An Insight On Blizzard Money’s SnowBank and How to Participate

Blizzard Moneys’ SnowBank leverages new yield farming mechanics but it can be a bit complex.

By
Utulu Hope
on
May 31, 2021
Category:
BSC News

Introduction 

Blizzard Money is in the news once again. The fair launch yield farming and staking platform on Binance Smart Chain (BSC) has dropped some exciting information regarding its SnowBank. The update aims to ensure that users understand the mechanism behind SnowBank and $GALE token. 


Blizzard Money’s SnowBank Explained 

The SnowBank offers xBLZD holders — the native token of Blizzard lots of benefits. But what exactly is the SnowBank? SnowBank is a specialized yield aggregator that makes use of investors’ deposits and produces more yield for them automatically with less effort. It consists of vaults where users can either deposit liquidity pairs or single assets. The assets deposited will be sent to a strategy contract which works as a bridge of investment on other third-party protocols. This means that strategy contracts manage the assets on these protocols (PancakeSwap). After this is done, yield is generated and distributed/harvested several times daily in a specific proportion which will be discussed as we proceed. This system makes use of idle assets on the platform and creates more yield for users.

For further information about Blizzard Money’s SnowBank, read the official docs. Now, how can one participate? 


Participation 

As stated earlier, SnowBank consists of vaults that automatically increase the yield of investors’ deposits. Here is the step-by-step guide to participating and increasing your yield. 

  • Deposit your single asset or liquidity pair into one of SnowBank’s multiple vaults. These vaults allow you to earn three tokens. As of this writing, there are nine vaults available on SnowBank, but more will be added in the future. 
  • These deposits are sent to a strategy contract that invests and manages them in other BSC projects like PancakeSwap, as we have mentioned earlier. 
  • The yield generated is harvested and distributed in this proportion: Investors will receive 95% of returns. (47.5% in $ibBNB from Alpha Homora and the remaining percentage in $GALE). The remaining 5% yield goes to the platform (3% in BUSD via Blizzard BUSD staking pool, 0.5% gas fee, 1.5% to Team Yeti in BUSD). 

Depositors/investors earn in three tokens. 47.5% in $ibBNB, 47.5% in $GALE and a portion of Blizzard’s xBLZD token. 


About Blizzard Money 

Source

Blizzard Money is a fair launch staking and yield farming platform on the BSC with similar features on PancakeSwap and Goose Finance. The platform offers both PancakeSwap liquidity and acts as a decentralized exchange (DeX). 

Blizzard has a team of highly trained professionals known as Yetis. The solid Yeti team has a strong belief in yield farming and has several years of crypto experience under their belts. BLZD is the native token of Blizzard and is used for liquidity incentives. 


Closing Thoughts 

The mechanism behind Blizzard’s SnowBank is an excellent update put by the hardworking team. It goes on to show that the team is very thoughtful of the community. They fully understand that users can find the process confusing, which is why a brief step-by-step guide was published on the 29th of May via Twitter. The benefits of automatic yield generation are not one to be overemphasized. Blizzard’s SnowBank is one of those that offer automatic yield generation. Now that users have a clearer picture of the process, there will be more desire to participate.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.

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