Snowball Now Supports Compounding And Folding Strategies For Banker Joe

Snowball now supports compounding and folding strategies for Banker Joe’s new lending services.

The following tokens can be deposited into Snowball for Banker Joe to maximize your returns: ETH.e, wBTC.e, LINK.e, USDC.e DAI.e, and USDT.e.

Snowball’s Strategy

Here’s how they work:

  1. Deposit your tokens on Snowball. Snowball automatically lends them out on Banker Joe for you.
  2. Snowball then uses the tokens it supplies as collateral to borrow more of the same tokens.
  3. The new borrowed tokens are lent out again to maximize the deposited amount. This process is repeated up to a level that is deemed “safe.”
  4. The rewards received from Banker Joe (JOE and soon AVAX) are sold for more of the underlying tokens deposited. This causes your initial deposit to grow.

Based on Banker Joe’s collateral factors, we’ve created strategies that borrow up to a maximum level. This level is different for each token and can be seen below:

About Banker Joe

Banker Joe allows depositors to lend out assets to borrowers and provides incentives for people deposited. These incentives are compounded in Snowball’s strategies and currently include JOE rewards. In the future, Banker Joe will also reward depositors with AVAX rewards from Avalanche Rush.

About Snowball

Source:
https://medium.com/snowball-finance/banker-joe-lending-strategies-on-snowball-b4b577dab568

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