Hong Kong, Hong Kong, September 6, 2022, Chainwire
Wombat is a multi-chain stable exchange that broke the Total Value Locked (TVL) record within 24 hours of launch. Users on BNB Chain deposited $217 million in stablecoins on the first day of operation of the decentralized exchange, making it the largest stablecoin exchange on the TVL network.
In addition to the current stablecoins whose TVL surpasses DEXs such as Ellipsis Finance and MDEX, Wombat has more than $2 million locked in WOM, accounting for about 15% of the token circulating supply. During its general launch, Wombat’s staking and boosting features went live simultaneously. It is now the third largest decentralized exchange on the BNB chain, with a total value locked of $213.4 million. Delphi Camel.
Wombat is now ready to build its own ecosystem that will build more protocols on top of the exchange. It will also expand to other EVM networks, making it a multi-chain stable exchange protocol. Notably, Wombat is the first stable exchange to adopt a single-sided liquidity pool design on the BNB Chain, providing retail users with greater flexibility.
What Makes Wombat Exchange Stableswap 2.0
Due to the lack of a sustainable stable exchange, the Wombat team was forced to launch on the BNB chain, which DeFi traders increasingly rely on. They have redesigned the stable exchange experience with innovative algorithm design that reduces slippage and increases capital efficiency.
Wombat is the first protocol to include “balanced coverage” to maintain overall system health and protect user funds. Using this approach, Wombat can identify and manage risks before disaster strikes. This mechanism is efficient and scalable. It provides accurate calculations, enables lower gas fees, and manages liquidity efficiently.
In the future, wombats will have their own thriving ecosystem, which is already under construction. An incubation lab that supports building projects on top of Wombat will create tremendous value for DeFi. On a micro level, these projects will bring certain benefits to Wombat’s governance token holders through the mechanisms built into the $WOM token.
About Wombat Exchange
Wombat Exchange is a native multi-chain stable exchange on the BNB chain. It focuses on redesigning the stableswap experience through its innovative algorithm design to deliver the next-generation stableswap 2.0 experience. Wombat’s vision is to drive DeFi growth and push boundaries with greater capital efficiency, greater accessibility and scalability in a multi-chain world.
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