SNOWSWAP – Andre’s 4th Key for the Year Ecosystem – Connecting the dots

Part 1:
>twitter.com/AndreCronjeTech/status/1335846595858980867
'Andre Cronje
@AndreCronjeTech
4 new releases under audit

1. Pickle (DILL boosts)
2. Cream (v2 protocol lending)
3. Cover (v1.1 perps)
4. ... (Snowswap??)

Waiting for the feedback loop is painful. Feels like "wasted" time, you can't start on new work, and you can't release yet. Very annoying "limbo" state.
5:20 PM · Dec 7, 2020·Twitter Web App'

Look at this image I above
Just look at their main page, all yXXX:
>snowswap.org/iearn
Then scroll down to the bottom of the page on stamps website:
>quantstamp.com/
Why the fuck does a quantstamp audit matter? Just LOOK at who they have audited at the bottom of their website. To get an audit from stamp it’s a serious waitlist OR… you have connections.
here is SNOWSWAP dext:
>dextools.io/app/uniswap/pair-explorer/0xe4f8f3cb9b33247789e4984a457bb69a1a621df3

Attached: Snowswap1-stampandbtcpools.jpg (720x1280, 85.01K)

Part 2:
AND yearn posted about SNOWSWAP in their blogpost:
>yearn.substack.com/p/yearn-finance-newsletter-3
>The following text is from the YEARN newsletter they posted on the 21st of September
‘SnowSwap has launched this week and is offering a new platform where users can swap between various Yearn yVault tokens. Yearn currently has yVaults for four major stablecoins: DAI, USDC, TUSD, and USDT. Users can deposit these stablecoins in their respective vaults, which will be used to yield farm based on current opportunities in the market. Profits from these activities are used to buy more of the underlying stablecoin (e.g., yDAI vault buys more DAI). However, withdrawals from yVaults result in a 0.5% fee, and there is no large, liquid secondary market to trade between these tokens. SnowSwap is creating a secondary market where users can swap between yVault tokens without exiting the vault and incurring withdrawal fees. As of September 20th, only trades between yDAI, yUSDC, yUSDT, and yTUSD vault tokens can be made, but support for the yUSD token is planned in the near future.

Curve has proposed a new pool that will facilitate seamless trading between yVault tokens (yDAI, yUSDC, yUSDT, yTUSD) in response to the SnowSwap launch. We will be monitoring the progress of this proposal.’

Attached: Snowswap2-yXXXpools.png (637x498, 41.14K)

Part 3:
Why the fuck would yearn even bother with this project? Isn’t the team user?
>Yes they are
The fact they have gone to the effort to pay for the quantstamp audit OUT OF POCKET themselves is pretty darn good proof that they’re serious about this project, as it’s not cheap.
>So what, it’s just an audit.
But wait… there’s more.
They said they’re going to have a ‘major brand’ push after the audit results – now read over Andre’s tweet again.
Although this isn’t crazy evidence, the things begin to connect.
>What other incentive is there for Yearn to take this project onboard?
Let’s look at exactly why SNOW would be of interest.
Here’s an in depth medum about snowswap and their tokenomics as of now:
> medium.com/snowswap/f-k-making-it-rain-were-making-it-snow-e60b64ad1292

Attached: snowswap3-Auditandmajorbrandpush.jpg (1280x320, 30.62K)

Part 4:
But that doesn’t cover the exact points we’re wanting to look for. What does cover snowswap in whole is this dexplain review:
> dexplain.com/what-is-snowswap-liquidity-for-yearn-usd-vaults/
Here’s a quick outline of why snowswap would be useful:
>'Pools for yVault stablecoins… By creating liquidity pools for yUSD tokens, SnowSwap solves these problems. The platform is designed to offer low slippage swaps, meaning that when a user does want to exit a vault they could swap into the vault with a large reserve (to avoid paying withdrawal fees).'
So, how much are the withdraw fees then if this whole project is necessary?
>'Exiting yVault positions can be costly as well. Withdrawing stablecoins from vaults incurs a 0.5% withdrawal fee, and can incur additional fees in the form of high gas costs if the requested funds need to be withdrawn from the strategy contract. These gas costs can sometimes be hundreds of dollars, depending on gas prices.'

Scenario: Image you have $1mUSD in the yVAULTs and you wish to jump between pools. To just withdraw $1mUSD and put into another yVAULT would cause an immediate 0.5% fee, which would be $5000 usd JUST for withdrawing – not including gas prices. Snowswap bypasses this and allows for easy interaction as you can see on their website and in image 2.

Attached: snowswap4-poolsabdcomparisons.png (902x552, 390K)

Part 5:
This part will just be an info dump from sauces on snowswap, skip to part 6 for the next actual connection that strengthens the case.
>reddit.com/r/Snowswap/comments/iwsc3l/introduction_snowswap/
‘SnowSwap is designed for low slippage stablecoin swaps and is based on Curve’s AMM. By creating pools for yVault stablecoins, traders can easily swap between different vaults without paying withdrawal fees and can exit positions cheaply by swapping into vaults with sufficiently large token reserves and then withdrawing. SnowSwap users can also diversify their yield across multiple stablecoin vaults by acting as LPs, and can also earn additional yield in the form of trading fees, which will initially be set at 0.04% per swap.'
>-
'The first pool will support yVault USDC, DAI, USDT, and TUSD. The second pool will support yUSD and ycrvBUSD. Vanilla stablecoins can be deposited via a zap contract and the corresponding yVault token will automatically be minted and supplied to the pool. Upon successful deposits, LPs will receive the ySNOW token, which will increase in value against the underlying pool tokens as AMM fees accrue to the pool.'
>app.debank.com/projects/snowswap
'SnowSwap is an AMM DEX forked from Curve that provides swapping yield bearing stablecoins.
SnowSwap aims to minimize steps, exit fees for stablecoins and meta-asset swaps, especially for yield bearing Yearn Finance assets.
SnowSwap lets you trade between Yearn vaults directly, saving users a lot of headache, cost, and time. fToken swaps is planned as well.
SNOW is the native governance token that can be farmed through liquidity mining.
There's no public audit report found so far (coming). The code is based on Cruves AMM and Ampleforth's Geyser Contracts.'

Attached: snowswap5-moreinfo.jpg (1280x830, 94.04K)

Part 6:
There was an ama 4th of December, the medium round up can be found here:
> medium.com/snowswap/snowswap-ama-with-lead-developer-snow-king-add25c66c31d
I got 2 key Q&A from the AMA, both question 1 and 2 that I found interesting are in the image attached.
Number 1. Answer:
>Another great question. We are looking into lowering the barrier to entry via some sort of fiat on-ramp but this will most likely be done through a strategic partner as there are extensive KYC/AML and licensing requirements that come with being a fiat onramp. (definitely not something we could do in-house as an user project)
HMMMMM. This is extremely exciting… You’re going to find why in part 7.
Number 2. Answer:
>There are some upcoming partnerships but I don’t want to speak about anything that is not confirmed as I don’t want to encourage speculation on rumors. ^this is not financial advice
I know, I know, they say they don’t want speculation. How can you NOT speculate when Andre is teasing? This just ties in even more with part 3’s image.

Attached: snowswap6-1.png (1173x723, 316.71K)

Part 7:
This is juicy, Oh so juicy. Here, I’ll show you why:
>Snowball.money
Just go have a look at that for me and come back to this. I’ll wait (Seriously, look at it. It’s essential for further discussions).
>’The first mobile platform for extremely simple & efficient yield farming. Gain access to high-yield stablecoin vaults and generate interest in real-time via DeFi.’
Huh… what vaults would they be gaining access to? They can actually invest straight from their bank into a vault within the app. Wonder who makes this really easy and has a ‘zap’ feature on their website to actually turn the stable pairs into yXXX pairs to put into the vaults? Oh yeah, that’s right. Snowswap.
>How do we know they’re even related?
Oh user… that’s so easy. Just look at the image from part 4, what’s the snowswap icon there and what about the icon for ‘buy now’ on snowswap, top right? Now look at snowball.money and snowswap.org and visit their mediums – same icon. Look at the DAMN BROWSER ICONS – SAME ICON.
Here’s there fund raising for snowball.money:
>republic.co/snowball-money

Attached: snowswap7-snowball.money.jpg (1280x687, 58.65K)

Part 8:
So, do they have a relationship?
>Apparently friends with benefits
‘DeFi_Jack Frost03-10-2020
also are you guys the same people behind snowball.money? just wondering
@Monstar friends with benefits’
>Another bit of text:
‘Kakarot15-10-2020
@themostgreg I’ve asked about it on here and on Twitter. Both times they admitted that they are in a relationship with each other lol. Is snowball a good thing though?’
>And another:
! THIS IS WHAT MAY MAKE ANDRE SO INTERESTED IN ADDING SNOWSWAP INTO THE YEARN ECOSYSTEM !:
zai | snow $1k09-10-2020
> snowball will funnel normie money into snowswap pools. normies will be super happy to get any kind of APY, so very cheap source of liquidity for us. hopefully don't even need to give them any SNOW. but that still wouldn't generate any fees for token holders. so we are back to square 1 - need to use this liquidity productively.
The last bit is a fair point, but I’m sure there will be a work around for this.

Attached: snowswap8-snowball.png (1255x1099, 866.13K)

Part 9:
Oh yeah – Snowball has a WORKING APP and NON-user team:
>snowball.money/team
Someone raised a good point aswell before during this research.
>so the team chose to remain annon because they're already on snowball?
This could be a major possibility, but SURELY with these connections CLEAR AS DAY – There is no way they would get away with ‘Rug pulling’ or ‘Scamming’ because they’re ‘user’. They would be VERY well known by the team at Snowball.money IF they aren’t the exact same team (Running something like SNOWSWAP would have MUCH more complicated Tax/Legal laws to deal with compared to Snowball.money, which is why I believe they chose to be ‘user’ for this project.)
>Oh yeah, forgot one thing
They are LITERALLY bringing out a crypto debit card that spends RIGHT FROM THE VAULTS. This is the most normie friend shit that could exist. They buy stable XXX in the app, then they deposit it in the vault through ZAPing the XXX pair through SNOWSWAP that then automatically deposits into the yVAULTs. The connections are ALL THERE.

Attached: snowswap9-tean.png (1094x1227, 164.38K)

Part 10:
So now, after all of this, tell me how the FUCK it is anything other than snowswap for Andre’s 4th. This ecosystem between these two projects (one project) is so fucking beneficial to Yearn as a whole that it can’t be overlooked, and EVEN IF THIS IS NOT ANDRE’S 4th PICK – IT WILL TAKE OFF PURELY BASED OFF OF WHAT THEY HAVE SET UP AND THEIR FUTURE PLANS. THIS is how adoption starts for the masses, they literally only need the snowball app.
We’ll see when the audit comes THIS WEEK.

>TLDR:
Buy snowswap regardless of what happens.

Attached: Andre.jpg (956x540, 104.58K)