Further Expansion on Avalanche: Orbs Goes Live on Snowball!

Olga Chef
Olga Chef

|

2 months ago

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We’re pleased to announce that Orbs is now available on Snowball Finance - a yield optimizer and a new AMM DEX running on the Avalanche Network.

Snowball is a DeFi protocol running on Avalanche blockchain. It has launched alongside other leading financial protocols on the Avalanche Network. The protocol benefits from yield farming on Pangolin and affordable gas fees on Avalanche. The Snowball protocol builds upon the work of Pickle Finance from the Ethereum Mainnet.

Snowball allows users to automatically compound PNG rewards several times a day.

Well, what is auto compounding?

Auto compounding is one of Snowball’s services, which allows users to earn 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.

So, how does auto compounding work?

Deposit your liquidity provider (LP) tokens into the SnowGlobe. After making the deposit, you will receive S tokens, equivalent to the token pair you deposited. The rewards you receive as a liquidity provider (LP) are redeposited into the same pool as your original deposit. Snowball takes a 10% fee of the rewards you receive as a LP. Compounding takes place several times a day, depending on the pool size. Snob tokens received from depositing your S tokens into IceQueen are not compounded.

Here’s How Compound & Earn Looks for AVAX-ORBS:

snowball

Steps to Compound & Earn

  1. First, you should click Compound & Earn and choose your preferred pair, then click Get PGL (Get Token). After, you will be directed to the website where you will add liquidity for the selected pair, for instance, the ORBS-AVAX pair.

snowball

  1. Then, connect the wallet with the website address.
  2. Enter the supplying amount and click “supply” to confirm your transaction.
  3. Go back to Compound & Earn, find the same pool and click Deposit.
  4. Enter the depositing amount, then Approve the transaction in the Coin98 Extension Wallet. You will be asked twice.
  5. Click Deposit, then confirm the transaction.

How to Calculate APR and APY

Calculate APR, using the same logic as illustrated here:

It takes the price of the two tokens in a pair, price of PNG, and PNG emissions rates from Pangolin Exchange into factor.

For APY you can use the standard formula A = P(1 + r/n)nt. You can check it here.

The Avalanche ecosystem keeps rapidly exploding and breaking its own records, being one of the fastest growing Layer-1 chains with astonishing TVL!

In previous blogs we stated that Avalanche is the next avenue for the expansion of Orbs’ ecosystem and the launch on Snowball is the latest step forward.

Please Note

Use of Snowball Finance, the Snowglobe, Pangolin, the Avalanche blockchain and the other platforms and services described above carries significant risk. Digital assets and decentralized finance products are, by their nature, highly risky, experimental and volatile. Such platforms and services may be subject to security and economic risks and exploits and transactions may be irreversible, final and without refunds. Such use carries risk of substantial losses.

Any use of any platform, application and/or services described above is at your own risk and you are solely responsible for all transaction decisions. You should do your own research and independently review any third-party services and platforms and any applicable information terms, conditions or policies applicable to such platforms and services.

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