Connect with us

Press Release

Wombat Exchange Dominates Stableswap Market With $217M TVL in 24 Hours

mm

Published

 on

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.

For more information, visit:
Website | Telegram | Twitter | Discord 

Contacts
  • Cherie Man
  • cherie@wombat.exchange

This is a paid press release. Securities.io does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Securities.io is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.