Hey there, we talked earlier about staking Snow on the website https://snowswap.org/ but we didn’t talk about what really snow does, so here it is one of the best services there Eth 2 Swaps… i consider myself a super dummy and will explain in super super easy stuff (if you are here, you need that :) JK, or No :))
So basically Ethereum is Hooooot :) no, no, wait, not that fast. let’s restart.
What is DEFI? decentralized finance! That’s it. The idea is: Bob has 500$ goes to the bank deposit and get some interest, Bob is Rekt, because interest is very very low. Bob is a super dummy gets into crypto buys some stable coins (Dai,USDC…) put them in a crypto bank( yearn.finance…) , gets some better interest. So far that’s goood, this is like layer 0 of DEFI.
Now Bob gets smarter, he knows that there is interest in buying a great asset called ETHEREUM, this asset has the special capacity of staking (it is put somewhere to securize something, nevermind), when you stake your ETH, you get some great interest, actually:9% . But it needs a minimum of 32 ETH (loooooot of money) check that https://launchpad.ethereum.org/
Some services provide collective staking and gives you: vETH2 by Sharedstake, aETH by ANKR, CRETH2 by CREAM, wETH . So you give Eth and get a token representative of your contribution. Now what, get those interest and keep our xEth Idle, No No NO, DEFI people are genious, so SnowSwap incentivise you by giving you snow for 2 thing:
- Deposit your staked ETH (in any of the services above)
- Deposit liquidity tokens in uniswap
So why are they giving you snow for that, there is a merit, first you create liquidity in those pairs, and then there is possibility to switch between those wrapped Eth2
So that’s it, All this is possible here.
Yeah another thing: When you get those Snow for staking wrapped Eth 2, stake them and get more Snow, a pure lovely compounding effect, check the APY below:
If you are here, congratulations, you are about to make money :)
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