OpenSwap Bridge Founder #2 Snowball ($SNOB)
We are happy to have Snowball as our second partner to join the OpenSwap Bridge Founders Program!
More info about our Bridge Founder Program can be found here.
Snowball Earn is one of the OG protocol on Avalanche, specializing in auto-compounding for other projects’ farming pools such as Trader Joe, Pangolin, BENQI, and Platypus, etc.
At the time of this announcement, Snowball has more than 23.1 million TVL, helping farmers to snowball their returns and earn more yield every day.
The Benefits of Snowball and OpenSwap
During OpenSwap Bridge’s testnet phase, we would be including SNOB tokens for users to swap, exposing their project to our testnet users. Meanwhile, Snowball Earn’s users can also try out this brand new cross-chain swapping solution that OpenSwap offers.
Enablement of buying SNOB with USDT on BSC and ETH
One of the unique features the OpenSwap Bridge offers is that it allows users from different chains to purchase a token. As an example, if users from a different chain, like BSC, want to purchase SNOB, they would need to convert and bridge their tokens to Avalanche for gas and to swap for SNOB tokens. With the OpenSwap Bridge, users can simply use the stablecoin (in this case USDT) they have available, and our routers along with the Trolls will be able to deliver SNOB tokens directly to the users. Any-to-any swap is also one of the features that will be implemented soon, making it even more convenient for users.
What this means for the Snowball Community upon OpenSwap Bridge Mainnet Release
First, the aforementioned enablement of cross-chain swap will be available on the mainnet. With OpenSwap’s cross-chain bridge and hybrid smart router integration, SNOB tokens would be exposed to liquidity from all other chains we support.
If Snowball decides to go cross-chain with the SNOB tokens, our project vaults can also serve as middlemen for SNOB holders, helping them to bridge their SNOB tokens back and forth between different chains.
Quick Guide for our friends at Snowball
- Adding the network to Metamask
Simply click the network button on the top bar and select a network, a prompt will pop up on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Avalanche Fuji C-Chain testnet so that no real funds are used.
Currently, our bridge supports Kovan (ETH testnet), BSC Testnet and Avalanche FUJI C-Chain (AVAX testnet). Other wallets might not be supported as of this moment so Metamask is recommended for trial.
2. Getting testnet tokens
Simply go to these sites and get testnet tokens. We recommend getting some testnet BNB to get started. You will also need these tokens for gas fees later on.
3. Purchase USDT.e on Avalanche from the Pegged Queue option
4. Select “BSC” as the Source chain and “AVAX” as the Destination Chain
5. Select SNOB token from the destination chain token list
6. Approve and confirm the transaction
7. Review the Record
About Snowball Venture Studio
Snowball Venture Studio is a community-run DAO whose mission is to spur innovation in the DeFi ecosystem by providing resources and support to new projects and teams. Snowball Venture Studio has already launched or is supporting Snowball Earn, Snowball DeFi University, Axial, Teddy, Lava, and FiHub.
If your DeFi startup is looking for assistance with engineering, design, branding, marketing, or strategy, we would love to speak with you.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.