1st DAO Merger on Avalanche: Snowball and Teddy
The Snowball Ecosystem Continues to Grow!
https://app.snowball.network/governance/proposal/20
In one of the most discussed and heated votes yet, Snowball voted through its xSNOB holder to assist Teddy in further establishing its role as a native stablecoin. This vote brings the existing Teddy dev and community funds under the stewardship of Snowball. Snowball was engaged due to a desire for a more robust governance system by the Teddy Community and to help support the utilization of $TSD in the Avalanche Ecosystem. $TSD, the Teddy ( Teddy Cash) Stable Dollar, is a stable coin. Teddy and $TSD is to Avalanche what MakerDAO / DAI is to Ethereum using Avax.
With Snowball’s role as a Venture DAO, Snowball was perfectly suited to provide this guidance and support. Currently within the Snowball Ecosystem roadmap, modified versions of conviction voting and other governance systems are being worked on. In addition, Snowball provides a lot of synergistic opportunities through its ecosystem: Axial 🔺 and Lava. Axial is a spin-out of Snowball that provides stableswaps with low slippage. Lava is also a coming liquid staking solution that will create $LAVAX, a token minted with the depositing of $AVAX through the Lava Protocol, another spinout of Snowball.
Some of the highlights of Teddy are its fundamentals:
- First Avalanche native algorithmic stablecoin
- Robust protocol independent of governance
- No impermanent loss
- Interest free loans
- 1st & only stablecoin integration into Sherpa Cash, which provides the ability for private transactions with stable value.
- Included in the Axial 🔺 stablecoin swap with axial rewards.
Teddy currently has a diluted valuation of $1.9 Million with over $6 Million in TVL.
Snowball is a Venture DAO on the Avalanche Network. Its ecosystem now includes the coming Lava (Liquid Staking Protocol), Axial and Teddy on top of its original auto-compounding and yield optimization strategies. Snowball aims to expand #DeFi on Avalanche through the continual advancement of vital infrastructure and improvements to UX/UI. Snowball also has one of the most robust Decentralized Finance education materials on the Avalanche network.
Originally published at https://medium.com on January 21, 2022.
