SnowSwap CrvETH Pool Launch
SnowSwap launches crvethSNOW MetaPool today at May 26, 14:00 UTC & also organises Snowswap Community AMA with 100 SNOW giveaway, May 27.
The SnowSwap crvethSNOW pool acts as a meta-pool, allowing one to swap between curve.fi’s Eth 2.0 pools with wEth more efficiently and cheaper. The difference in APYs between Curve ETH LP tokens is a variable rate that changes based on the number of rewards that Curve’s DAO allocates to each pool periodically + total liquidity in the pool.
The crvethSNOW pool:
- Provides a service of swapping between Curve’s ETH pools when the interest rates of these pools change and users want to migrate to a pool with higher APY
- Lets users deposit in/withdraw from the Curve’s ETH pools just by swapping wETH with the Curve pools’ LP tokens: crvsETH, crvStETH, crvAnkrETH (ultimately removing the need to wrap and unwrap tokens several times).
SnowSwap users can also diversify their yield by acting as LPs, staking their Curve ETH assets in SnowSwap pools to earn SNOW, the SnowSwap governance token.
First, deposit wETH, crvSETH, crvStETH, and/or crvAnkrETH into the crvethSNOW pool.
Upon successful deposit, you will receive the crvethSNOW token, which can then be staked into the Night King’s pool separately. Or, you can deposit and stake at the same time by clicking the green button (recommended).
After staking the crvethSNOW token you will start to receive SNOW tokens. 60 SNOW will be distributed daily across all the liquidity providers in the Night King’s pool based on each individual’s percentage of ownership of the assets in the pool.
Snowswap will host a community AMA : 26/05/2021 @ 12:00 UTC on Discord in the #AMA channel.
They are also hosting a 100 SNOW giveaway.
What is SnowSwap?
SnowSwap lets you swap yield-farming tokens from the top DeFi Projects and maximize your APY by adding an additional layer of yield.
Their goal is to allow yield farmers to more easily switch into the highest yielding token at any time, avoiding withdrawal fees and high gas costs from withdrawing, unwrapping, and depositing into other products.
Currently, SnowSwap provides a DEX (decentralized exchange) featuring multiple liquidity pools for swapping between yield farming assets of similar worth — namely, yield-bearing stablecoins (in conjunction with other platforms such as yEarn, Curve, and recently Harvest), and different flavors of wrapped tokens (such as yield generating wrapped Bitcoin and different flavors of wrapped ETH tokens).
Additionally, users may provide liquidity to these pools (i.e. liquidity mining) and in return receive rewards paid in SNOW tokens. Please see our users guide for additional information.
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