Hong Kong, Hong Kong, 6th September, 2022, Chainwire
Wombat, a multichain stableswap, has broken records for Total Value Locked (TVL) within 24 hours of launching. Users on BNB Chain deposited $217M of stablecoins within the decentralized exchange’s first day of operations, making it the network’s largest stableswap by TVL.
In addition to stablecoins, whose TVL now exceeds that of DEXs such as Ellipsis Finance and MDEX, Wombat has over two million $WOM locked, constituting around 15% of the token’s circulating supply. During its full launch, Wombat’s staking and boosting function went live simultaneously. It is now ranked the third largest decentralized exchange on BNB Chain at $213.4M in total value locked according to Defi Llama.
Wombat is now set to construct its own ecosystem that will see more protocols built on top of the exchange. It will also expand to other EVM networks, making it a multichain stableswap protocol. Notably, Wombat is the first stableswap to adopt a single-sided liquidity pool design on BNB Chain, giving higher flexibility to retail users.
What makes Wombat Exchange Stableswap 2.0
The Wombat team was driven to launch on BNB Chain due to the lack of a sustainable stableswap, something which DeFi traders increasingly rely on. They re-engineered the stableswap experience through an innovative algorithm design, enabling lower slippage and greater capital efficiency.
Wombat is the first protocol to incorporate an ‘equilibrium coverage ratio’ to maintain overall system health and protect users’ funds. Using this method, Wombat can identify risks and manage them before disasters strike. This mechanism is highly efficient and scalable. It provides exact calculations, achieves lower gas fees, and effectively manages liquidity.
In the future, Wombat will have its own thriving ecosystem, which is already under construction. An incubation lab to support projects building on top of Wombat will create tremendous value for DeFi. On a micro level, these projects will generate certain benefits for Wombat’s governance token holders, through the mechanisms built into the $WOM token.
About Wombat Exchange
Wombat Exchange is a multichain stableswap native on BNB Chain. It’s focused on re-engineering the stableswap experience with its innovative algorithm design to deliver a next-generation stableswap 2.0 experience. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability in a multichain world.
- Cherie Man
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.