Description
Snowbank is a decentralized reserve currency platform on the Avalanche blockchain that issues SB, its native token, backed by a diverse basket of assets (e.g., AVAX, MIM, and other LP tokens) held in its treasury. This ensures intrinsic value and reduces volatility. Utilizing a bond-like mechanism, Snowbank allows users to buy SB tokens at a discount by providing liquidity, promoting market stability. Users can also stake SB tokens to earn rebase rewards, generating passive income and reinforcing token stability. A fork of Olympus, Snowbank aims to create a community-owned decentralized financial ecosystem with a policy-controlled currency system governed by a DAO. The goal is to achieve price stability and serve as a global medium-of-exchange on Avalanche, while fostering growth and wealth creation in the short term, and facilitating the separation from traditional financial systems in the long run.
Snowbank is a decentralized reserve currency platform on the Avalanche blockchain that issues SB, its native token, backed by a diverse basket of assets (e.g., AVAX, MIM, and other LP tokens) held in its treasury. This ensures intrinsic value and reduces volatility. Utilizing a bond-like mechanism, Snowbank allows users to buy SB tokens at a discount by providing liquidity, promoting market stability. Users can also stake SB tokens to earn rebase rewards, generating passive income and reinforcing token stability. A fork of Olympus, Snowbank aims to create a community-owned decentralized financial ecosystem with a policy-controlled currency system governed by a DAO. The goal is to achieve price stability and serve as a global medium-of-exchange on Avalanche, while fostering growth and wealth creation in the short term, and facilitating the separation from traditional financial systems in the long run.
