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SnowSwap, a new Automated Market Maker (AMM) that is built around the concept of swaps for yield-baring LP tokens, is seeing increasing interest from the crypto-community after it launched the service in mid-Jan. 2021.
- Based on the Curve (CRV) AMM, SnowSwap’s eth2SNOW pool is designed to incentivize the adoption of eth2
- Additionally, the team states that users will receive higher yields by limiting costs to swap fees
- The protocol’s first pools are the yVault USD (yDAI, yUSDC, yUSDT, yTUSD) and yVault Curve (yUSD, ybCRV) pools; the 1inch exchange has already integrated these
- Supported assets for the eth2SNOW pool include vETH2, aETH by ANKR, CRETH2 by CREAM, and WETH
- Users will receive ySNOW, ycrvSNOW, btcSNOW, eth2SNOW for providing liquidity to those pools, which can subsequently staked to earn additional yield in the form of the SNOW governance token
- The SNOW token was listed on Gate.io on Jan. 27, and is also available on Uniswap (UNI)
- With its smart contracts having been reviewed by Quantstamp, the team will now focus on establishing partnerships and facilitating decentralized governance through the SNOW DAO
