Snowman Finance coming to IOTA ecosystem with fees going to vault for stakers and new projects
- DeFi protocol SnowMan Finance will soon be deployed on the Shimmer EVM allowing users to get a higher yield return.
- SnowMan allows users to borrow up to 50% to boost returns with DeFi innovation without any interest or liquidation risk.
Snoman Finance, the first leverage yield decentralized finance (DeFi) protocol on IOTA’s Layer 1 innovation network Shimmer goes live on Soonaverse. Snowman Finance is a powerful yield protocol that generates yield with high capital efficiency.
In a tweet, Soon Labs, the parent organization of NFT marketplace Soonaverse said:
The BUIDLING never stops! Snowman Finance (@SnowMan_Finance) DeFi yield protocol is coming to the Soonaverse. As with all Service Modules a percentage of all fees goes to our Vault for stakers and to fund new modules. This is just the beginning! So much MOAR to come! @shimmernet pic.twitter.com/T2YZmqmXuK
— SoonLabs | Soonaverse.com (@soon_labs) December 14, 2022
Snowman Finance also confirmed the announcement adding:
SnowMan is joining the Soonaverse Fam! SnowMan protocol will be deployed on #Shimmer EVM to help users gain a higher yield return.
Resting atop the robust Shimmer network, SnowMan will allow users to invest with leverage and maximize returns without the need for liquidation. SnowMan allows users to borrow up to 50% to boost returns with DeFi innovation without any interest or liquidation risk.
Additionally, SnowMan finance can also use users’ collateral to earn yields on their behalf and pay off the loan automatically.
Key Benefits Offered By SnowMan Finance
Shimmer-based decentralized finance (DeFi) protocol SnowMan Finance allows users to leverage their wealth at minimum risks involved. Here are some of the key benefits that SnowMan Finance offers:
- Leverage Your Wealth: SnowMan Finance allows users to leverage their wealth in an optimum manner by borrowing a synthetic version of their collateral, without the risk of liquidation.
- Wide Range of Tokens: By adopting new collateral types from the IOTA ecosystem, users can leverage more of their wealth than ever before.
- No liquidations: SnowMan guarantees users that they would never liquidate their deposits no matter what. Thus, users can choose to self-liquidate their own loans at their own discretion.
- Complete Flexibility: In no case, SnowMan Finance will lock user deposits or charge them fees. The funds will be accessible to users 100% of the time. Besides, users can also repay the debt whenever they like.
The Shimmer-based Soonaverse platform allows communities to build NFT marketplaces, decentralized autonomous organizations (DAOs), projects, companies, etc. by leveraging the feeless infrastructure of the IOTA network. Earlier in September, Soonaverse had tested the minting of NFTs on the Shimmer blockchain network.
The great thing about Shimmer is that all NFTs residing on the platform are unique and there are no transfer or minting fees associated. Besides, users can also stake the native $SOON tokens on the platform with the recent developments.
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