4fEAb6B001D8B4Db7eE66B9C9FE47c34) | | `AM3D` | [Deposit](https://snowtrace.io/address/0x35c21956ca9876f98059C12F81E31425bB30b53D) | [Strategy](https://snowtrace.io/address/0xC4C6B32567d79b69BB100251D8e3Ec767ad21685) | [Gauge](https://snowtrace.io/address/0xBD9D7D0b5aBa8b2f9fae1481B854660eA93CF086) | | `AS4D` | [Deposit](https://snowtrace.io/address/0xB164cA68a881cb7cabaE22fcd2AC02008561d40F) | [Strategy](https://snowtrace.io/address/0xf3e9Fe6760145c1F43347BB540D77a4A4518266a) | [Gauge](https://snowtrace.io/address/0xA3Fa519a177CEe886efDECaaE41Be84D55B88158) | ## Teddy Strategies | Name | Deposit | Strategy | Gauge | | ------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `TEDDY` | [Deposit](https://snowtrace.io/address/0x593e089a899Fe398a5C9f2799Dd31F1bDA4Cb64e) | [Strategy](https://snowtrace.io/address/0x058484Da4464379D40E423e2cE32a0AFa7Df85D2) | [Gauge](https://snowtrace.io/address/0x5d1E2Ad05A946Ac05f188dAa0BF8c9b010dE356d) | ## Vector Strategies | Name | Deposit | Strategy | Gauge | | -------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `DAI.e` | [Deposit](https://snowtrace.io/address/0x3f43263e79CAc36fF9963fC860d70083dA6EC3c9) | [Strategy](https://snowtrace.io/address/0x9078e4249d308F2a995C82D577dBdc1966f8eE81) | [Gauge](https://snowtrace.io/address/0x1b4a6e4992e3966a5be0979F0a429336313077C4) | | `USDC` | [Deposit](https://snowtrace.io/address/0x12CC8944Db2cec67d5A6ED0b33146712C43C20E2) | [Strategy](https://snowtrace.io/address/0x3B673cb89B228F3c80Ffee189ae5B060D301dc30) | [Gauge](https://snowtrace.io/address/0x613fd1e50c82d0906f1c24D187B38Aa6B1e7f9a7) | | `USDt` | [Deposit](https://snowtrace.io/address/0xACe7ED26750156008275cb29d7b950c8bcaF43B8) | [Strategy](https://snowtrace.io/address/0x23380f176614566cA8212AF5a1ED9aAEb29D3b09) | [Gauge](https://snowtrace.io/address/0x63EE236617776FAb69ac6950E7CdEAC04207d28C) | | `USDT.e` | [Deposit](https://snowtrace.io/address/0x5a85f533717965e7eaB88B7425c3172350f4AFe0) | [Strategy](https://snowtrace.io/address/0xfD1d72843653CC794fD604B61d25c03919D8d3a5) | [Gauge](https://snowtrace.io/address/0x14DEE8E79A785DA606f60208Ff7ecEB7588E912b) | | `VTX` | [Deposit](https://snowtrace.io/address/0x06e847a2bf7b2a63eBBD59594D553AEbe2F2c474) | [Strategy](https://snowtrace.io/address/0xacD26B78778d75c672ABD320Cf6c25E76BE2bd32) | [Gauge](https://snowtrace.io/address/0xf2d66ED69C0d6F5Aa1A54DfFFC0EB6D788F1455f) | # Deprecated Contracts ## Snowball Contracts | Role | Address | | ------------------------------ | --------------------------------------------------------------------------------------------------------------------- | | `Gauge Proxy` | [0xFc371bA1E7874Ad893408D7B581F3c8471F03D2C](https://snowtrace.io/address/0xFc371bA1E7874Ad893408D7B581F3c8471F03D2C) | | `IceQueen` | [0xB12531a2d758c7a8BF09f44FC88E646E1BF9D375](https://snowtrace.io/address/0xB12531a2d758c7a8BF09f44FC88E646E1BF9D375) | | `Old Banker Joe Controller V4` | [0xFb7102506B4815a24e3cE3eAA6B834BE7a5f2807](https://snowtrace.io/address/0xFb7102506B4815a24e3cE3eAA6B834BE7a5f2807) | | `Old BenQi Controller V4` | [0x8Ffa3c1547479B77D9524316D5192777bedA40a1](https://snowtrace.io/address/0x8Ffa3c1547479B77D9524316D5192777bedA40a1) | | `Old BenQi Controller V4 (2)` | [0x8bfBA506B442f0D93Da2aDFd1ab70b7cB6a77B76](https://snowtrace.io/address/0x8bfBA506B442f0D93Da2aDFd1ab70b7cB6a77B76) | ## Compounding Deposit Contracts {% hint style="info" %} If you are look for instructions on how to withdraw from a deprecated pool, check out our guides available [**here**](/resources/guides). Keep this page open to find the addresses you'll need. {% endhint %} | Name | Platform | Address | | ----------------- | ------------ | --------------------------------------------------------------------------------------------------------------------- | | `USDC.e` | `Optimized` | [0x1022baD88471d7e7d59893A86E4e2fc49F441981](https://snowtrace.io/address/0x1022baD88471d7e7d59893A86E4e2fc49F441981) | | `USDT.e` | `Optimized` | [0x4C7887F2C555ba214582D7935ed60D004816BB0C](https://snowtrace.io/address/0x4C7887F2C555ba214582D7935ed60D004816BB0C) | | `AVAX - ETH` | `Trader Joe` | [0xAbD637a6881a2D4bbf279aE484c2447c070f7C73](https://snowtrace.io/address/0xf41f4B7E40baAc51Ba4507cd471dC092670BB839) | | `AVAX - USDT` | `Trader Joe` | [0xB305856C54efC004955BC51e3D20ceF566C11eEE](https://snowtrace.io/address/0xB305856C54efC004955BC51e3D20ceF566C11eEE) | | `AVAX - DAI` | `Trader Joe` | [0xAD050d11521dd1dD2Cc136A9e979BAA8F6Fab69a](https://snowtrace.io/address/0xAD050d11521dd1dD2Cc136A9e979BAA8F6Fab69a) | | `AVAX - LINK` | `Trader Joe` | [0x4bD6D4fE5E3bBaa0FfB075EE9F0980FbcC6c0192](https://snowtrace.io/address/0x4bD6D4fE5E3bBaa0FfB075EE9F0980FbcC6c0192) | | `AVAX - wBTC` | `Trader Joe` | [0x86b109380aB2c34B740848b06Bee62C882F01df5](https://snowtrace.io/address/0x86b109380aB2c34B740848b06Bee62C882F01df5) | | `AVAX - SPORE` | `Trader Joe` | [0x2f17BAC3E0339C1BFB6E0DD380d65bd2Fc665C75](https://snowtrace.io/address/0x2f17BAC3E0339C1BFB6E0DD380d65bd2Fc665C75) | | `AVAX - MAI` | `Trader Joe` | [0x29BF8c19e044732b110faA1Ff0Cc59CA35c13f17](https://snowtrace.io/address/0x29BF8c19e044732b110faA1Ff0Cc59CA35c13f17) | | `AVAX - TSD` | `Trader Joe` | [0xcEBFFa4C80291e80EA0684E4C8884124d6a81197](https://snowtrace.io/address/0xcEBFFa4C80291e80EA0684E4C8884124d6a81197) | | `AVAX - TEDDY` | `Trader Joe` | [0xb357bA896818ccCd020fb3781a443E3d3f93beFf](https://snowtrace.io/address/0xb357bA896818ccCd020fb3781a443E3d3f93beFf) | | `AVAX - PNG` | `Trader Joe` | [0x962ECf51A169090002CC88B4Bf16e447d2E13100](https://snowtrace.io/address/0x962ECf51A169090002CC88B4Bf16e447d2E13100) | | `AVAX - ELK` | `Trader Joe` | [0x6440365E1c9282F50477b1F00289b3A7218E47Ef](https://snowtrace.io/address/0x6440365E1c9282F50477b1F00289b3A7218E47Ef) | | `AVAX - TRACTOR` | `Trader Joe` | [0xBfB27f6F03312D0828045faC1a8d6F0bF6E5C97c](https://snowtrace.io/address/0xBfB27f6F03312D0828045faC1a8d6F0bF6E5C97c) | | `AVAX - OH` | `Trader Joe` | [0xE6AEd4920517eBd338aCba2fCb15c4FEF2B04032](https://snowtrace.io/address/0xE6AEd4920517eBd338aCba2fCb15c4FEF2B04032) | | `AVAX - APEX` | `Trader Joe` | [0x5c57cDc3FE879411df390AaC56AE853aE0EBe131](https://snowtrace.io/address/0x5c57cDc3FE879411df390AaC56AE853aE0EBe131) | | `AVAX - mYAK` | `Trader Joe` | [0xbBA0f8A3Aa16657D1df2A6E87A73ee74Fec42711](https://snowtrace.io/address/0xbBA0f8A3Aa16657D1df2A6E87A73ee74Fec42711) | | `AVAX - mYAK` | `Trader Joe` | [0xb81159B533F517f0E36978b7b8e9E8409fb9C169](https://snowtrace.io/address/0xb81159B533F517f0E36978b7b8e9E8409fb9C169) | | `AVAX - SYN` | `Trader Joe` | [0x810CF29576E61695BA7Fe1e4D493663185691854](https://snowtrace.io/address/0x810CF29576E61695BA7Fe1e4D493663185691854) | | `AVAX - BIFI` | `Trader Joe` | [0xb58fA0e89b5a32E3bEeCf6B16704cabF8471F0E1](https://snowtrace.io/address/0xb58fA0e89b5a32E3bEeCf6B16704cabF8471F0E1) | | `AVAX - AAVE.e` | `Trader Joe` | [0xE7FfFc0D15fc238F8F1AcC40Db5B5A0240Fb116a](https://snowtrace.io/address/0xE7FfFc0D15fc238F8F1AcC40Db5B5A0240Fb116a) | | `AVAX - AMPL` | `Trader Joe` | [0x12Fc6aB54FBfa9B582C3eD9e39B05CF933c6AFeb](https://snowtrace.io/address/0x12Fc6aB54FBfa9B582C3eD9e39B05CF933c6AFeb) | | `AVAX - CRAFT` | `Trader Joe` | [0x18b608c54440b3a952A8BA6948A2A971A1aC97A2](https://snowtrace.io/address/0x18b608c54440b3a952A8BA6948A2A971A1aC97A2) | | `AVAX - FRAX` | `Trader Joe` | [0x620BA147D7fFf419B18eC99335C9691c4c0940D1](https://snowtrace.io/address/0x620BA147D7fFf419B18eC99335C9691c4c0940D1) | | `AVAX - FXS` | `Trader Joe` | [0xd84D88BDe1b5c15C78D09741D7a9d21e73929EC6](https://snowtrace.io/address/0xd84D88BDe1b5c15C78D09741D7a9d21e73929EC6) | | `AVAX - GRO` | `Trader Joe` | [0x82A4F9e0F3612227Dc86D293244467935A96c7dB](https://snowtrace.io/address/0x82A4F9e0F3612227Dc86D293244467935A96c7dB) | | `AVAX - H2O` | `Trader Joe` | [0x3CE30991623Dc1398C10A9f933D7a614A42Cc597](https://snowtrace.io/address/0x3CE30991623Dc1398C10A9f933D7a614A42Cc597) | | `AVAX - ICE` | `Trader Joe` | [0x2919641D1069A9aF9675B977f96d8CCC725eA0F1](https://snowtrace.io/address/0x2919641D1069A9aF9675B977f96d8CCC725eA0F1) | | `AVAX - JGN` | `Trader Joe` | [0xd525536C24394fB966A31f70c4eA974356C9905c](https://snowtrace.io/address/0xd525536C24394fB966A31f70c4eA974356C9905c) | | `AVAX - PEFI` | `Trader Joe` | [0x68691a1e8eAAE3dFDcC300BbC0d6D3902bA06E8d](https://snowtrace.io/address/0x68691a1e8eAAE3dFDcC300BbC0d6D3902bA06E8d) | | `AVAX - SNOB` | `Trader Joe` | [0x8b2E1802A7E0E0c7e1EaE8A7c636058964e21047](https://snowtrace.io/address/0x8b2E1802A7E0E0c7e1EaE8A7c636058964e21047) | | `AVAX - SPELL` | `Trader Joe` | [0xec54A22B53EE66a77C5F26F860c6913472199661](https://snowtrace.io/address/0xec54A22B53EE66a77C5F26F860c6913472199661) | | `AVAX - YAK` | `Trader Joe` | [0x9854F6615f73e533940F90FfE8DB1eAFB424A3c7](https://snowtrace.io/address/0x9854F6615f73e533940F90FfE8DB1eAFB424A3c7) | | `AVAX - BNB` | `Trader Joe` | [0xc33b19c3d166CcD844aeDC475A989F5C0FC79E43](https://snowtrace.io/address/0xc33b19c3d166CcD844aeDC475A989F5C0FC79E43) | | `AVAX - CLY` | `Trader Joe` | [0x702999Be42a3F5B47c7B983BF445B1607b846630](https://snowtrace.io/address/0x702999Be42a3F5B47c7B983BF445B1607b846630) | | `AVAX - KLO` | `Trader Joe` | [0xf6E8432EF7d85Ae1202Dc537106D3696eBB27769](https://snowtrace.io/address/0xf6E8432EF7d85Ae1202Dc537106D3696eBB27769) | | `AVAX - LINK.e` | `Trader Joe` | [0xfAa4f21A8Ef346370d00F1a7693FdC5D87C3e12a](https://snowtrace.io/address/0xfAa4f21A8Ef346370d00F1a7693FdC5D87C3e12a) | | `AVAX - MAI` | `Trader Joe` | [0x5b227c2D55f5FDD084a86B8EF0C8BF1EaBa8b8d3](https://snowtrace.io/address/0x5b227c2D55f5FDD084a86B8EF0C8BF1EaBa8b8d3) | | `AVAX - RELAY` | `Trader Joe` | [0x8C4185D7303c7865a45B46d705F40a8FAAd43Add](https://snowtrace.io/address/0x8C4185D7303c7865a45B46d705F40a8FAAd43Add) | | `AVAX - UST` | `Trader Joe` | [0xAD53e02601eca3ebD828646A80539868543c1747](https://snowtrace.io/address/0xAD53e02601eca3ebD828646A80539868543c1747) | | `AVAX - APE` | `Trader Joe` | [0x9A4DaeCEb0b205507b901cbA6e669E32A38262eB](https://snowtrace.io/address/0x9A4DaeCEb0b205507b901cbA6e669E32A38262eB) | | `AVAX - CRA` | `Trader Joe` | [0xE61E5291ba241027b10064ac0c99411aa51DAC52](https://snowtrace.io/address/0xE61E5291ba241027b10064ac0c99411aa51DAC52) | | `AVAX - DEG` | `Trader Joe` | [0x63F9dF540085Bb5e0f9375197Af9904330381B6a](https://snowtrace.io/address/0x63F9dF540085Bb5e0f9375197Af9904330381B6a) | | `AVAX - DFIAT` | `Trader Joe` | [0x9c502eF4149dAFBF40BCb651E4D275Dee68E887b](https://snowtrace.io/address/0x9c502eF4149dAFBF40BCb651E4D275Dee68E887b) | | `AVAX - EGG` | `Trader Joe` | [0x42a8Bcb58e8507c8987Ca59374DaF5aeF4974BFB](https://snowtrace.io/address/0x42a8Bcb58e8507c8987Ca59374DaF5aeF4974BFB) | | `AVAX - FIEF` | `Trader Joe` | [0x3F1Ba471A9945cD97F519225b578223D75C5155f](https://snowtrace.io/address/0x3F1Ba471A9945cD97F519225b578223D75C5155f) | | `AVAX - gOHM` | `Trader Joe` | [0xd12661461b09C5f440191d90FcA907769453Cdf0](https://snowtrace.io/address/0xd12661461b09C5f440191d90FcA907769453Cdf0) | | `AVAX - IME` | `Trader Joe` | [0xe6d20Fc3fC82c8526994d9923b2BbbDd69B227D6](https://snowtrace.io/address/0xe6d20Fc3fC82c8526994d9923b2BbbDd69B227D6) | | `AVAX - ISA` | `Trader Joe` | [0x8DBDC64d691f44d538338D18403c6fB12972696a](https://snowtrace.io/address/0x8DBDC64d691f44d538338D18403c6fB12972696a) | | `AVAX - MELT` | `Trader Joe` | [0x8b382e9badB63CeaB38C7D4Cc649E9983bDd6d34](https://snowtrace.io/address/0x8b382e9badB63CeaB38C7D4Cc649E9983bDd6d34) | | `AVAX - MIM` | `Trader Joe` | [0xf561EAE92039ab1540a75FDFD50ce8C6800bC078](https://snowtrace.io/address/0xf561EAE92039ab1540a75FDFD50ce8C6800bC078) | | `AVAX - MONEY` | `Trader Joe` | [0x0a4F87EC5291175403CA0b290bCB00c37Df213a7](https://snowtrace.io/address/0x0a4F87EC5291175403CA0b290bCB00c37Df213a7) | | `AVAX - QI` | `Trader Joe` | [0x9937dD4aaaCfD77BD34a88f9282fAe36fAE364f9](https://snowtrace.io/address/0x9937dD4aaaCfD77BD34a88f9282fAe36fAE364f9) | | `AVAX - USDC.e` | `Trader Joe` | [0xf25f6f5dad18a16033d05c1f2F558119665fDEF4](https://snowtrace.io/address/0xf25f6f5dad18a16033d05c1f2F558119665fDEF4) | | `AVAX - USDT.e` | `Trader Joe` | [0xc72901E3dBE5258728B329352fC4742f4966Bc1f](https://snowtrace.io/address/0xc72901E3dBE5258728B329352fC4742f4966Bc1f) | | `AVAX - UST` | `Trader Joe` | [0x3430aeF4c648e1838f7d702179b372765226966D](https://snowtrace.io/address/0x3430aeF4c648e1838f7d702179b372765226966D) | | `AVAX - XAVA` | `Trader Joe` | [0x0B2C4f6C54182EDeE30DFF69Be972f9E04888321](https://snowtrace.io/address/0x0B2C4f6C54182EDeE30DFF69Be972f9E04888321) | | `JOE - PNG` | `Trader Joe` | [0xB4Fe95e89ED8894790aA6164f29FaC4B0De94f47](https://snowtrace.io/address/0xB4Fe95e89ED8894790aA6164f29FaC4B0De94f47) | | `JOE - DAI` | `Trader Joe` | [0x3A4b529d887E0d5672dEd31CE0d7a5202FDb43b2](https://snowtrace.io/address/0x3A4b529d887E0d5672dEd31CE0d7a5202FDb43b2) | | `JOE - USDC.e` | `Trader Joe` | [0xDe9f979fEdf595FcfD1D09c85d194C700678cC83](https://snowtrace.io/address/0xDe9f979fEdf595FcfD1D09c85d194C700678cC83) | | `DAI.e - USDC.e` | `Trader Joe` | [0x6C915564607d62B007D203c04473152bc090EE93](https://snowtrace.io/address/0x6C915564607d62B007D203c04473152bc090EE93) | | `USDC.e - USDC` | `Trader Joe` | [0xA562f95dB32A0D72e0692f731BBfb9E20648870B](https://snowtrace.io/address/0xA562f95dB32A0D72e0692f731BBfb9E20648870B) | | `USDT.e - DAI.e` | `Trader Joe` | [0xfe19f34873fC2C7ddcB8e392791b97526B4d22e0](https://snowtrace.io/address/0xfe19f34873fC2C7ddcB8e392791b97526B4d22e0) | | `USDT.e - USDC.e` | `Trader Joe` | [0xd596136ee746BaeE7ac159B3c21E71b3aeb81A68](https://snowtrace.io/address/0xd596136ee746BaeE7ac159B3c21E71b3aeb81A68) | | `WBTC.e - USDC.e` | `Trader Joe` | [0xAFB27fB1c5bd91A80d18A321D6dC09aDd6a94219](https://snowtrace.io/address/0xAFB27fB1c5bd91A80d18A321D6dC09aDd6a94219) | | `WETH.e - USDC.e` | `Trader Joe` | [0x5586630339C015dF34EAB3Ae0343D37BE89671f9](https://snowtrace.io/address/0x5586630339C015dF34EAB3Ae0343D37BE89671f9) | | `LINK.e - USDC.e` | `Trader Joe` | [0xc28F8a82018c0b92C903Fc2D3013381b7e6ae3d5](https://snowtrace.io/address/0xc28F8a82018c0b92C903Fc2D3013381b7e6ae3d5) | | `gOHM - FRAX` | `Trader Joe` | [0xeea1A5A847D891FF298Fa33f5Ba9E5603bb3384c](https://snowtrace.io/address/0xeea1A5A847D891FF298Fa33f5Ba9E5603bb3384c) | | `xPTP - PTP` | `Trader Joe` | [0xFFa18894152f4B1869C9dfEFB28459468f065e31](https://snowtrace.io/address/0xFFa18894152f4B1869C9dfEFB28459468f065e31) | | `xJOE` | `Trader Joe` | [0x8c06828A1707b0322baaa46e3B0f4D1D55f6c3E6](https://snowtrace.io/address/0x8c06828A1707b0322baaa46e3B0f4D1D55f6c3E6) | | `LINK.e` | `Banker Joe` | [0x6C6B562100663b4179C95E5B199576f2E16b150e](https://snowtrace.io/address/0x6C6B562100663b4179C95E5B199576f2E16b150e) | | `USDC.e` | `Banker Joe` | [0x8C9fAEBD41c68B801d628902EDad43D88e4dD0a6](https://snowtrace.io/address/0x8C9fAEBD41c68B801d628902EDad43D88e4dD0a6) | | `USDT.e` | `Banker Joe` | [0xc7Ca863275b2D0F7a07cA6e2550504362705aA1A](https://snowtrace.io/address/0xc7Ca863275b2D0F7a07cA6e2550504362705aA1A) | | `WBTC.e` | `Banker Joe` | [0xfb49ea67b84F7c1bBD825de7febd2C836BC4B47E](https://snowtrace.io/address/0xfb49ea67b84F7c1bBD825de7febd2C836BC4B47E) | | `MIM` | `Banker Joe` | [0x3aAF997FdDA51eBb0918e3E59021f5FDE52444d8](https://snowtrace.io/address/0x3aAF997FdDA51eBb0918e3E59021f5FDE52444d8) | | `xJOE` | `Banker Joe` | [0x6a52e6b23700A63eA4a0Db313eBD386Fb510eE3C](https://snowtrace.io/address/0x6a52e6b23700A63eA4a0Db313eBD386Fb510eE3C) | | `WAVAX` | `Banker Joe` | [0x5d587f520590bb80153356271d33828bf499e9A2](https://snowtrace.io/address/0x5d587f520590bb80153356271d33828bf499e9A2) | | `WETH.e` | `Banker Joe` | [0x49e6A1255DEfE0B194a67199e78aD5AA5D7cb092](https://snowtrace.io/address/0x49e6A1255DEfE0B194a67199e78aD5AA5D7cb092) | | `AVAX - ETH` | `Pangolin` | [0x586554828eE99811A8ef75029351179949762c26](https://snowtrace.io/address/0x586554828eE99811A8ef75029351179949762c26) | | `AVAX - LINK` | `Pangolin` | [0x00933c16e06b1d15958317C2793BC54394Ae356C](https://snowtrace.io/address/0x00933c16e06b1d15958317C2793BC54394Ae356C) | | `AVAX - SUSHI` | `Pangolin` | [0x751089F1bf31B13Fa0F0537ae78108088a2253BF](https://snowtrace.io/address/0x751089F1bf31B13Fa0F0537ae78108088a2253BF) | | `AVAX - wBTC` | `Pangolin` | [0x39BE35904f52E83137881C0AC71501Edf0180181](https://snowtrace.io/address/0x39BE35904f52E83137881C0AC71501Edf0180181) | | `AVAX - USDT` | `Pangolin` | [0x3fcFBCB4b368222fCB4d9c314eCA597489FE8605](https://snowtrace.io/address/0x3fcFBCB4b368222fCB4d9c314eCA597489FE8605) | | `AVAX - DAI` | `Pangolin` | [0xb21b21E4fA802EE4c158d7cf4bD5416B8035c5e0](https://snowtrace.io/address/0xb21b21E4fA802EE4c158d7cf4bD5416B8035c5e0) | | `AVAX - UNI` | `Pangolin` | [0xdf7F15d05d641dF701D961a38d03028e0a26a42D](https://snowtrace.io/address/0xdf7F15d05d641dF701D961a38d03028e0a26a42D) | | `AVAX - FRAX` | `Pangolin` | [0xD0686AC7d0CfFd00A29567D37774058452210D57](https://snowtrace.io/address/0xD0686AC7d0CfFd00A29567D37774058452210D57) | | `AVAX - FXS` | `Pangolin` | [0x07E837D2ae3F2fB565ABdAa80797d47412FC3a94](https://snowtrace.io/address/0x07E837D2ae3F2fB565ABdAa80797d47412FC3a94) | | `AVAX - VSO` | `Pangolin` | [0x888Ab4CB2279bDB1A81c49451581d7c243AffbEf](https://snowtrace.io/address/0x888Ab4CB2279bDB1A81c49451581d7c243AffbEf) | | `AVAX - BNB` | `Pangolin` | [0x39BF214A93EC72e42bC0B9b8C07BE1af6Fe169dA](https://snowtrace.io/address/0x39BF214A93EC72e42bC0B9b8C07BE1af6Fe169dA) | | `AVAX - SHERPA` | `Pangolin` | [0x5B8eE2c0a4f249e16f26d31636F1ed79df5405f9](https://snowtrace.io/address/0x5B8eE2c0a4f249e16f26d31636F1ed79df5405f9) | | `AVAX - TRYB` | `Pangolin` | [0xEb1010B9CF8484fcA2650525d477DD002fa889cE](https://snowtrace.io/address/0xEb1010B9CF8484fcA2650525d477DD002fa889cE) | | `AVAX - SUSHI.e` | `Pangolin` | [0x5cce813cd2bBbA5aEe6fddfFAde1D3976150b860](https://snowtrace.io/address/0x5cce813cd2bBbA5aEe6fddfFAde1D3976150b860) | | `AVAX - YFI.e` | `Pangolin` | [0x2ad520b64e6058654FE6E67bc790221772b63ecE](https://snowtrace.io/address/0x2ad520b64e6058654FE6E67bc790221772b63ecE) | | `AVAX - UNI.e` | `Pangolin` | [0xf2596c84aCf1c7350dCF6941604DEd359dD506DB](https://snowtrace.io/address/0xf2596c84aCf1c7350dCF6941604DEd359dD506DB) | | `AVAX - AAVE.e` | `Pangolin` | [0x7F8E7a8Bd63A113B202AE905877918Fb9cA13091](https://snowtrace.io/address/0x7F8E7a8Bd63A113B202AE905877918Fb9cA13091) | | `AVAX - LYD` | `Pangolin` | [0x3F2b777d055dbD4D0812f3750Ee71190431D3Fc8](https://snowtrace.io/address/0x3F2b777d055dbD4D0812f3750Ee71190431D3Fc8) | | `AVAX - GAJ` | `Pangolin` | [0xa3528E975ed30326e4930c8F70b01F9d9608D8b1](https://snowtrace.io/address/0xa3528E975ed30326e4930c8F70b01F9d9608D8b1) | | `AVAX - ELE` | `Pangolin` | [0x096bAE6C45b0047eF3F1cf1f1c8a56eF0cd58cdE](https://snowtrace.io/address/0x096bAE6C45b0047eF3F1cf1f1c8a56eF0cd58cdE) | | `AVAX - GDL` | `Pangolin` | [0x342476c1F9436277acBC088788D0De53b8b34106](https://snowtrace.io/address/0x342476c1F9436277acBC088788D0De53b8b34106) | | `AVAX - MFI` | `Pangolin` | [0x2F2Ba207f86b46b05a1c79e50b9f980e267719B8](https://snowtrace.io/address/0x2F2Ba207f86b46b05a1c79e50b9f980e267719B8) | | `AVAX - AVE` | `Pangolin` | [0xD579719d3a58492D803c7d60E3565733a4ba3DEa](https://snowtrace.io/address/0xD579719d3a58492D803c7d60E3565733a4ba3DEa) | | `AVAX - START` | `Pangolin` | [0x973509A4e6DfAA2B5753fC8FB4f85F861fFbA8BB](https://snowtrace.io/address/0x973509A4e6DfAA2B5753fC8FB4f85F861fFbA8BB) | | `AVAX - SWAP` | `Pangolin` | [0x7Fc1954FbC383e5c477b81c0E1CFBf3846D0dE10](https://snowtrace.io/address/0x7Fc1954FbC383e5c477b81c0E1CFBf3846D0dE10) | | `AVAX - TUNDRA` | `Pangolin` | [0x05Bba89E406792D2d73d6D4022347c3893b02a20](https://snowtrace.io/address/0x05Bba89E406792D2d73d6D4022347c3893b02a20) | | `AVAX - YTS` | `Pangolin` | [0xee4F816ac2333A346B7B3a76579F0b5342511822](https://snowtrace.io/address/0xee4F816ac2333A346B7B3a76579F0b5342511822) | | `AVAX - STORM` | `Pangolin` | [0x86C70CE247Cd76b776748687634382a1830b3aC4](https://snowtrace.io/address/0x86C70CE247Cd76b776748687634382a1830b3aC4) | | `AVAX - IronICE` | `Pangolin` | [0x42c3Fa6514Ac55F0f2CA4E910D897282829c0Ab2](https://snowtrace.io/address/0x42c3Fa6514Ac55F0f2CA4E910D897282829c0Ab2) | | `AVAX - mYAK` | `Pangolin` | [0xc88477DD929837B0e6Aeafeb9Dd2Dd238505E698](https://snowtrace.io/address/0xc88477DD929837B0e6Aeafeb9Dd2Dd238505E698) | | `AVAX - CYCLE` | `Pangolin` | [0x4c885E844283D9FAf10607106963768113342543](https://snowtrace.io/address/0x4c885E844283D9FAf10607106963768113342543) | | `AVAX - CNR` | `Pangolin` | [0xEf28DbfDB08c4475f5fA07Ac2aD4B8C1cFE2938a](https://snowtrace.io/address/0xEf28DbfDB08c4475f5fA07Ac2aD4B8C1cFE2938a) | | `AVAX - BIFI` | `Pangolin` | [0x07e7dF7F0612B7dc6789ba402b17c7108c932d05](https://snowtrace.io/address/0x07e7dF7F0612B7dc6789ba402b17c7108c932d05) | | `AVAX - AVME` | `Pangolin` | [0x492e7FcBD4e69D2A0f7f83aA2cA0397dE49362f2](https://snowtrace.io/address/0x492e7FcBD4e69D2A0f7f83aA2cA0397dE49362f2) | | `AVAX - AVXT` | `Pangolin` | [0x44F8c64856ea948D502DBEE084d3D6293fA291c8](https://snowtrace.io/address/0x44F8c64856ea948D502DBEE084d3D6293fA291c8) | | `AVAX - aAVAXb` | `Pangolin` | [0xAf931ded9dBb9D8f84baE9748E71485C45dd69C5](https://snowtrace.io/address/0xAf931ded9dBb9D8f84baE9748E71485C45dd69C5) | | `AVAX - SHIBX` | `Pangolin` | [0x4E9f0B7fa23e9197ca41AFB0E15C3175EDE57456](https://snowtrace.io/address/0x4E9f0B7fa23e9197ca41AFB0E15C3175EDE57456) | | `AVAX - xUSD` | `Pangolin` | [0x52A27EbAb7266dac986B66e39f39E73C86e85514](https://snowtrace.io/address/0x52A27EbAb7266dac986B66e39f39E73C86e85514) | | `AVAX - OLIVE` | `Pangolin` | [0xd686aD524e3324F20eafBAf0e80f4553f749431d](https://snowtrace.io/address/0xd686aD524e3324F20eafBAf0e80f4553f749431d) | | `AVAX - AMP` | `Pangolin` | [0xeEc0b6B6Af1a5Ec3571Ca5E219511bbd630F0477](https://snowtrace.io/address/0xeEc0b6B6Af1a5Ec3571Ca5E219511bbd630F0477) | | `AVAX - COOK` | `Pangolin` | [0x53A646A61038F05e7E4584B367FDfabcF62e0844](https://snowtrace.io/address/0x53A646A61038F05e7E4584B367FDfabcF62e0844) | | `AVAX - AVAI` | `Pangolin` | [0xCb99CFaF774eec0F4600B610Bc429204a8b9DddE](https://snowtrace.io/address/0xCb99CFaF774eec0F4600B610Bc429204a8b9DddE) | | `AVAX - IMX` | `Pangolin` | [0x28a5e50d0841d7AC5d858A76a1C54f27baB6Eda9](https://snowtrace.io/address/0x28a5e50d0841d7AC5d858A76a1C54f27baB6Eda9) | | `AVAX - VEE` | `Pangolin` | [0xc8AA857291B6622A212D4C32eecCcFBd6D06E685](https://snowtrace.io/address/0xc8AA857291B6622A212D4C32eecCcFBd6D06E685) | | `AVAX - TEDDY` | `Pangolin` | [0x42E1CDd48884C9027E965600B4A725a91D27255b](https://snowtrace.io/address/0x42E1CDd48884C9027E965600B4A725a91D27255b) | | `AVAX - OOE` | `Pangolin` | [0xFe128e46E6C450662d4Dcf361e740e787cDBce50](https://snowtrace.io/address/0xFe128e46E6C450662d4Dcf361e740e787cDBce50) | | `AVAX - ORBS` | `Pangolin` | [0xD4ADAD0cA62bC5B504DcF302c85E649E6175424f](https://snowtrace.io/address/0xD4ADAD0cA62bC5B504DcF302c85E649E6175424f) | | `AVAX - WALBT` | `Pangolin` | [0x322094FDB02677E7a993E735826c9E183fc605a6](https://snowtrace.io/address/0x322094FDB02677E7a993E735826c9E183fc605a6) | | `AVAX - HCT` | `Pangolin` | [0xe720fca4cfF42F03eC01A12F23592b731A43EDCf](https://snowtrace.io/address/0xe720fca4cfF42F03eC01A12F23592b731A43EDCf) | | `AVAX - APEIN` | `Pangolin` | [0x192ae260676Ba79ccc57A6f4Ed692Bfe371658b9](https://snowtrace.io/address/0x192ae260676Ba79ccc57A6f4Ed692Bfe371658b9) | | `AVAX - SPORE` | `Pangolin` | [0x27f8FE86a513bAAF18B59D3dD15218Cc629640Fc](https://snowtrace.io/address/0x27f8FE86a513bAAF18B59D3dD15218Cc629640Fc) | | `AVAX - TUSD` | `Pangolin` | [0xfe1A87Cc4a2144f7eBb7d731bE80bF0e4CC6E909](https://snowtrace.io/address/0xfe1A87Cc4a2144f7eBb7d731bE80bF0e4CC6E909) | | `AVAX - AAVE.e` | `Pangolin` | [0x7F8E7a8Bd63A113B202AE905877918Fb9cA13091](https://snowtrace.io/address/0x7F8E7a8Bd63A113B202AE905877918Fb9cA13091) | | `AVAX - agEUR` | `Pangolin` | [0x8d0E0Ad4648F2D68566A462B547f5f846f0cf3e5](https://snowtrace.io/address/0x8d0E0Ad4648F2D68566A462B547f5f846f0cf3e5) | | `AVAX - CRAFT` | `Pangolin` | [0xA6c0a88Fcc92EE0a40faAA988EEe1bf4Af4d04C9](https://snowtrace.io/address/0xA6c0a88Fcc92EE0a40faAA988EEe1bf4Af4d04C9) | | `AVAX - HTZ` | `Pangolin` | [0x2C638f7ef1052cFD5782ba07C6693B6e6126Bc41](https://snowtrace.io/address/0x2C638f7ef1052cFD5782ba07C6693B6e6126Bc41) | | `AVAX - MAGE` | `Pangolin` | [0xC8FD2F1A5B2aC9b85121a43a80Bb2D75B3b9Bef8](https://snowtrace.io/address/0xC8FD2F1A5B2aC9b85121a43a80Bb2D75B3b9Bef8) | | `AVAX - PLN` | `Pangolin` | [0x1B23790EDacB2e586a49271E4Fac3b7fe3Bbc103](https://snowtrace.io/address/0x1B23790EDacB2e586a49271E4Fac3b7fe3Bbc103) | | `AVAX - BAVA` | `Pangolin` | [0x3eDF51FCcB9C578386de2f964b5C9A6E6e76f240](https://snowtrace.io/address/0x3eDF51FCcB9C578386de2f964b5C9A6E6e76f240) | | `AVAX - BRIBE` | `Pangolin` | [0xaA80f9CC2121c690C8De19990a0D3242cb59cffe](https://snowtrace.io/address/0xaA80f9CC2121c690C8De19990a0D3242cb59cffe) | | `AVAX - DCAU` | `Pangolin` | [0x54c89888fC1809Baf15413B5fFA99ACb0b8AFB30](https://snowtrace.io/address/0x54c89888fC1809Baf15413B5fFA99ACb0b8AFB30) | | `AVAX - DEP` | `Pangolin` | [0x31412dF24798A8c635bE55c5c100a24da9bA192d](https://snowtrace.io/address/0x31412dF24798A8c635bE55c5c100a24da9bA192d) | | `AVAX - FEED` | `Pangolin` | [0xa68D5438B7AA4E31cEEf616469dfbE26bEBBA703](https://snowtrace.io/address/0xa68D5438B7AA4E31cEEf616469dfbE26bEBBA703) | | `AVAX - FIRE` | `Pangolin` | [0x3018Eeb374a1a48338836BD3e693A554E739291B](https://snowtrace.io/address/0x3018Eeb374a1a48338836BD3e693A554E739291B) | | `AVAX - gOHM` | `Pangolin` | [0x2a1D2D2Fdb76AB3baB6ba424612dDAFc5750de59](https://snowtrace.io/address/0x2a1D2D2Fdb76AB3baB6ba424612dDAFc5750de59) | | `AVAX - LOOT` | `Pangolin` | [0x9ce2631A9E7075C86F750746AeB385f51287a052](https://snowtrace.io/address/0x9ce2631A9E7075C86F750746AeB385f51287a052) | | `AVAX - MIM` | `Pangolin` | [0x09d5f6DC51485985ef248d9Ea796B349134595fc](https://snowtrace.io/address/0x09d5f6DC51485985ef248d9Ea796B349134595fc) | | `AVAX - MONEY` | `Pangolin` | [0x0Ca13F6cfd20eF14e140e7E8D69D04Bc60B77EfC](https://snowtrace.io/address/0x0Ca13F6cfd20eF14e140e7E8D69D04Bc60B77EfC) | | `AVAX - ODDZ` | `Pangolin` | [0x4672520158F7c20e2CCFcdCE756910C062D77F19](https://snowtrace.io/address/0x4672520158F7c20e2CCFcdCE756910C062D77F19) | | `AVAX - sAVAX` | `Pangolin` | [0x51D914129E4EAf1BFA34e0194CE36F9C46112a65](https://snowtrace.io/address/0x51D914129E4EAf1BFA34e0194CE36F9C46112a65) | | `AVAX - YDR` | `Pangolin` | [0x2Fb9D91530b032079a142D7B3c4c6770c85F646b](https://snowtrace.io/address/0x2Fb9D91530b032079a142D7B3c4c6770c85F646b) | | `AVAX - ZEE` | `Pangolin` | [0x476B7729e57Da8a3f48d37c4A36626201F7A3D35](https://snowtrace.io/address/0x476B7729e57Da8a3f48d37c4A36626201F7A3D35) | | `AVAX - ACRE` | `Pangolin` | [0x8cC91bA89A32AC17b0959C6264EF8e86e6f2D0c0](https://snowtrace.io/address/0x8cC91bA89A32AC17b0959C6264EF8e86e6f2D0c0) | | `AVAX - BNB` | `Pangolin` | [0x39BF214A93EC72e42bC0B9b8C07BE1af6Fe169dA](https://snowtrace.io/address/0x39BF214A93EC72e42bC0B9b8C07BE1af6Fe169dA) | | `AVAX - CRA` | `Pangolin` | [0xa8ab5Ad340A3A728C835f93190357088C8aD5225](https://snowtrace.io/address/0xa8ab5Ad340A3A728C835f93190357088C8aD5225) | | `AVAX - DAI.e` | `Pangolin` | [0x56A6e103D860FBb991eF1Afd24250562a292b2a5](https://snowtrace.io/address/0x56A6e103D860FBb991eF1Afd24250562a292b2a5) | | `AVAX - IME` | `Pangolin` | [0x678C00250f9BA6F86857D72B1f31F42984bB6926](https://snowtrace.io/address/0x678C00250f9BA6F86857D72B1f31F42984bB6926) | | `AVAX - JOE` | `Pangolin` | [0x98C64DE8118eF067Fe8e3756d77FF134270A94Ad](https://snowtrace.io/address/0x98C64DE8118eF067Fe8e3756d77FF134270A94Ad) | | `AVAX - KLO` | `Pangolin` | [0x17FD2418bcae447Ab383a437e4991F5536646681](https://snowtrace.io/address/0x17FD2418bcae447Ab383a437e4991F5536646681) | | `AVAX - LUNA` | `Pangolin` | [0x3cc6F418cf646e11D783A97415195865014fC628](https://snowtrace.io/address/0x3cc6F418cf646e11D783A97415195865014fC628) | | `AVAX - MAXI` | `Pangolin` | [0xA96f7AfD4651319Be90bbA35175FBCBd6758e79f](https://snowtrace.io/address/0xA96f7AfD4651319Be90bbA35175FBCBd6758e79f) | | `AVAX - SPELL` | `Pangolin` | [0xe90A5cEdABe829B5dCf596b326ef03e74ae60faB](https://snowtrace.io/address/0xe90A5cEdABe829B5dCf596b326ef03e74ae60faB) | | `AVAX - TIME` | `Pangolin` | [0x2b48ff2cA4374562CDEea82534519076105663F2](https://snowtrace.io/address/0x2b48ff2cA4374562CDEea82534519076105663F2) | | `AVAX - TUS` | `Pangolin` | [0x445182E6FCb4c41fC5eaC224929A0514F9FE0178](https://snowtrace.io/address/0x445182E6FCb4c41fC5eaC224929A0514F9FE0178) | | `AVAX - UST` | `Pangolin` | [0xd5fbe71Bf4989e2aB72dF6C78F69f87bE46dADc6](https://snowtrace.io/address/0xd5fbe71Bf4989e2aB72dF6C78F69f87bE46dADc6) | | `PNG - SNOB` | `Pangolin` | [0xB4db531076494432eaAA4C6fCD59fcc876af2734](https://snowtrace.io/address/0xB4db531076494432eaAA4C6fCD59fcc876af2734) | | `PNG - VSO` | `Pangolin` | [0x8309C64390F376fD778BDd701d54d1F8DFfe1F39](https://snowtrace.io/address/0x8309C64390F376fD778BDd701d54d1F8DFfe1F39) | | `PNG - SPORE` | `Pangolin` | [0xa39785a4E4CdDa7509751ed152a00f3D37FbFa9F](https://snowtrace.io/address/0xa39785a4E4CdDa7509751ed152a00f3D37FbFa9F) | | `PNG - BNB` | `Pangolin` | [0x585DE92A24057400a7c445c89338c7d6c61dd080](https://snowtrace.io/address/0x585DE92A24057400a7c445c89338c7d6c61dd080) | | `PNG - XAVA` | `Pangolin` | [0xF23c55a05C9f24177FFF5934e8192461AeE4f304](https://snowtrace.io/address/0xF23c55a05C9f24177FFF5934e8192461AeE4f304) | | `PNG - PEFI` | `Pangolin` | [0xf5b4Ba166b8b351C0dF92BdD6bf7d46d537185fB](https://snowtrace.io/address/0xf5b4Ba166b8b351C0dF92BdD6bf7d46d537185fB) | | `PNG - TRYB` | `Pangolin` | [0xd7E8d994e0ac76a8c41496290A11CA212F074851](https://snowtrace.io/address/0xd7E8d994e0ac76a8c41496290A11CA212F074851) | | `PNG - QI` | `Pangolin` | [0x9EC50ee696bB1c6f8f4e2181f61ad687700005cF](https://snowtrace.io/address/0x9EC50ee696bB1c6f8f4e2181f61ad687700005cF) | | `PNG - DYP` | `Pangolin` | [0x894E10EAf14Cc5a7fca4670039114139cd5aeabE](https://snowtrace.io/address/0x894E10EAf14Cc5a7fca4670039114139cd5aeabE) | | `PNG - WALBT` | `Pangolin` | [0x0c33Aa168E0882Bf0B3e4AFfBf139F44d3aC8d7f](https://snowtrace.io/address/0x0c33Aa168E0882Bf0B3e4AFfBf139F44d3aC8d7f) | | `PNG - USDT.e` | `Pangolin` | [0xb3DbF3ff266a604A66dbc1783257377239792828](https://snowtrace.io/address/0xb3DbF3ff266a604A66dbc1783257377239792828) | | `PNG - DAI.e` | `Pangolin` | [0x45981aB8cE749466c1d2022F50e24AbBEE71d15A](https://snowtrace.io/address/0x45981aB8cE749466c1d2022F50e24AbBEE71d15A) | | `PNG - SUSHI.e` | `Pangolin` | [0x384bcAEA70Ae79823312327a52e498E55c6730dA](https://snowtrace.io/address/0x384bcAEA70Ae79823312327a52e498E55c6730dA) | | `PNG - LINK.e` | `Pangolin` | [0x92f75Da67c5E647D86A56a5a3D6C9a25e887504A](https://snowtrace.io/address/0x92f75Da67c5E647D86A56a5a3D6C9a25e887504A) | | `PNG - wBTC.e` | `Pangolin` | [0x857f9A61C97d175EaE9E0A8bb74CF701d45a18dc](https://snowtrace.io/address/0x857f9A61C97d175EaE9E0A8bb74CF701d45a18dc) | | `PNG - ETH.e` | `Pangolin` | [0xEC7dA05C3FA5612f708378025fe1C0e1904aFbb5](https://snowtrace.io/address/0xEC7dA05C3FA5612f708378025fe1C0e1904aFbb5) | | `PNG - YFI.e` | `Pangolin` | [0xBc00e639a4795D7DfB43179866acB45eE5169fAE](https://snowtrace.io/address/0xBc00e639a4795D7DfB43179866acB45eE5169fAE) | | `PNG - UNI.e` | `Pangolin` | [0x351BA4c9b0F09aA76a8Aba8b1cF924aE98beb790](https://snowtrace.io/address/0x351BA4c9b0F09aA76a8Aba8b1cF924aE98beb790) | | `PNG - TUSD` | `Pangolin` | [0x2070Bf205a649dE46F92c4f187Ae941a13688850](https://snowtrace.io/address/0x2070Bf205a649dE46F92c4f187Ae941a13688850) | | `PNG - LYD` | `Pangolin` | [0x432be17144cc16b1FEfc58952467e7539073519A](https://snowtrace.io/address/0x432be17144cc16b1FEfc58952467e7539073519A) | | `PNG - HUSKY` | `Pangolin` | [0x7F68E4635b4Ee504028D4b54d07681861d063e48](https://snowtrace.io/address/0x7F68E4635b4Ee504028D4b54d07681861d063e48) | | `PNG - GAJ` | `Pangolin` | [0xD20C684298Da144289776224e5c19D7FeEA6152a](https://snowtrace.io/address/0xD20C684298Da144289776224e5c19D7FeEA6152a) | | `PNG - GDL` | `Pangolin` | [0xEC908EA85e321fD3c9675F6d1Be41183aaf3C3E3](https://snowtrace.io/address/0xEC908EA85e321fD3c9675F6d1Be41183aaf3C3E3) | | `PNG - MFI` | `Pangolin` | [0x51B03A4A57da8ea9FC4549d1C54f6ccd678e2892](https://snowtrace.io/address/0x51B03A4A57da8ea9FC4549d1C54f6ccd678e2892) | | `PNG - AVE` | `Pangolin` | [0x2B30b282405C3ee946843901dDbEc1a82562a1fC](https://snowtrace.io/address/0x2B30b282405C3ee946843901dDbEc1a82562a1fC) | | `PNG - ETH` | `Pangolin` | [0x3815f36C3d60d658797958EAD8778f6500be16Df](https://snowtrace.io/address/0x3815f36C3d60d658797958EAD8778f6500be16Df) | | `PNG - wBTC` | `Pangolin` | [0x763Aa38c837f61DD8429313933Cc47f24E881430](https://snowtrace.io/address/0x763Aa38c837f61DD8429313933Cc47f24E881430) | | `PNG - LINK` | `Pangolin` | [0x392c51Ab0AF3017E3e22713353eCF5B9d6fBDE84](https://snowtrace.io/address/0x392c51Ab0AF3017E3e22713353eCF5B9d6fBDE84) | | `PNG - USDT` | `Pangolin` | [0x7987aDB3C789f071FeFC1BEb15Ce6DfDfbc75899](https://snowtrace.io/address/0x7987aDB3C789f071FeFC1BEb15Ce6DfDfbc75899) | | `PNG - SUSHI` | `Pangolin` | [0x8eDd233546730C51a9d3840e954E5581Eb3fDAB1](https://snowtrace.io/address/0x8eDd233546730C51a9d3840e954E5581Eb3fDAB1) | | `PNG - DAI` | `Pangolin` | [0xcD651AD29835099334d312a9372418Eb2b70c72F](https://snowtrace.io/address/0xcD651AD29835099334d312a9372418Eb2b70c72F) | | `PNG - AAVE` | `Pangolin` | [0x3270b685A4a61252C6f30c1eBca9DbE622984e22](https://snowtrace.io/address/0x3270b685A4a61252C6f30c1eBca9DbE622984e22) | | `PNG - UNI` | `Pangolin` | [0x14F98349Af847AB472Eb7f7c705Dc4Bee530713B](https://snowtrace.io/address/0x14F98349Af847AB472Eb7f7c705Dc4Bee530713B) | | `PNG - YFI` | `Pangolin` | [0x234ed7c95Be12b2A0A43fF602e737225C83c2aa1](https://snowtrace.io/address/0x234ed7c95Be12b2A0A43fF602e737225C83c2aa1) | | `PNG - AAVE.e` | `Pangolin` | [0x9397A0257631955DBee5404506B363ab276D2315](https://snowtrace.io/address/0x9397A0257631955DBee5404506B363ab276D2315) | | `PNG - SHERPA` | `Pangolin` | [0x8406aAF035c2c50239b32D1cb4583916c1F1c094](https://snowtrace.io/address/0x8406aAF035c2c50239b32D1cb4583916c1F1c094) | | `PNG - ELE` | `Pangolin` | [0x1812f42de15EA7da3901ce34237Ee8CA5F01857a](https://snowtrace.io/address/0x1812f42de15EA7da3901ce34237Ee8CA5F01857a) | | `PNG - USDC.e` | `Pangolin` | [0x39259A07C7B21189BF1bC2Bd75967565b3C1F16e](https://snowtrace.io/address/0x39259A07C7B21189BF1bC2Bd75967565b3C1F16e) | | `USDC.e - DAI.e` | `Pangolin` | [0x162Ed770E1Fb50aA5EA98Bb1bde4c7f7e3063269](https://snowtrace.io/address/0x162Ed770E1Fb50aA5EA98Bb1bde4c7f7e3063269) | | `USDC.e - USDT.e` | `Pangolin` | [0x44b4C308421Df7B8Dfb28a01274788e9279EF06F](https://snowtrace.io/address/0x44b4C308421Df7B8Dfb28a01274788e9279EF06F) | | `USDT.e - SKILL` | `Pangolin` | [0x32930cFE5B9C5C5d247e36C31837562fDCD68553](https://snowtrace.io/address/0x32930cFE5B9C5C5d247e36C31837562fDCD68553) | | `TUSD - DAI.e` | `Pangolin` | [0xA888388f6f54e25e59A99498731e71CA10aAF77a](https://snowtrace.io/address/0xA888388f6f54e25e59A99498731e71CA10aAF77a) | | `MIM - USDC.e` | `Pangolin` | [0x4c073D1F04EC6208f79C097c239153d3797711D9](https://snowtrace.io/address/0x4c073D1F04EC6208f79C097c239153d3797711D9) | | `UST - USDC` | `Pangolin` | [0x0676cD100D229B60b0F89f990380Af75883376DF](https://snowtrace.io/address/0x0676cD100D229B60b0F89f990380Af75883376DF) | | `DLAUNCH - UST` | `Pangolin` | [0x5e50be947a629a7bE56b143A1271651B832B0Ad6](https://snowtrace.io/address/0x5e50be947a629a7bE56b143A1271651B832B0Ad6) | | `WAVAX` | `BenQi` | [0x7b74324f523831687fC8FCE946F15a3AA632dC06](https://snowtrace.io/address/0x7b74324f523831687fC8FCE946F15a3AA632dC06) | | `QI` | `BenQi` | [0x68b8037876385BBd6bBe80bAbB2511b95DA372C4](https://snowtrace.io/address/0x68b8037876385BBd6bBe80bAbB2511b95DA372C4) | | `USDC.e` | `BenQi` | [0xa8981Eab82d0a471b37F7d87A221C92aE60c0E00](https://snowtrace.io/address/0xa8981Eab82d0a471b37F7d87A221C92aE60c0E00) | | `USDT.e` | `BenQi` | [0xE9d842C46e3bE5Ab68b226d9329515a85DF7cEE2](https://snowtrace.io/address/0xE9d842C46e3bE5Ab68b226d9329515a85DF7cEE2) | | `DAI.e` | `Aave` | [0xE4543C234D4b0aD6d29317cFE5fEeCAF398f5649](https://snowtrace.io/address/0xE4543C234D4b0aD6d29317cFE5fEeCAF398f5649) | | `USDC.e` | `Aave` | [0x0c33d6076F0Dce93db6e6103E98Ad951A0F33917](https://snowtrace.io/address/0x0c33d6076F0Dce93db6e6103E98Ad951A0F33917) | | `USDT.e` | `Aave` | [0x567350328dB688d49284e79F7DBfad2AAd094B7A](https://snowtrace.io/address/0x567350328dB688d49284e79F7DBfad2AAd094B7A) | | `WAVAX` | `Aave` | [0x951f6c751A9bC5A75a4E4d43be205aADa709D3B8](https://snowtrace.io/address/0x951f6c751A9bC5A75a4E4d43be205aADa709D3B8) | | `WBTC.e` | `Aave` | [0xcB707aA965aEB9cB03d21dFADf496e6581Cd7b96](https://snowtrace.io/address/0xcB707aA965aEB9cB03d21dFADf496e6581Cd7b96) | | `WETH.e` | `Aave` | [0x72b7AddaeFE3e4b6452CFAEcf7C0d11e5EBD05a0](https://snowtrace.io/address/0x72b7AddaeFE3e4b6452CFAEcf7C0d11e5EBD05a0) | | `DAI.e` | `Platypus` | [0xf332d93A556A556a785AC0B010791918d7b8E927](https://snowtrace.io/address/0xf332d93A556A556a785AC0B010791918d7b8E927) | | `USDC.e` | `Platypus` | [0x54FfFEedA53a49F0fe59A89E8Cc44d4D80FC4eC4](https://snowtrace.io/address/0x54FfFEedA53a49F0fe59A89E8Cc44d4D80FC4eC4) | | `USDT.e` | `Platypus` | [0x6D1be2cdE72ABc0a0A02B723c1ef880fa61eBCd3](https://snowtrace.io/address/0x6D1be2cdE72ABc0a0A02B723c1ef880fa61eBCd3) | ## Compounding Gauge Contracts | Name | Platform | Address | | ----------------- | ------------ | --------------------------------------------------------------------------------------------------------------------- | | `USDC.e` | `Optimized` | [0x0081D28D1138Fbb9007d2Aa1F65b1B9F72F7530E](https://snowtrace.io/address/0x0081D28D1138Fbb9007d2Aa1F65b1B9F72F7530E) | | `USDT.e` | `Optimized` | [0x1ca257FfBbba4ca782f9c9513664748aFd02EF80](https://snowtrace.io/address/0x1ca257FfBbba4ca782f9c9513664748aFd02EF80) | | `AVAX - ETH` | `Trader Joe` | [0xa634ec1bada2fac4eaa71439b0b18dd3486823e6](https://snowtrace.io/address/0xA634ec1BaDa2faC4eaa71439b0b18Dd3486823e6) | | `AVAX - USDT` | `Trader Joe` | [0x5e8fe0f937c4b842b4c48542fbb33e4830a14048](https://snowtrace.io/address/0x5E8FE0F937C4b842B4C48542fBB33e4830a14048) | | `AVAX - DAI` | `Trader Joe` | [0x72473eb3f0e26c0dcf8332b5af129fa4f62c1046](https://snowtrace.io/address/0x72473EB3F0E26c0dCf8332b5af129fa4F62c1046) | | `AVAX - LINK` | `Trader Joe` | [0xb1755d58c6519a7ccb52206b4dfe64fe591574e6](https://snowtrace.io/address/0xb1755D58c6519a7CCB52206B4DFE64fe591574e6) | | `AVAX - wBTC` | `Trader Joe` | [0x67160690c546925e03fe4191bc28cd70b459cc82](https://snowtrace.io/address/0x67160690c546925e03fE4191BC28Cd70B459cC82) | | `AVAX - SPORE` | `Trader Joe` | [0x76ac2c3d79ee189487b3eaf7cb4299e413af3e66](https://snowtrace.io/address/0x76aC2c3D79eE189487b3Eaf7Cb4299E413aF3e66) | | `AVAX - MAI` | `Trader Joe` | [0x298127A0F46A0538bFf45d0be1b6030c8662C4DB](https://snowtrace.io/address/0x298127A0F46A0538bFf45d0be1b6030c8662C4DB) | | `AVAX - TSD` | `Trader Joe` | [0x0e1c4755c23387D0082427DE902B02DA7Dcb1dC7](https://snowtrace.io/address/0x0e1c4755c23387D0082427DE902B02DA7Dcb1dC7) | | `AVAX - TEDDY` | `Trader Joe` | [0xe820acC10C6208769a78887fa6D5631e67b54057](https://snowtrace.io/address/0xe820acC10C6208769a78887fa6D5631e67b54057) | | `AVAX - PNG` | `Trader Joe` | [0x7ce21da8bdec164610a4e8252ac3cd9d60903474](https://snowtrace.io/address/0x7cE21dA8BdEC164610a4e8252AC3Cd9D60903474) | | `AVAX - ELK` | `Trader Joe` | [0xc1f70c937ea06b862457ab2ce2d0913dffd4ae0a](https://snowtrace.io/address/0xc1f70C937eA06B862457AB2CE2d0913DFFD4aE0A) | | `AVAX - TRACTOR` | `Trader Joe` | [0x0260d6F8B4F1832c0819466e0E672862c583c4Fd](https://snowtrace.io/address/0x0260d6F8B4F1832c0819466e0E672862c583c4Fd) | | `AVAX - OH` | `Trader Joe` | [0x81eFD4f7c7cccDbb50E2DB09c11130804d781DbA](https://snowtrace.io/address/0x81eFD4f7c7cccDbb50E2DB09c11130804d781DbA) | | `AVAX - APEX` | `Trader Joe` | [0x781e84eF95899417CDd2aD6BB8a7ab30cc51BE36](https://snowtrace.io/address/0x781e84eF95899417CDd2aD6BB8a7ab30cc51BE36) | | `AVAX - MIM` | `Trader Joe` | [0x8555681BA3f8a53b2FE3f2BA8F0Bd45D7b0be35B](https://snowtrace.io/address/0x8555681BA3f8a53b2FE3f2BA8F0Bd45D7b0be35B) | | `AVAX - TIME` | `Trader Joe` | [0xc99dc5Fc08e77e6b4903fdcF135A6919890476D5](https://snowtrace.io/address/0xc99dc5Fc08e77e6b4903fdcF135A6919890476D5) | | `AVAX - TIME` | `Trader Joe` | [0x3af37b647a08d443ef08aff8cddeae33bba56779](https://snowtrace.io/address/0x3af37b647a08d443ef08aff8cddeae33bba56779) | | `AVAX - FRAX` | `Trader Joe` | [0xAF72B2f70e2b572094A55566900BC6775b78F018](https://snowtrace.io/address/0xAF72B2f70e2b572094A55566900BC6775b78F018) | | `AVAX - SYN` | `Trader Joe` | [0x83C06140FE1769405CC98f81A75fe6E177B4B333](https://snowtrace.io/address/0x83C06140FE1769405CC98f81A75fe6E177B4B333) | | `AVAX - ELE` | `Trader Joe` | [0x34a7D5c000fC8f668C5e3cfeCb7bCb0Cc74aCD5A](https://snowtrace.io/address/0x34a7D5c000fC8f668C5e3cfeCb7bCb0Cc74aCD5A) | | `AVAX - WET` | `Trader Joe` | [0x063da670647fcE8aF1c2fDe692a414e2f956db88](https://snowtrace.io/address/0x063da670647fcE8aF1c2fDe692a414e2f956db88) | | `AVAX - mYAK` | `Trader Joe` | [0x3dE0328e26D66163B72f0497a0b65e8A7cD3ea46](https://snowtrace.io/address/0x3dE0328e26D66163B72f0497a0b65e8A7cD3ea46) | | `AVAX - mYAK` | `Trader Joe` | [0xBdcAeC02E470C23DCd60F0972Ca8dD238E5382ca](https://snowtrace.io/address/0xBdcAeC02E470C23DCd60F0972Ca8dD238E5382ca) | | `AVAX - SYN` | `Trader Joe` | [0x926333ee90C2E6b9d56645866F855B19ff4f258e](https://snowtrace.io/address/0x926333ee90C2E6b9d56645866F855B19ff4f258e) | | `AVAX - BIFI` | `Trader Joe` | [0x75d429de70Ff78B817dfF6B7Ce8C99Fd766A3782](https://snowtrace.io/address/0x75d429de70Ff78B817dfF6B7Ce8C99Fd766A3782) | | `AVAX - AAVE.e` | `Trader Joe` | [0x39890e771a2012b53144e2c3345Ef38ef6A31A9f](https://snowtrace.io/address/0x39890e771a2012b53144e2c3345Ef38ef6A31A9f) | | `AVAX - AMPL` | `Trader Joe` | [0x1d42640b9fb623496DE6A7340a0a58E5ff19d1d8](https://snowtrace.io/address/0x1d42640b9fb623496DE6A7340a0a58E5ff19d1d8) | | `AVAX - CRAFT` | `Trader Joe` | [0x53fcE4a05abebc619003f79c3695a5fABBFF2f7D](https://snowtrace.io/address/0x53fcE4a05abebc619003f79c3695a5fABBFF2f7D) | | `AVAX - FRAX` | `Trader Joe` | [0x5aF4163E9a55e666b02E9Cd2D071E28BAeA0434e](https://snowtrace.io/address/0x5aF4163E9a55e666b02E9Cd2D071E28BAeA0434e) | | `AVAX - FXS` | `Trader Joe` | [0xc86604AA0Fad70a78F7EF0d942bbeE3237373bE2](https://snowtrace.io/address/0xc86604AA0Fad70a78F7EF0d942bbeE3237373bE2) | | `AVAX - GRO` | `Trader Joe` | [0xea4CC3192d2CFe76F968890BD611B332f53Fbac4](https://snowtrace.io/address/0xea4CC3192d2CFe76F968890BD611B332f53Fbac4) | | `AVAX - H2O` | `Trader Joe` | [0x266f912e789c98c9ae1E63B5c09E0D374bdd88e6](https://snowtrace.io/address/0x266f912e789c98c9ae1E63B5c09E0D374bdd88e6) | | `AVAX - ICE` | `Trader Joe` | [0x42A639c6A590fb9dF04c963ae9E51944ABc1e46f](https://snowtrace.io/address/0x42A639c6A590fb9dF04c963ae9E51944ABc1e46f) | | `AVAX - JGN` | `Trader Joe` | [0x8A7A5542Ad101dcAB3054B70A89c3c572a8088d8](https://snowtrace.io/address/0x8A7A5542Ad101dcAB3054B70A89c3c572a8088d8) | | `AVAX - PEFI` | `Trader Joe` | [0x3feB0170AF30Ee17ab34fd008d4e0cC57ee3Aacf](https://snowtrace.io/address/0x3feB0170AF30Ee17ab34fd008d4e0cC57ee3Aacf) | | `AVAX - SNOB` | `Trader Joe` | [0xbfb39cf60b4598B1EEc796838faF874f6c41289B](https://snowtrace.io/address/0xbfb39cf60b4598B1EEc796838faF874f6c41289B) | | `AVAX - SPELL` | `Trader Joe` | [0x52f994801126A573c60F5b0666766742F8a24A4e](https://snowtrace.io/address/0x52f994801126A573c60F5b0666766742F8a24A4e) | | `AVAX - YAK` | `Trader Joe` | [0xb1516a54C097E59c7265633EcdA2739A612006f3](https://snowtrace.io/address/0xb1516a54C097E59c7265633EcdA2739A612006f3) | | `AVAX - BNB` | `Trader Joe` | [0x750706E95F4AF537BCcD76B77e06D2d55be384BF](https://snowtrace.io/address/0x750706E95F4AF537BCcD76B77e06D2d55be384BF) | | `AVAX - CLY` | `Trader Joe` | [0x89d6eD648200B66A84F90d178E6668213bF2CFcE](https://snowtrace.io/address/0x89d6eD648200B66A84F90d178E6668213bF2CFcE) | | `AVAX - KLO` | `Trader Joe` | [0x185B384e13fD2e79E1d974CC470E4C1a8ae7FC43](https://snowtrace.io/address/0x185B384e13fD2e79E1d974CC470E4C1a8ae7FC43) | | `AVAX - LINK.e` | `Trader Joe` | [0x760598Fc18DE7B31368a2F82F3C0445b4f73c7C9](https://snowtrace.io/address/0x760598Fc18DE7B31368a2F82F3C0445b4f73c7C9) | | `AVAX - MAI` | `Trader Joe` | [0x86B4f0A1258Ed2D8cd71E217e7f6eBFD5bF63c23](https://snowtrace.io/address/0x86B4f0A1258Ed2D8cd71E217e7f6eBFD5bF63c23) | | `AVAX - RELAY` | `Trader Joe` | [0x49e465b776cD1e95D51a737A2845c78169E19C4E](https://snowtrace.io/address/0x49e465b776cD1e95D51a737A2845c78169E19C4E) | | `AVAX - UST` | `Trader Joe` | [0xc33544374CBfd4d7eBA8b3cc854837DF71ec314e](https://snowtrace.io/address/0xc33544374CBfd4d7eBA8b3cc854837DF71ec314e) | | `AVAX - APE` | `Trader Joe` | [0x87C654572b27E45dC3Ffac5Dea4fC5c1acF1b2De](https://snowtrace.io/address/0x87C654572b27E45dC3Ffac5Dea4fC5c1acF1b2De) | | `AVAX - CRA` | `Trader Joe` | [0xEdB0aBe108b36634d40685f2725Cb7c84cECFD68](https://snowtrace.io/address/0xEdB0aBe108b36634d40685f2725Cb7c84cECFD68) | | `AVAX - DEG` | `Trader Joe` | [0x6F0534f74ADae55F31E812870c68de35181351Fb](https://snowtrace.io/address/0x6F0534f74ADae55F31E812870c68de35181351Fb) | | `AVAX - DFIAT` | `Trader Joe` | [0x70b50373175B42C928711e106f754D809fcEe193](https://snowtrace.io/address/0x70b50373175B42C928711e106f754D809fcEe193) | | `AVAX - EGG` | `Trader Joe` | [0xe0492CE0abdf701969BeD3f77147a8E43F537211](https://snowtrace.io/address/0xe0492CE0abdf701969BeD3f77147a8E43F537211) | | `AVAX - FIEF` | `Trader Joe` | [0x0d70E45857c51E00Eb4d46bFe5276f9c94C1BAa6](https://snowtrace.io/address/0x0d70E45857c51E00Eb4d46bFe5276f9c94C1BAa6) | | `AVAX - gOHM` | `Trader Joe` | [0xb2a66a60D74E908F90665c13898DD431B8e9D21A](https://snowtrace.io/address/0xb2a66a60D74E908F90665c13898DD431B8e9D21A) | | `AVAX - IME` | `Trader Joe` | [0x05984747755d588A345D8c4c5dd1F6CEA6f89aE0](https://snowtrace.io/address/0x05984747755d588A345D8c4c5dd1F6CEA6f89aE0) | | `AVAX - ISA` | `Trader Joe` | [0x15C348b281c362c791b440Dcb0e7Cd595779DeC2](https://snowtrace.io/address/0x15C348b281c362c791b440Dcb0e7Cd595779DeC2) | | `AVAX - MELT` | `Trader Joe` | [0xeDcC8D948b9F07fd92574874f1Bc408170e97Dac](https://snowtrace.io/address/0xeDcC8D948b9F07fd92574874f1Bc408170e97Dac) | | `AVAX - MIM` | `Trader Joe` | [0x6C505f553A07E04B1E059D4aA8fe1C72c0aD7D97](https://snowtrace.io/address/0x6C505f553A07E04B1E059D4aA8fe1C72c0aD7D97) | | `AVAX - MONEY` | `Trader Joe` | [0xa02f8880597CE2d9D7400066a07C1D50b6AF981b](https://snowtrace.io/address/0xa02f8880597CE2d9D7400066a07C1D50b6AF981b) | | `AVAX - QI` | `Trader Joe` | [0x51E4478e19554b06aD813fFC2ba804cD13f00AA4](https://snowtrace.io/address/0x51E4478e19554b06aD813fFC2ba804cD13f00AA4) | | `AVAX - USDC.e` | `Trader Joe` | [0x6F5a949Bd831E6Ad921690c29C981FA9B0466095](https://snowtrace.io/address/0x6F5a949Bd831E6Ad921690c29C981FA9B0466095) | | `AVAX - USDT.e` | `Trader Joe` | [0xC634e98c9d1b57a8e8Ea4B4767C66d049B693Ad0](https://snowtrace.io/address/0xC634e98c9d1b57a8e8Ea4B4767C66d049B693Ad0) | | `AVAX - UST` | `Trader Joe` | [0x463986834235720Dee33108609715aba1E81c7AF](https://snowtrace.io/address/0x463986834235720Dee33108609715aba1E81c7AF) | | `AVAX - XAVA` | `Trader Joe` | [0x8De1b4015E9313fF381eBF95F3393BBCA6Bf1D15](https://snowtrace.io/address/0x8De1b4015E9313fF381eBF95F3393BBCA6Bf1D15) | | `JOE - PNG` | `Trader Joe` | [0xcacf38d95bc613cb3f5f2306b6fbed2472fd5ae6](https://snowtrace.io/address/0xcAcF38D95Bc613cb3F5f2306b6fBed2472FD5ae6) | | `JOE - DAI` | `Trader Joe` | [0xff49e162e6bc10cdf12a8c35f162b79ab3d34bea](https://snowtrace.io/address/0xfF49E162E6bc10CDF12A8c35f162B79ab3d34BEA) | | `JOE - USDC.e` | `Trader Joe` | [0x9b9F3dAd347F2c7e563D1ee8dae32AB9338Abd44](https://snowtrace.io/address/0x9b9F3dAd347F2c7e563D1ee8dae32AB9338Abd44) | | `DAI.e - USDC.e` | `Trader Joe` | [0x32553a13b6d3521845861ff1aff6f511b109374b](https://snowtrace.io/address/0x32553a13B6d3521845861Ff1AFF6F511B109374b) | | `USDC.e - USDC` | `Trader Joe` | [0x22ec75A6BC9D8f2b828615820c98811c6712B303](https://snowtrace.io/address/0x22ec75A6BC9D8f2b828615820c98811c6712B303) | | `USDT.e - DAI.e` | `Trader Joe` | [0x1369e19dbd4825616df7ade73ea92aa7504d851e](https://snowtrace.io/address/0x1369e19DBd4825616Df7ADE73EA92aA7504d851E) | | `USDT.e - USDC.e` | `Trader Joe` | [0x29CD11ddC2C42c726F1C1EDD2cF1c15d16412E0f](https://snowtrace.io/address/0x29CD11ddC2C42c726F1C1EDD2cF1c15d16412E0f) | | `WBTC.e - USDC.e` | `Trader Joe` | [0x6579aabb842253e68eD8586cE6c1E288AA511120](https://snowtrace.io/address/0x6579aabb842253e68eD8586cE6c1E288AA511120) | | `WETH.e - USDC.e` | `Trader Joe` | [0x82Ca9B36922B3c9D6e45696FF1Fbf979eef8adEB](https://snowtrace.io/address/0x82Ca9B36922B3c9D6e45696FF1Fbf979eef8adEB) | | `gOHM - FRAX` | `Trader Joe` | [0xc3eAC23bE0C89EBabB4323BF8E1B42C4f0D2B4aD](https://snowtrace.io/address/0xc3eAC23bE0C89EBabB4323BF8E1B42C4f0D2B4aD) | | `LINK.e - USDC.e` | `Trader Joe` | [0xE2b112dde9A8cE59C7DC486315cdf88924Efa71a](https://snowtrace.io/address/0xE2b112dde9A8cE59C7DC486315cdf88924Efa71a) | | `xPTP - PTP` | `Trader Joe` | [0x7FaB30D2361c14C155596A6E4DF0812495909e87](https://snowtrace.io/address/0x7FaB30D2361c14C155596A6E4DF0812495909e87) | | `xJOE` | `Trader Joe` | [0xE19AF15e4E8a62Ae13C29e2f6B1d9BBbFd7D6BA1](https://snowtrace.io/address/0xE19AF15e4E8a62Ae13C29e2f6B1d9BBbFd7D6BA1) | | `LINK.e` | `Banker Joe` | [0xCda550C9cb6616E7e48ce3511eA47FE64851819E](https://snowtrace.io/address/0xCda550C9cb6616E7e48ce3511eA47FE64851819E) | | `USDC.e` | `Banker Joe` | [0x318AC6831Ba4838BDC3F6A9B7b998A73efD061Ee](https://snowtrace.io/address/0x318AC6831Ba4838BDC3F6A9B7b998A73efD061Ee) | | `USDT.e` | `Banker Joe` | [0x1F5D44E5aB4804183B523B337DD289075e2616Dd](https://snowtrace.io/address/0x1F5D44E5aB4804183B523B337DD289075e2616Dd) | | `WBTC.e` | `Banker Joe` | [0xB57944317ca5A32bf8Db871d4C5fc87072524d5F](https://snowtrace.io/address/0xB57944317ca5A32bf8Db871d4C5fc87072524d5F) | | `MIM` | `Banker Joe` | [0x55839d98536348825aB31c0c1263fbE814Bf649a](https://snowtrace.io/address/0x55839d98536348825aB31c0c1263fbE814Bf649a) | | `xJOE` | `Banker Joe` | [0xB347a857F20857c954b7aF52D9A306dF2F9EC89f](https://snowtrace.io/address/0xB347a857F20857c954b7aF52D9A306dF2F9EC89f) | | `WAVAX` | `Banker Joe` | [0x57B47Ec8b37F76C83C452d02B395304C12909974](https://snowtrace.io/address/0x57B47Ec8b37F76C83C452d02B395304C12909974) | | `WETH.e` | `Banker Joe` | [0xAF5b1225D0106b0eb0c9Ca163a398369fa17b483](https://snowtrace.io/address/0xAF5b1225D0106b0eb0c9Ca163a398369fa17b483) | | `AVAX - ETH` | `Pangolin` | [0x6bb9d2420217e0c3f272f47c58942e89e23806c9](https://snowtrace.io/address/0x6bb9D2420217e0C3f272f47C58942e89e23806c9) | | `AVAX - LINK` | `Pangolin` | [0x7e68717f6228764bc1fc7a970dd5a041837c370c](https://snowtrace.io/address/0x7E68717f6228764Bc1fC7a970dD5A041837C370c) | | `AVAX - SUSHI` | `Pangolin` | [0x38a9635c0a1b62a7d8bc608a3ad5d84b300831ae](https://snowtrace.io/address/0x38a9635C0a1b62A7D8bc608a3Ad5D84b300831aE) | | `AVAX - wBTC` | `Pangolin` | [0x4906bf6aa9aad2b76f2c92738b7242a5c7a6a7bd](https://snowtrace.io/address/0x4906Bf6aa9aAd2B76F2C92738B7242A5C7a6A7Bd) | | `AVAX - USDT` | `Pangolin` | [0x45590658f6608c5be4c94ce885c52dbddb4fa21a](https://snowtrace.io/address/0x45590658F6608C5be4C94ce885c52DBDdb4FA21a) | | `AVAX - DAI` | `Pangolin` | [0x2e2191fde0872e686b0a5117cd639896d2c8ad97](https://snowtrace.io/address/0x2e2191fde0872e686b0a5117Cd639896D2C8Ad97) | | `AVAX - UNI` | `Pangolin` | [0x0e06c4d0ecaae66b82ebc9133ca52ea82702cd30](https://snowtrace.io/address/0x0e06C4D0ECAaE66B82eBC9133Ca52EA82702CD30) | | `AVAX - FRAX` | `Pangolin` | [0x54DD846ec886449Baf4D19A844B1F5C597Acb48B](https://snowtrace.io/address/0x54DD846ec886449Baf4D19A844B1F5C597Acb48B) | | `AVAX - FXS` | `Pangolin` | [0x22b7e7694739Ee6fb5Fd05b8A1c601C6C568F99A](https://snowtrace.io/address/0x22b7e7694739Ee6fb5Fd05b8A1c601C6C568F99A) | | `AVAX - VSO` | `Pangolin` | [0x531d455181b952b467e3e9228bfa2cc45ba2366e](https://snowtrace.io/address/0x531d455181B952B467E3E9228bfa2CC45bA2366E) | | `AVAX - BNB` | `Pangolin` | [0x25384dbc68e6dcd7a6b1769dba5622f1307f1b18](https://snowtrace.io/address/0x25384Dbc68E6DCD7A6B1769dBA5622F1307F1b18) | | `AVAX - SHERPA` | `Pangolin` | [0x2b1119bf0c536acc96761ab8b26e0e38294ea20e](https://snowtrace.io/address/0x2B1119bf0c536AcC96761Ab8B26E0E38294Ea20E) | | `AVAX - TRYB` | `Pangolin` | [0x948ca505486fbe0537bb17923dac6d8059a35931](https://snowtrace.io/address/0x948cA505486FBE0537bb17923Dac6D8059a35931) | | `AVAX - SUSHI.e` | `Pangolin` | [0x579b8a48f3fae8738ee12e8dafe876f19c86d642](https://snowtrace.io/address/0x579B8A48f3fae8738ee12E8dAFE876f19C86D642) | | `AVAX - YFI.e` | `Pangolin` | [0xd442e86df4aed7ed4b3bac67276d30ca89a15336](https://snowtrace.io/address/0xd442E86DF4AEd7ED4B3BAc67276D30CA89a15336) | | `AVAX - UNI.e` | `Pangolin` | [0x066def2b8c7258352f1295ef9ad473ed9ddf409b](https://snowtrace.io/address/0x066def2b8C7258352f1295eF9ad473eD9ddf409b) | | `AVAX - AAVE.e` | `Pangolin` | [0xdf4dfdd445092f996430cd4e4783b471eb3e5c81](https://snowtrace.io/address/0xdF4DfdD445092f996430cd4E4783B471eb3e5c81) | | `AVAX - LYD` | `Pangolin` | [0xd327e3e439719cc3dd5f6181e3f99ef11a59c876](https://snowtrace.io/address/0xD327e3E439719cc3dd5f6181e3f99Ef11A59c876) | | `AVAX - GAJ` | `Pangolin` | [0xd3dc0f360a0bf62939af7cd266b56c63762b100d](https://snowtrace.io/address/0xd3DC0F360A0bF62939af7Cd266B56c63762B100d) | | `AVAX - ELE` | `Pangolin` | [0x3dcad10c73dff08a708a8e3a8c21e6a07844f10e](https://snowtrace.io/address/0x3dCAD10c73Dff08A708A8e3A8C21E6a07844f10e) | | `AVAX - GDL` | `Pangolin` | [0xd3ff20d6ae096f7f409ccb0648bef04387166ed5](https://snowtrace.io/address/0xD3ff20d6Ae096f7F409ccB0648bEF04387166eD5) | | `AVAX - MFI` | `Pangolin` | [0x94ee0d35cf0f6fbbad224d9757fc2a87ea643ca4](https://snowtrace.io/address/0x94Ee0d35cF0F6FBbAD224D9757FC2a87Ea643CA4) | | `AVAX - AVE` | `Pangolin` | [0xcb88f7e2092335ca45439c2d806767c08dba9b99](https://snowtrace.io/address/0xCB88F7e2092335Ca45439c2D806767c08DbA9b99) | | `AVAX - START` | `Pangolin` | [0x1e6063cff3fb325d08c80048ee8c168a8799010a](https://snowtrace.io/address/0x1e6063cFF3fb325D08c80048ee8c168A8799010a) | | `AVAX - SWAP` | `Pangolin` | [0xac2f4a0c972e8e4ddc5b3455620c76116c90e0c2](https://snowtrace.io/address/0xAC2f4a0C972E8E4DDc5B3455620c76116c90E0C2) | | `AVAX - TUNDRA` | `Pangolin` | [0x814320bdc7ec20cc33fed8e875653189da16392e](https://snowtrace.io/address/0x814320bdC7eC20cc33fed8E875653189DA16392E) | | `AVAX - YTS` | `Pangolin` | [0xc485b222596f211529db7c9cf415db7d1cb3e12c](https://snowtrace.io/address/0xC485B222596F211529DB7c9cf415DB7D1CB3e12C) | | `AVAX - STORM` | `Pangolin` | [0x2C7C8ffBa3348EEFc83143043fa9733Eb9F4fAf6](https://snowtrace.io/address/0x2C7C8ffBa3348EEFc83143043fa9733Eb9F4fAf6) | | `AVAX - IronICE` | `Pangolin` | [0x83866b7817Ab99451F773193d307D9E7FE4D191d](https://snowtrace.io/address/0x83866b7817Ab99451F773193d307D9E7FE4D191d) | | `AVAX - mYAK` | `Pangolin` | [0x9a18562ff2F2fb097a979d97b49F6Bc2eFf0A776](https://snowtrace.io/address/0x9a18562ff2F2fb097a979d97b49F6Bc2eFf0A776) | | `AVAX - CYCLE` | `Pangolin` | [0x06e2E0b3c8140C46c59Cf1BDEA33d5472C2888ff](https://snowtrace.io/address/0x06e2E0b3c8140C46c59Cf1BDEA33d5472C2888ff) | | `AVAX - CNR` | `Pangolin` | [0xEAF0564a31E9dCa66D22d72778d6C751E86187B3](https://snowtrace.io/address/0xEAF0564a31E9dCa66D22d72778d6C751E86187B3) | | `AVAX - BIFI` | `Pangolin` | [0x84dd0375D8ae5AfBE943811eAC366Fe4A51e5CfE](https://snowtrace.io/address/0x84dd0375D8ae5AfBE943811eAC366Fe4A51e5CfE) | | `AVAX - AVME` | `Pangolin` | [0x0126A8d522D1b6e6EB2b89403d426ec9c6FA6c51](https://snowtrace.io/address/0x0126A8d522D1b6e6EB2b89403d426ec9c6FA6c51) | | `AVAX - AVXT` | `Pangolin` | [0x09D20b31Fa96233762aB7091A6Ac7e65C08DBA88](https://snowtrace.io/address/0x09D20b31Fa96233762aB7091A6Ac7e65C08DBA88) | | `AVAX - aAVAXb` | `Pangolin` | [0x2846B650618044d736eCaD75C8B4949F821F6571](https://snowtrace.io/address/0x2846B650618044d736eCaD75C8B4949F821F6571) | | `AVAX - SHIBX` | `Pangolin` | [0xdDe98d5057C6059A6935535404314808D7605b3d](https://snowtrace.io/address/0xdDe98d5057C6059A6935535404314808D7605b3d) | | `AVAX - xUSD` | `Pangolin` | [0x10bf69786b9962bF6fb569827a42639894AED37A](https://snowtrace.io/address/0x10bf69786b9962bF6fb569827a42639894AED37A) | | `AVAX - OLIVE` | `Pangolin` | [0x22b19fD5aC461573a41e738B05FEd4bcA681A3da](https://snowtrace.io/address/0x22b19fD5aC461573a41e738B05FEd4bcA681A3da) | | `AVAX - AMP` | `Pangolin` | [0xFecac8049f15F731a069654B7b84d74D5CB50308](https://snowtrace.io/address/0xFecac8049f15F731a069654B7b84d74D5CB50308) | | `AVAX - COOK` | `Pangolin` | [0x5759192eccF9DdF64dE878fEd41A21A6aE37974c](https://snowtrace.io/address/0x5759192eccF9DdF64dE878fEd41A21A6aE37974c) | | `AVAX - AVAI` | `Pangolin` | [0xb211a55E9E9ae461cf96857616265bf8142Bef19](https://snowtrace.io/address/0xb211a55E9E9ae461cf96857616265bf8142Bef19) | | `AVAX - IMX` | `Pangolin` | [0x3F94Af99e61524FCE83bb7F99AA041B917592a9a](https://snowtrace.io/address/0x3F94Af99e61524FCE83bb7F99AA041B917592a9a) | | `AVAX - VEE` | `Pangolin` | [0x13B0E3656e42f7ebb295BaCaaEc46d21AC1d7e4f](https://snowtrace.io/address/0x13B0E3656e42f7ebb295BaCaaEc46d21AC1d7e4f) | | `AVAX - TEDDY` | `Pangolin` | [0x300cB5a123847B597d9d6D8cd7305006382BfCD2](https://snowtrace.io/address/0x300cB5a123847B597d9d6D8cd7305006382BfCD2) | | `AVAX - OOE` | `Pangolin` | [0x5f09Ff88F8E7A85B8d614B54785146d10552C534](https://snowtrace.io/address/0x5f09Ff88F8E7A85B8d614B54785146d10552C534) | | `AVAX - ORBS` | `Pangolin` | [0x0202Bc153066c9524e5cD13f5d828356391941D0](https://snowtrace.io/address/0x0202Bc153066c9524e5cD13f5d828356391941D0) | | `AVAX - WALBT` | `Pangolin` | [0xC2a09e4753bB62eF8e18b86aA1D4D8Ba40DAb14A](https://snowtrace.io/address/0xC2a09e4753bB62eF8e18b86aA1D4D8Ba40DAb14A) | | `AVAX - HCT` | `Pangolin` | [0x90c7adcfd0c6dfeb19ca7a5fc1d8c76dee55d4ee](https://snowtrace.io/address/0x90c7adcfd0c6dfeb19ca7a5fc1d8c76dee55d4ee) | | `AVAX - APEIN` | `Pangolin` | [0x36f6702dA28424aBdFDf55827DC598ab6A064Bcd](https://snowtrace.io/address/0x36f6702dA28424aBdFDf55827DC598ab6A064Bcd) | | `AVAX - SPORE` | `Pangolin` | [0x7325E1597D48dc43aD9eaA5Dfd64Ecc14cAAF976](https://snowtrace.io/address/0x7325E1597D48dc43aD9eaA5Dfd64Ecc14cAAF976) | | `AVAX - TUSD` | `Pangolin` | [0xb7459a44f330392f0E57554266F6333150B33d13](https://snowtrace.io/address/0xb7459a44f330392f0E57554266F6333150B33d13) | | `AVAX - AAVE.e` | `Pangolin` | [0xdF4DfdD445092f996430cd4E4783B471eb3e5c81](https://snowtrace.io/address/0xdF4DfdD445092f996430cd4E4783B471eb3e5c81) | | `AVAX - agEUR` | `Pangolin` | [0xa4c7f1aC4E786052069f6918F851e5566e060493](https://snowtrace.io/address/0xa4c7f1aC4E786052069f6918F851e5566e060493) | | `AVAX - CRAFT` | `Pangolin` | [0xEF70c1B68D915Cc2e88eDba5dDcA99f9Cf0CE217](https://snowtrace.io/address/0xEF70c1B68D915Cc2e88eDba5dDcA99f9Cf0CE217) | | `AVAX - HTZ` | `Pangolin` | [0xD9CfAf5CeEd37D7DEEB9beab2730aa1ab33e5C00](https://snowtrace.io/address/0xD9CfAf5CeEd37D7DEEB9beab2730aa1ab33e5C00) | | `AVAX - MAGE` | `Pangolin` | [0xEfC247259d93d718C7ff2955Ae58024E536cA97d](https://snowtrace.io/address/0xEfC247259d93d718C7ff2955Ae58024E536cA97d) | | `AVAX - PLN` | `Pangolin` | [0x565f238eb896045bb1b1f8Cf7d0a57f2FE71d3A9](https://snowtrace.io/address/0x565f238eb896045bb1b1f8Cf7d0a57f2FE71d3A9) | | `AVAX - BAVA` | `Pangolin` | [0xa33843440DBD4c028b63d84bad1CD8e9BAf73BD7](https://snowtrace.io/address/0xa33843440DBD4c028b63d84bad1CD8e9BAf73BD7) | | `AVAX - BRIBE` | `Pangolin` | [0x919C030E299fe513F21Af119a5854740A0f74442](https://snowtrace.io/address/0x919C030E299fe513F21Af119a5854740A0f74442) | | `AVAX - DCAU` | `Pangolin` | [0xa1E5b66a9EdA2cB572Bf99a8b7A0Ca1639ce150A](https://snowtrace.io/address/0xa1E5b66a9EdA2cB572Bf99a8b7A0Ca1639ce150A) | | `AVAX - DEP` | `Pangolin` | [0x53D997D40824dCcb7a4A81B2dc498f5D5a953962](https://snowtrace.io/address/0x53D997D40824dCcb7a4A81B2dc498f5D5a953962) | | `AVAX - FEED` | `Pangolin` | [0x5C320a44052c8d1b3bC364A40807cDDBAC427cAE](https://snowtrace.io/address/0x5C320a44052c8d1b3bC364A40807cDDBAC427cAE) | | `AVAX - FIRE` | `Pangolin` | [0x8fcAE5D6dbe3D354EA23AE7509AB0b7de0753240](https://snowtrace.io/address/0x8fcAE5D6dbe3D354EA23AE7509AB0b7de0753240) | | `AVAX - gOHM` | `Pangolin` | [0xEaB12117c7d5695F7fFde6b599C2b4A13d2EE31f](https://snowtrace.io/address/0xEaB12117c7d5695F7fFde6b599C2b4A13d2EE31f) | | `AVAX - LOOT` | `Pangolin` | [0x8fFa9cF8c2CED6f88F80e7D4ba534f953FfFB4E6](https://snowtrace.io/address/0x8fFa9cF8c2CED6f88F80e7D4ba534f953FfFB4E6) | | `AVAX - MIM` | `Pangolin` | [0xc199A791b6A4C1aC0FC76167fd120fbF8de0CfA8](https://snowtrace.io/address/0xc199A791b6A4C1aC0FC76167fd120fbF8de0CfA8) | | `AVAX - MONEY` | `Pangolin` | [0xac6E59108FD8f868EB2256091c9337943101b164](https://snowtrace.io/address/0xac6E59108FD8f868EB2256091c9337943101b164) | | `AVAX - ODDZ` | `Pangolin` | [0x53a99457D53Bf3A2d5bfA533385D3715C476E733](https://snowtrace.io/address/0x53a99457D53Bf3A2d5bfA533385D3715C476E733) | | `AVAX - sAVAX` | `Pangolin` | [0x5B2a130C256661A991075bEf4EeBE55327417015](https://snowtrace.io/address/0x5B2a130C256661A991075bEf4EeBE55327417015) | | `AVAX - YDR` | `Pangolin` | [0x8d9df13D11a8312d295A6e145EA6B08Ff195D4ad](https://snowtrace.io/address/0x8d9df13D11a8312d295A6e145EA6B08Ff195D4ad) | | `AVAX - ZEE` | `Pangolin` | [0x8085e2C810D1C880155a8404bADC2a7222eE0B45](https://snowtrace.io/address/0x8085e2C810D1C880155a8404bADC2a7222eE0B45) | | `AVAX - ACRE` | `Pangolin` | [0xF43aa13Ac8EeD1E581aFfC640aFd4C8ae6C8B1Ee](https://snowtrace.io/address/0xF43aa13Ac8EeD1E581aFfC640aFd4C8ae6C8B1Ee) | | `AVAX - BNB` | `Pangolin` | [0x25384Dbc68E6DCD7A6B1769dBA5622F1307F1b18](https://snowtrace.io/address/0x25384Dbc68E6DCD7A6B1769dBA5622F1307F1b18) | | `AVAX - CRA` | `Pangolin` | [0x280556506cAaD1ba21BE57e073508cf1Fa27BacE](https://snowtrace.io/address/0x280556506cAaD1ba21BE57e073508cf1Fa27BacE) | | `AVAX - DAI.e` | `Pangolin` | [0x836c7aAFeb4dc06Ab628283dfB9cAdf145d80627](https://snowtrace.io/address/0x836c7aAFeb4dc06Ab628283dfB9cAdf145d80627) | | `AVAX - IME` | `Pangolin` | [0xE1b05f497aA5cF79bfBfA7adc4a66a099046F511](https://snowtrace.io/address/0xE1b05f497aA5cF79bfBfA7adc4a66a099046F511) | | `AVAX - JOE` | `Pangolin` | [0x1c15aA0537E356929169Bd7bAE84C5d82d076d58](https://snowtrace.io/address/0x1c15aA0537E356929169Bd7bAE84C5d82d076d58) | | `AVAX - KLO` | `Pangolin` | [0x5970Fc50E3cBe5ffbe544c2C91bd94475fCC2409](https://snowtrace.io/address/0x5970Fc50E3cBe5ffbe544c2C91bd94475fCC2409) | | `AVAX - LUNA` | `Pangolin` | [0x6aB53Bf8860873be3dF5Ae3a945bCda3e197490f](https://snowtrace.io/address/0x6aB53Bf8860873be3dF5Ae3a945bCda3e197490f) | | `AVAX - MAXI` | `Pangolin` | [0xA05d86F08EDF40b33343cf1761Cee4349527b97d](https://snowtrace.io/address/0xA05d86F08EDF40b33343cf1761Cee4349527b97d) | | `AVAX - SPELL` | `Pangolin` | [0x1809C74Ad83b5931BBb0362c1A8179c728843a58](https://snowtrace.io/address/0x1809C74Ad83b5931BBb0362c1A8179c728843a58) | | `AVAX - TIME` | `Pangolin` | [0x0F45c020A1Ae4C7d1F905830f28F8Bc8fdCa6Fc9](https://snowtrace.io/address/0x0F45c020A1Ae4C7d1F905830f28F8Bc8fdCa6Fc9) | | `AVAX - TUS` | `Pangolin` | [0xDeb2e399Ec151BFd014f760E04D98d043f8b65fE](https://snowtrace.io/address/0xDeb2e399Ec151BFd014f760E04D98d043f8b65fE) | | `AVAX - UST` | `Pangolin` | [0x36f39dcfcA9815AAfb2E0af2C6C3CF4605ac207E](https://snowtrace.io/address/0x36f39dcfcA9815AAfb2E0af2C6C3CF4605ac207E) | | `PNG - SNOB` | `Pangolin` | [0x2a83cf1cc8727d281c1afa9385d5e7f75b2fafb5](https://snowtrace.io/address/0x2a83Cf1Cc8727D281C1afa9385d5E7f75B2FafB5) | | `PNG - VSO` | `Pangolin` | [0x97150ce64e4f569b0ad63a85e564391bbddc2a22](https://snowtrace.io/address/0x97150Ce64E4F569B0aD63A85e564391bbddC2a22) | | `PNG - SPORE` | `Pangolin` | [0x53f7445190f2010f8d22ea6e220813d4254b153f](https://snowtrace.io/address/0x53F7445190F2010F8d22eA6E220813D4254B153f) | | `PNG - BNB` | `Pangolin` | [0xb9e680e2af5f132d8ad6187d8a1ed1d99dea2772](https://snowtrace.io/address/0xb9e680e2AF5F132D8Ad6187D8a1ed1D99DeA2772) | | `PNG - XAVA` | `Pangolin` | [0x2ab1ecacf7f641f3d2ed924b513086b64ae0f4ea](https://snowtrace.io/address/0x2ab1ecacf7F641f3D2ED924b513086B64Ae0f4EA) | | `PNG - PEFI` | `Pangolin` | [0x44a67a7befefe04eb483fe421d9548d3c568e729](https://snowtrace.io/address/0x44A67a7BEFEFE04EB483fE421d9548d3C568e729) | | `PNG - TRYB` | `Pangolin` | [0x73d7b65abaaa2f5afcdab4f658d668bf4094900a](https://snowtrace.io/address/0x73D7B65ABaAA2F5AfCdAB4f658D668BF4094900A) | | `PNG - QI` | `Pangolin` | [0x195f14ce502db7678b0a6ff961163d5dd9d6490d](https://snowtrace.io/address/0x195f14Ce502db7678B0A6Ff961163d5Dd9D6490d) | | `PNG - DYP` | `Pangolin` | [0x852e476e864794ec426c4f039785694680f15edd](https://snowtrace.io/address/0x852E476e864794eC426c4f039785694680f15EDd) | | `PNG - WALBT` | `Pangolin` | [0xcc34d1bf84e30a37a02e4ba09b01e2d8b58c1b00](https://snowtrace.io/address/0xCC34D1bF84E30A37a02e4ba09b01E2D8B58C1b00) | | `PNG - USDT.e` | `Pangolin` | [0x1780931c983892d413b81d4ba973f7115a7d7d02](https://snowtrace.io/address/0x1780931C983892d413b81d4Ba973F7115a7D7D02) | | `PNG - DAI.e` | `Pangolin` | [0xc083a1a253d03fea95ee8ddcc33381a15c57fb5c](https://snowtrace.io/address/0xc083a1a253D03FeA95EE8ddCC33381A15C57FB5c) | | `PNG - SUSHI.e` | `Pangolin` | [0x3eb5d92b29b995074bf30f8660b75ef348c7775a](https://snowtrace.io/address/0x3eb5D92B29B995074bF30f8660b75ef348C7775a) | | `PNG - LINK.e` | `Pangolin` | [0xa6a7d3b98b4b3bbb0ffc8a592b92f7f9b25b885a](https://snowtrace.io/address/0xa6A7D3B98b4b3BbB0fFC8a592B92F7F9B25B885A) | | `PNG - wBTC.e` | `Pangolin` | [0xdc3d275457c86ddeb23bc209d9b68d92024b685c](https://snowtrace.io/address/0xDc3d275457c86dDEB23BC209D9B68D92024B685c) | | `PNG - ETH.e` | `Pangolin` | [0xef9c3d66d97c222f5aa8e71e1a950827297b95bf](https://snowtrace.io/address/0xEF9C3D66d97C222F5Aa8e71e1A950827297B95bf) | | `PNG - YFI.e` | `Pangolin` | [0xbc8b490172be58552d2661f45ed4e122bda12831](https://snowtrace.io/address/0xbC8b490172BE58552d2661F45ed4E122Bda12831) | | `PNG - UNI.e` | `Pangolin` | [0x360fb158d20a43aa1b9562b7946cb2751e636053](https://snowtrace.io/address/0x360fB158d20A43aA1b9562B7946Cb2751e636053) | | `PNG - TUSD` | `Pangolin` | [0x8db4eb81c1faf39d1e47508edef9ac29c13cff26](https://snowtrace.io/address/0x8dB4Eb81c1faf39D1e47508EdeF9aC29c13CFf26) | | `PNG - LYD` | `Pangolin` | [0x26e33a0cb247d66bb5aefc4ca143dd2722642f3c](https://snowtrace.io/address/0x26E33A0cb247d66BB5AeFc4ca143Dd2722642f3C) | | `PNG - HUSKY` | `Pangolin` | [0x1a300eb0da88f1f9ece264f0d0676386ba9aa776](https://snowtrace.io/address/0x1a300EB0dA88f1F9ECE264f0d0676386Ba9aA776) | | `PNG - GAJ` | `Pangolin` | [0x99571b620fe253fb3888062c0ce0496e1a92ab61](https://snowtrace.io/address/0x99571b620Fe253fB3888062C0ce0496e1a92ab61) | | `PNG - GDL` | `Pangolin` | [0xadcc2b5c41b62e545bc296078444ae040ecd7d3d](https://snowtrace.io/address/0xAdcc2b5C41b62E545Bc296078444AE040eCd7D3d) | | `PNG - MFI` | `Pangolin` | [0x0f69c82c2d97b828c5ff37890207e87d08c09673](https://snowtrace.io/address/0x0F69c82C2d97B828c5ff37890207E87D08c09673) | | `PNG - AVE` | `Pangolin` | [0xfd56d870d8c8280be0542b0151112f4f95a0a70b](https://snowtrace.io/address/0xfd56D870D8C8280BE0542b0151112f4f95a0A70b) | | `PNG - ETH` | `Pangolin` | [0x5f05dc58ee067c91a98ec025d5c332af40b84667](https://snowtrace.io/address/0x5F05DC58Ee067C91a98eC025d5C332aF40B84667) | | `PNG - wBTC` | `Pangolin` | [0x1e544e0eedc7e44f506f2ae7d389e0b07289e3c1](https://snowtrace.io/address/0x1e544e0eEDC7E44F506f2ae7d389e0b07289e3C1) | | `PNG - LINK` | `Pangolin` | [0xc4960af75f321c7fb36b725afc6059727e2db457](https://snowtrace.io/address/0xC4960aF75F321C7FB36b725Afc6059727e2DB457) | | `PNG - USDT` | `Pangolin` | [0xe58961d4895f0e26309ca1f36d607c6a2a1556ff](https://snowtrace.io/address/0xE58961D4895f0e26309cA1F36D607c6a2a1556ff) | | `PNG - SUSHI` | `Pangolin` | [0xaf309db1bed322880a1edb8da426450e1c3be98e](https://snowtrace.io/address/0xaf309dB1BED322880a1EDb8da426450e1C3bE98e) | | `PNG - SUSHI.e` | `Pangolin` | [0xad3c7787ac474130c771676794fdede41e3a7f98](https://snowtrace.io/address/0xaD3C7787AC474130c771676794FdEde41e3a7f98) | | `PNG - DAI` | `Pangolin` | [0xef36cce5017471189030c84a218a6c60502d2248](https://snowtrace.io/address/0xEf36cCe5017471189030c84A218a6C60502d2248) | | `PNG - AAVE` | `Pangolin` | [0xf0c180fcbd9fafd541e8be1303cf8c72eda80399](https://snowtrace.io/address/0xF0c180fcbd9fAFd541e8be1303Cf8c72edA80399) | | `PNG - UNI` | `Pangolin` | [0xbcbce1fb679b9eba3c2e266232c86e06ab2e1e45](https://snowtrace.io/address/0xbcbCE1fb679B9eba3C2E266232c86E06ab2E1E45) | | `PNG - UNI.e` | `Pangolin` | [0x019c497191f8cd3c9579eb8b79db1b58a76d8314](https://snowtrace.io/address/0x019c497191f8CD3c9579Eb8b79Db1b58a76D8314) | | `PNG - YFI` | `Pangolin` | [0xbf23aafa5ba0bc81f798f190b1b632ecf3fd4709](https://snowtrace.io/address/0xBf23aafA5BA0bc81F798f190B1B632ecf3fD4709) | | `PNG - YFI.e` | `Pangolin` | [0x325136eb3d3095f56af02f421c2a0dd29e97046c](https://snowtrace.io/address/0x325136eB3d3095F56aF02F421c2a0dD29e97046C) | | `PNG - TRYB` | `Pangolin` | [0x5b0cd80fbad887a575bf309df11e1c2463215ecd](https://snowtrace.io/address/0x5b0CD80fBAd887A575bF309Df11E1c2463215eCd) | | `PNG - BNB` | `Pangolin` | [0xc2bdf4a26a2871043749491b6835a3cb7ace91ef](https://snowtrace.io/address/0xc2bdf4a26A2871043749491B6835A3cB7ACE91ef) | | `PNG - DYP` | `Pangolin` | [0x94b8eda49fd68db7031bea62b2fab029d5dbc075](https://snowtrace.io/address/0x94b8eDA49fd68Db7031BeA62B2FAb029D5Dbc075) | | `PNG - WALBT` | `Pangolin` | [0x147df495aadbf44ae9aa31ad1b75f9ccbfc753df](https://snowtrace.io/address/0x147DF495AaDbf44Ae9Aa31AD1b75F9CCbFC753dF) | | `PNG - TUSD` | `Pangolin` | [0xb5f62f8a5ded277c6b67f6179c6ea6b6e30f4644](https://snowtrace.io/address/0xB5f62f8A5DED277c6B67F6179c6Ea6b6E30f4644) | | `PNG - LYD` | `Pangolin` | [0x21791d9812d068a993b29fba74f734e785e4838f](https://snowtrace.io/address/0x21791D9812d068A993B29fbA74F734e785E4838f) | | `PNG - HUSKY` | `Pangolin` | [0x30971be910dc84f9621ff110bb2e09c761859253](https://snowtrace.io/address/0x30971be910Dc84f9621fF110Bb2E09c761859253) | | `PNG - GAJ` | `Pangolin` | [0xeb1e15bdc4339a3e5a4a6ab4a87e719022990716](https://snowtrace.io/address/0xeb1E15bdc4339a3e5a4A6AB4A87e719022990716) | | `PNG - GDL` | `Pangolin` | [0xe00d6d4158e5a2946ee3178eb3651d43196b12e8](https://snowtrace.io/address/0xE00d6D4158E5A2946Ee3178eb3651D43196b12e8) | | `PNG - AAVE.e` | `Pangolin` | [0xfd72d186ba9ac0f5f79f4370ba584b8bda2ae4dd](https://snowtrace.io/address/0xfd72D186ba9ac0f5f79f4370ba584B8Bda2ae4dd) | | `PNG - SHERPA` | `Pangolin` | [0xe52fd0cbc3e84520c39a383ee6df3c1a1776d5d8](https://snowtrace.io/address/0xe52fd0Cbc3e84520c39A383ee6Df3C1a1776d5D8) | | `PNG - ELE` | `Pangolin` | [0x15a6d23d2bf3a2aca33aadc2e1f597929d6d61c8](https://snowtrace.io/address/0x15A6D23d2bF3A2AcA33aadc2E1f597929D6d61C8) | | `PNG - USDC.e` | `Pangolin` | [0xdBc2432422E531577941a57cBb46895d654D7B1E](https://snowtrace.io/address/0xdBc2432422E531577941a57cBb46895d654D7B1E) | | `USDC.e - DAI.e` | `Pangolin` | [0x159a21281F27bC02f4c58c5F4c2368342e142F4c](https://snowtrace.io/address/0x159a21281F27bC02f4c58c5F4c2368342e142F4c) | | `USDC.e - USDT.e` | `Pangolin` | [0xFec4d31379C85bB096b9dBc8BA648fB3E17D6349](https://snowtrace.io/address/0xFec4d31379C85bB096b9dBc8BA648fB3E17D6349) | | `USDT.e - SKILL` | `Pangolin` | [0xdBc58A1150b837FB1aA73981988dE90e1C238Dbf](https://snowtrace.io/address/0xdBc58A1150b837FB1aA73981988dE90e1C238Dbf) | | `TUSD - DAI.e` | `Pangolin` | [0x2194B40bF9F7d3429E30fC7451cf422c1B3cdcC0](https://snowtrace.io/address/0x2194B40bF9F7d3429E30fC7451cf422c1B3cdcC0) | | `MIM - USDC.e` | `Pangolin` | [0x77631532f8c76e209A56D1826c61B5d981D6924a](https://snowtrace.io/address/0x77631532f8c76e209A56D1826c61B5d981D6924a) | | `UST - USDC` | `Pangolin` | [0x3973F31E4d7Ec0c709efC406b3e90339E7238602](https://snowtrace.io/address/0x3973F31E4d7Ec0c709efC406b3e90339E7238602) | | `DLAUNCH - UST` | `Pangolin` | [0x3fF53DcB9374CD7c73cf2F998ea61fDb1A287BD0](https://snowtrace.io/address/0x3fF53DcB9374CD7c73cf2F998ea61fDb1A287BD0) | | `WAVAX` | `BenQi` | [0xaBe28c3B53E8200C87aDb2b790d3594C3fcEf16d](https://snowtrace.io/address/0xaBe28c3B53E8200C87aDb2b790d3594C3fcEf16d) | | `QI` | `BenQi` | [0x0Ec726BF3FF6CBf58c9f300d86F5fAd149a52039](https://snowtrace.io/address/0x0Ec726BF3FF6CBf58c9f300d86F5fAd149a52039) | | `USDC.e` | `BenQi` | [0xe0d541537f78372DE01C54D1446C0827D542a28A](https://snowtrace.io/address/0xe0d541537f78372DE01C54D1446C0827D542a28A) | | `USDT.e` | `BenQi` | [0x4151e8F7026c7426FE560B8fb02b9B3bA8A86E0D](https://snowtrace.io/address/0x4151e8F7026c7426FE560B8fb02b9B3bA8A86E0D) | | `DAI.e` | `Aave` | [0x927a7796cDe80E8023AA83857da98f314fEF1bAB](https://snowtrace.io/address/0x927a7796cDe80E8023AA83857da98f314fEF1bAB) | | `USDC.e` | `Aave` | [0xb487eE73280ABAC7f7f7969A74Dba9cd58b99920](https://snowtrace.io/address/0xb487eE73280ABAC7f7f7969A74Dba9cd58b99920) | | `USDT.e` | `Aave` | [0x5c58073fe9ab3e9826709b44604179a138610282](https://snowtrace.io/address/0x5c58073fe9ab3e9826709b44604179a138610282) | | `WAVAX` | `Aave` | [0x96605320be018050F9f75423766FaE67D0Aee9Ce](https://snowtrace.io/address/0x96605320be018050F9f75423766FaE67D0Aee9Ce) | | `WBTC.e` | `Aave` | [0x40E0A1c9bb9390A9723b4c38c44b12bd81b6Ba76](https://snowtrace.io/address/0x40E0A1c9bb9390A9723b4c38c44b12bd81b6Ba76) | | `WETH.e` | `Aave` | [0xdfe21a36b447E4Bb1EB8655385f5fb9176C5d329](https://snowtrace.io/address/0xdfe21a36b447E4Bb1EB8655385f5fb9176C5d329) | | `DAI.e` | `Platypus` | [0xFAc93ba9623EC5239686b329E186C1F9B9f3C9B9](https://snowtrace.io/address/0xFAc93ba9623EC5239686b329E186C1F9B9f3C9B9) | | `USDC.e` | `Platypus` | [0xDB22761685E44b04f6C48984d79C4CDE72544579](https://snowtrace.io/address/0xDB22761685E44b04f6C48984d79C4CDE72544579) | | `USDT.e` | `Platypus` | [0xc30a42Ab7a9bD6889eFD2a4DDA83dA7839D99842](https://snowtrace.io/address/0xc30a42Ab7a9bD6889eFD2a4DDA83dA7839D99842) | ## StableVault Contracts | Name | Token | Swap | Gauge | | ---------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | | `s3D Pool` | [Token](https://snowtrace.io/address/0xdE1A11C331a0E45B9BA8FeE04D4B51A745f1e4A4) | [Swap](https://snowtrace.io/address/0x6B41E5c07F2d382B921DE5C34ce8E2057d84C042) | [Gauge](https://snowtrace.io/address/0x5994612ffffC31D6c05C4FBec4a17116676D5B22) | | `s3F Pool` | [Token](https://snowtrace.io/address/0xA42BE3dB9aff3aee48167b240bFEE5e1697e1281) | [Swap](https://snowtrace.io/address/0x05c5DB43dB72b6E73702EEB1e5b62A03a343732a) | [Gauge](https://snowtrace.io/address/0x472075680E16D34ABa24Ce9a6DDB59f27995906A) | | `s4D Pool` | [Token](https://snowtrace.io/address/0xB91124eCEF333f17354ADD2A8b944C76979fE3EC) | [Swap](https://snowtrace.io/address/0xA0bE4f05E37617138Ec212D4fB0cD2A8778a535F) | [Gauge](https://snowtrace.io/address/0xe517bab69A1A63A01C492d49E1d466385b1b1c0D) | # NFT Contracts | Name | Address | | -------------------------------- | --------------------------------------------------------------------------------------------------------------------- | | `Snowball Holiday Beanie` | [0x9fF1918d212c435AD1F1734E9C4DC2DB835161Af](https://snowtrace.io/address/0x9fF1918d212c435AD1F1734E9C4DC2DB835161Af) | | `Snow Ball Head` | [0x6a81866c94eFc097e75ABcbCddD3E8b63EbEBe93](https://snowtrace.io/address/0x6a81866c94eFc097e75ABcbCddD3E8b63EbEBe93) | | `Sherpa Cash - Climb to the Top` | [0x89A3e2B87ea5fCa3a68eAD5643F040A0F636A46b](https://snowtrace.io/address/0x89A3e2B87ea5fCa3a68eAD5643F040A0F636A46b) | | `Sasquatch Throwing Snowball` | [0x7B097A18738cA9Fd524384Dab74c57CB12DAC724](https://snowtrace.io/address/0x7B097A18738cA9Fd524384Dab74c57CB12DAC724) | | `Covid Relief in India` | [0xD928Ab4b54F7FD0498160Ee52AC0C92BbB9C9cb3](https://snowtrace.io/address/0xD928Ab4b54F7FD0498160Ee52AC0C92BbB9C9cb3) | | `Rolling Sasquatch - Laser Eyes` | [0xd66Df640A2f213B6e5087204cAee2b2145A1c1c9](https://snowtrace.io/address/0xd66Df640A2f213B6e5087204cAee2b2145A1c1c9) | | `Rolling Sasquatch - Pink` | [0x35F268DaC74f94785135aA134deDEf7e67Db8fe3](https://snowtrace.io/address/0x35F268DaC74f94785135aA134deDEf7e67Db8fe3) | | `Rolling Sasquatch - Purple` | [0xB954AE9a4374751CB3d578CfA3Db96e0E5881C00](https://snowtrace.io/address/0xB954AE9a4374751CB3d578CfA3Db96e0E5881C00) | | `Rolling Sasquatch - Orange` | [0xD65e006644D417Af6A9385182C21733762b94E83](https://snowtrace.io/address/0xD65e006644D417Af6A9385182C21733762b94E83) | | `Rolling Sasquatch - Blue` | [0xae88bE7d3fE6545C688b640B427aF4bAb90e2638](https://snowtrace.io/address/0xae88bE7d3fE6545C688b640B427aF4bAb90e2638) | | `Rolling Sasquatch - Green` | [0x5edd9bC699B6A613875E6760B4978d14d6EB3899](https://snowtrace.io/address/0x5edd9bC699B6A613875E6760B4978d14d6EB3899) | # Audits & Timelocks ## **Smart Contract Audits** Snowball originated as a fork of Pickle Finance and Saddle Finance, both of which have been thoroughly audited. Their audits can be found [**here**](https://github.com/pickle-finance/protocol/tree/master/audits) and [**here**](https://github.com/saddle-finance/saddle-audits), respectively. Protocol-wide Snowball audits are under way and will be published soon. ## Timelocks All Snowball contracts have a 24 hour timelock for any upgrades, updates or changes. Furthermore, all key admin functions on contracts, including any SNOB token emissions, are also subjected to a 24 hour timelock. # Multisigs To further increase the decentralization of the Snowball protocol, we have implemented 3 separate [***multisig***](/resources/defi-glossary#multisig) contracts. They are the following: ## Treasury Multisig This contract is owned and controlled by on-chain governance and our Council. It is the owner of almost all other Snowball smart contracts. **Treasury Address:** [**0x294aB3200ef36200db84C4128b7f1b4eec71E38a**](https://snowtrace.io/address/0x294aB3200ef36200db84C4128b7f1b4eec71E38a) | Signer | Address | | -------------- | --------------------------------------------------------------------------------------------------------------------- | | **Governance** | [0xfdCcf6D49A29f435E509DFFAAFDecB0ADD93f8C0](https://snowtrace.io/address/0xfdCcf6D49A29f435E509DFFAAFDecB0ADD93f8C0) | | **Council** | [0x028933a66DD0cCC239a3d5c2243b2d96672f11F5](https://snowtrace.io/address/0x028933a66DD0cCC239a3d5c2243b2d96672f11F5) | ## Council Multisig This contract is owned and controlled by a small group of trusted Snowball community members. It is the owner of any incoming revenue and is a signer to the Treasury multisig contract. **Council Address:** [**0x028933a66DD0cCC239a3d5c2243b2d96672f11F5**](https://snowtrace.io/address/0x028933a66DD0cCC239a3d5c2243b2d96672f11F5) | Signer | Address | | ---------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | | [**Big Wampa**](https://twitter.com/big_wampa) | [0xDFCCF13C19BfC6eD87FA238FF92236f86baA3F4a](https://snowtrace.io/address/0xDFCCF13C19BfC6eD87FA238FF92236f86baA3F4a) | | [**Leo**](https://twitter.com/Best_coder_NA) | [0x3B7631F8E3428dEaB77634BF799b622ce412e9Ea](https://snowtrace.io/address/0x3B7631F8E3428dEaB77634BF799b622ce412e9Ea) | | [**Brandon**](https://github.com/bmino) | [0xFd7b8597cF8eE5317439B0B5C55a111F6Eec449D](https://snowtrace.io/address/0xFd7b8597cF8eE5317439B0B5C55a111F6Eec449D) | | [**Bloomie**](https://twitter.com/BloomieBTC) | [0xA60c6091F06925DBd8344634806918D207d5F5c1](https://snowtrace.io/address/0xA60c6091F06925DBd8344634806918D207d5F5c1) | | [**Jonas**](https://twitter.com/cyberjenos) | [0xC99Ee029ebaeaf473eF69Aef6633489d9aE53385](https://snowtrace.io/address/0xC99Ee029ebaeaf473eF69Aef6633489d9aE53385) | | [**Jomari**](https://twitter.com/Jomari_P) | [0xF5f08Ba7F46e2a86b5ef3BFD56c2097C9f4276D7](https://snowtrace.io/address/0xF5f08Ba7F46e2a86b5ef3BFD56c2097C9f4276D7) | ## Payroll Multisig This contract is owned and controlled by the founders of Snowball and is used for sending payments to other members of the Snowball team. **Payroll Address:** [**0x05faF04e3416e40Af70ecA1deEfe2E8B6feC3703**](https://snowtrace.io/address/0x05faF04e3416e40Af70ecA1deEfe2E8B6feC3703) | Signer | Address | | ------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | | [**Big Wampa**](https://twitter.com/big_wampa) | [0xdbc195a0ED72c0B059f8906e97a90636d2B6409F](https://snowtrace.io/address/0xdbc195a0ED72c0B059f8906e97a90636d2B6409F) | | [**Abominable Sasquatch**](https://twitter.com/abominablesas) | [0x6f6fA54d4c680Aa40077608592d59Dc1A306Baf6](https://snowtrace.io/address/0x6f6fA54d4c680Aa40077608592d59Dc1A306Baf6) | | [**8-Bit Giraffe**](https://twitter.com/8bitgiraffe_) | [0x12e63004E314313607797e702C24491507329886](https://snowtrace.io/address/0x12e63004E314313607797e702C24491507329886) |