SNX

Here is the latest news on the $SNX vault.
not so fast reaper!!! via @cryptocatvc

Official Status:

SNX automation is currently deployed for reward cycle testing. Deployment to follow next week, and UI to follow shortly after.

A blog post is expected to be published to the official Medium around the time of launch.

You can view the StrategySNXSUSD contract here on Etherscan

When will the $SNX Vault Launch?

We expect the launch date to be around the week of August 10 after the $LINK vault is up and running.

There have been many questions about the $SNX vault and for good reason, its strategy is different than the $USDC, $yCRV or $LINK vaults.

We will update this when Andre releases the official post but here's the overview:

SNX vault increases SNX. Automates claimFees(), collateral management, staking sUSD, collecting curve trading fees, and vesting rewards. (~30% APR)

SNX holders don't have to pay gas fees or worry about weekly check-ins.

Why This Is Amazing...

Gas fees have been prohibitively expensive making staking $SNX unprofitable for anyone with a smaller sized account. The way $SNX works is that if you do not claim your weekly rewards that are distributed each Wednesday, they are then redistributed back into the pool.

It's a classic case of the rich getting richer (via rewards being redistributed) and the poor getting poorer if they claim their rewards.

That is not the spirit of DeFi... so enter Andre and Yearn Finance.

Soon anyone with any size account can use the $SNX Vault ($2-$3 fee + 0.5% withdrawal) and increase their $SNX without having to worry about gas fees or missing the claim window.

The problem about DeFi, the last ICO cycle and cryptocurrency as a whole is that it has been difficult to get started and see a positive return without having a sizeable position to work with and / or a relatively high understanding of what's happening in the space.

Now with Yearn Vaults ANYONE in the world with any amount of cryptocurrency can get started in DeFi.

We are overly excited about Yearn being able to provide financial products to the unbanked, people who don't know what earning interest or a return on capital is like.

While they likely won't start in the $SNX vault, they will start with YEARN.

@learn2yearn