How To Use Snowball - A Step-By-Step Guide

Since launching the $180M DeFi incentive program AvalancheRush, the Avalanche ecosystem has been rapidly growing to break its record. As a result, in 2021, the AVAX token has been performing amazingly in an unstoppable bullish state. On the basis of excellent technology, Snowball is a new AMM DEX running on the Avalanche blockchain. 

What is Snowball?

Snowball is a DeFi protocol running on the Avalanche blockchain. Taking advantage of Avalanche blockchain technologies, Snowball is considered competitive compared to other similar projects on other blockchain platforms.

Compounding - SnowGlobes is one of Snowball’s DeFi services, which basically allows users to earn more rewards by reinvesting the rewards in pools. Snowball’s yield farm pools are optimized for Pangolin, Trader Joe, BENQI where users come to compound their token rewards.

Furthermore, StableVault is a key product of Snowball for trading stablecoins with near-zero fees and low slippage. Besides, users can stake their SNOB tokens to earn xSNOB and participate in governance voting. To follow the 2021 trend, an NFT shop was launched to meet the demand for exclusive collectibles.

Preparation for trading on Snowball

What are the prerequisites for trading on Snowball?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download at: https://coin98.com/wallet

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension Wallet: Follow these steps to install the Coin98 Extension Wallet on Chrome:

Step 1: Find and select the Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification will be displayed on the screen; please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. This dropdown will show you the Coin98 Extension Wallet is installed and enabled in Chrome

Create an Avalanche Wallet on Coin98 Wallet

Users can create an AVAX-C-ARC20 wallet or import an existing wallet from another platform into Coin98 Wallet.

Since Snowball is built on Avalanche, users need to create or import an Avalanche Wallet to use Snowball’s services. 

Remember to transfer AVAX (C-Chain) tokens to the AVAX-C-ARC20 wallet before trading. 

Preparing AVAX (C-Chain) for the gas fee

Because Snowball is running on Avalanche, it uses AVAX (C-Chain) for gas fees. Therefore, to trade on Snowball, users must have AVAX (C-Chain) in their Avalanche wallets. You can buy AVAX on CEXs such as Binance and Coinbase then send it to Coin98 Wallet.

Snowball’s Compound & Earn is an auto-compound product that allows you to reinvest the rewards from other projects such as Pangolin and Trader Joe to earn more profits. However, Snowball takes 10% on all generated profits when compounding.

How to use Snowball with the Coin98 Extension Wallet

Connecting the Coin98 Extension Wallet to Snowball

This is the Snowball exchange's user-oriented interface for users, which is designed in the winter snow theme. It is much faster to get used to the Snowball platform on Avalanche.

Step 1: Go to Snowball.

Step 2: Click Connect in the top right corner of the screen. 

Step 3: Click Metamask to connect to the Metamask, or the Coin98 Extension Wallet will be used in this article.

Enter the password to log in to the Coin98 Extension Wallet; then click Connect and start trading. 

Open the Coin98 Extension Wallet, click Web3 Priority to switch between blockchains (in this case we will use Avalanche C-Chain to connect to Snowball).

If your Wallet Address is displayed, you’re ready to use Snow’s products.

Trade stablecoins

StableVault is specially designed to trade stablecoins with an AMM to get better exchange rates than the traditional market.

Step 1: Click StableVault and choose s4D Vault at the right panel. s4D Vault is a 4 token pool between DAI.e, FRAX, TUSD, and USDT.e 

Note: s3D Vault and s3F Vault are deprecated.

Step 2:  Choose a token pair to trade, in this case, TUSD tokens will be converted to USDT.e. Then insert the trading amount. You can adjust the preferred Max Slippage.

Step 3: Double-check the information and click Swap to conduct the transaction.

Step 4: Then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction.

Add Liquidity 

When providing liquidity into StableVault, you will receive a portion of the trading fees and s4D  receipt tokens representing your deposit in the StableVault. In addition, you can earn more SNOB rewards by depositing receipt tokens into the Compound & Earn.

To start adding liquidity, follow these steps:

Step 1: Click Liquidity and enter the providing amount.

Step 2: You can deposit any combination of tokens. That means in the DAI.e, FRAX, TUSD, and USDT.e pool you can deposit one token or all four tokens. When doing so, you will receive s4D receipt tokens representing your share in the pool

Step 3: Click Add Liquidity when you’re done checking your information. Then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

To check the provided liquidity, go to My Share.

Compound

Snowball’s Compound & Earn is an auto-compound product that allows you to reinvest the rewards from other projects such as Pangolin and Trader Joe to earn more profits. However, Snowball takes 10% on all generated profits when compounding, which is a win-win game.

Step 1: Click Compound & Earn and select the preferred pair, then click Get PGL (or Get Token). After that, you will be directed to the website where you will add liquidity for the chosen pair, for example, the PGN-AVAX pair.

Step 2: Click Connect to pair the Coin98 Extension Wallet with the website.

Step 3: Enter the supplying amount, then click Supply to confirm your transaction.

Step 4: Go back to Compound & Earn, find the same pool and click Deposit.

Step 5: Enter the depositing amount, then Approve the transaction in the Coin98 Extension Wallet. You will be asked twice.

Step 6: Click Deposit, then confirm the transaction in the Coin98 Extension Wallet twice. Every time you successfully confirm the transaction, the page will refresh. 

You have successfully deposited your tokens in Compound & Earn. And you can WITHDRAW and CLAIM your SNOB rewards.

Staking

Anyone with xSNOB tokens can vote on proposals and changes on Snowball. Every xSNOB equals one vote. When staking SNOB tokens for a period of time, users can earn xSNOB rewards.

Step 1: Click Staking, then enter your staking amount.

Step 2: Select the lock period. The longer you stake, the larger amount of xSNOB you will receive.

Each wallet can only stake SNOB for a single period of time. To stake different amounts of SNOB for different periods of time, you must use multiple wallets.

Step 3: Click Approve And Create Lock, then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

How to use Snowball on the Coin98 Wallet dApp browser

Open the Coin98 Mobile Wallet. Select Browser and search Snowball.

If your Wallet Address is displayed like the picture above, you’ve successfully connected to Snowball and are ready to trade.

Trade stablecoins

Step 1: Click StableVault and choose s4D Vault at the right panel. s4D Vault is a 4 token pool between DAI.e, FRAX, TUSD, and USDT.e 

Note: s3D Vault and s3F Vault are deprecated.

Step 2:  Choose a token pair to trade, for example, DAI.e tokens will be converted to FRAX. Then insert the trading amount. You can adjust the preferred Max Slippage.

Step 3: Double-check the information and click Swap to conduct the transaction.

Step 4: Then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction.

Add liquidity 

To start adding liquidity, follow these steps:

Step 1: Click Liquidity and enter the providing amount.

Step 2: You can deposit any combination of tokens. That means in the DAI.e, FRAX, TUSD, and USDT.e pool you can deposit one token or all four tokens. When doing so, you will receive s4D receipt tokens representing your share in the pool

Step 3: Click Add Liquidity when you’re done checking your information. Then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

Compound

Step 1: Click Compound & Earn and select the preferred pair, then click Get PGL (or Get Token). After that, you will be directed to the website where you will add liquidity for the chosen pair, for example, the PGN-AVAX pair.

Step 2: Enter the liquidity amount, then click Supply to confirm your transaction.

Step 3: Go back to Compound & Earn, find the same pool and click Deposit.

Step 4: Enter the depositing amount, then Approve the transaction in the Coin98 Extension Wallet. You will be asked twice. 

Step 5: Click Deposit, then confirm the transaction in the Coin98 Extension Wallet twice. Every time you successfully confirm the transaction, the page will refresh. 

You have successfully deposited your tokens in Compound & Earn. And you can WITHDRAW and CLAIM your SNOB rewards.

Staking

Step 1: Click Staking, then enter your staking amount.

Step 2: Select the lock period. The longer you stake, the larger amount of xSNOB you will receive.

Each wallet can only stake SNOB for a single period of time. To stake different amounts of SNOB for different periods of time, you must use multiple wallets.

Step 3: Click Approve And Create Lock then click Confirm on the pop-up window of the Coin98 Extension Wallet to approve the transaction. 

FAQ about Snowball

Is Snowball safe?

Snowball’s products are originally forked from other existing products that are audited. All Snowball’s lines of code are published on GitHub. As a result, it is considered safe but Snowball recommends that users need to be cautious with unaudited new code.

Other Snowball products?

Along with DeFi services, Snowball provides users with the latest trend: an NFT Shop. It’s the place where users keep their winter collectibles and trade to make profits from NFT products. 

However, most NFTs are built on the Ethereum blockchain; therefore, users need to connect the Ethereum Wallet to participate in the Snowball NFT Shop.

What is the SNOB token?

The article on Coin98 Insights’ website can be found here: SNOB Token Explanation

Where is the official documentation of Snowball?

All related documents can be found here: https://snowballs.gitbook.io/snowball-docs/

Where to buy tokens?

Users can buy Snowball (SNOB) tokens on Coin98 Exchange and DEXs built on Avalanche such as Pangolin and Trader Joe.

Conclusion

Awesome! You have walked through the tutorial on how to use Snowball. I hope it’s helped you know how to use the Snowball platform and explore it further by yourself.

If there are any questions, please feel free to comment here or join Coin98 Community for further discussions about Crypto.