I discovered SnowSwap in 2020 - It was my second DeFi project I got into, and was a decent journey. However, the team didn't posted anything in the Discord or Twitter for months and people think they abandoned the project. Is SnowSwap dead? We had "snow" replies for months!
I joined as a snowflake in October 2020, even before the launch of the $SNOW pools. I earned $SNOW by writing about the project and from various meme competitions. Back then Snow Swap ❄ was the new iconic exchange liquidity pool
The whole system was created to minimize transaction costs/exit fees for stablecoin and meta-asset swaps. This new concept was catchy because was offering additional yield via LP fees. The SnowSwap team was reachable on Discord and had a top presence on Twitter. l knew nothing about DeFI, I knew nothing about SnowSwap... but the launch showed that SnowSwap was cooler than John Snow.
SnowSwap evolution will create Crypto Winter Wonderland
When the single staking $SNOW pool was added, it felt like an early Christmas gift. I added my hard earned 5.6 SNOW and was earning at a very good APY! Do you wanna build a snowman? Deposit $SNOW in Frosty's Pool!
The project grew and after updates and tool implementations... the price of $SNOW skyrocketed. The Bitcoin bridge between the two largest yield farming ecosystems (Yearn and Harvest finance) helped the btcSNOW holders to earn underlying yield plus the SNOW rewards. The festive season and the btcSNOW Pool was nice!
Snow Swap added Ethereum 2.0 swaps, with Cream.Finance, LidoFinance and SharedStake benefits. The Ethereum2 Pool incentivized the LP suppliers with Snow Tokens and SGT and an SharedStake Aidrop. New and upgraded staking pools for $SNOW were explained and I even created the ranks for the project! The Ultimate SnowSwap Guide: From Snowflake to Avalanche
Is Snow Swap still cool in the DeFi summer? This was my question in the summer of 2021! The SNOW team shapeshifted and new members came and some old ones left. The anonymous team grew bigger and bigger! My stash of $SNOW grew to 13.5 and some profits were added even at 16.7% APY.
Got some more $SNOW at another meme competiton and another stash on their Discord channel! We all know that SnowSwap is not for snowflakes ... SnowSwap was for hardcore people!
Even with the ups and downs, SnowSwap will remain one of my first DeFi experience, and will always appreciate it as a project. Want to know what's in the party menu? The comeback was close, as the October 2021 anniversary announced new swap pools, new stake pools, winter wonderland on a new chain, a brand new spanking UX and higher APY. SnowSwap - Winter is coming... again!
A new boosted pool was added, with a locking period multiplier. The APY was close to 1000% for the max locking period. I wanted to lock but the fee was too high ... so I skipped the offer.
Unfortunatelly nothing from the above happened and I decided to cash out and wait for a good time to sell. It didn't happened either. When the SNOW token reached the $169 All-Time high, I had about 15 tokens ... but didn't cashed out. Now it feels stupid to do it at 1 USD.
I withdrew tokens worth of $30 and paid $7 for the transactions, but the pinnacle of silliness was achieved when I withdrew from Discord while being sleepy! I did seen the amounts in the wrong order, thinking I will pay $10 and receive $50 worth of SNOW in my wallet. It was the opposite!
I now hold 100 SNOW and probably they will become a relic that will never be swapped. The team is not active on Discord, and lots of users are complaining about errors when they are trying to withdraw their tokens from the pools. This smells fishy and I thing the money are gone!
Once upon a time the $SNOW was 169 USD, and I had at least 70 tokens at the ATH. I failed to take advantage of the opportunity and now I am watching how the value has melted!
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