• Home
  • Bitcoin
  • Ethereum
  • Press Releases
Facebook Telegram
Facebook
Baffic
Submit Press Release
  • News
  • Press Release
  • Facebook
  • Google News
Baffic
Wombat Exchange Dominates Stableswap Market With $217M TVL in 24 Hours
News

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

By LaraSeptember 6, 2022
Share
Facebook Twitter LinkedIn Telegram WhatsApp

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
Press Release
Share. Facebook Twitter LinkedIn Telegram WhatsApp

Related Posts

Revolutionary EU Crypto law MiCA Hits official journal

June 9, 2023

ERD DeFi Lending Platform and USDE Stablecoin Unveiled at EDCON 2023

June 9, 2023

Gary Gensler compares the Crypto market to the roaring 1920s stock market, teeming with fraudsters.

June 9, 2023

UK parliamentarians engage in heated battle over government’s Crypto regulation proposal as financial services

June 8, 2023

Commonwealth Bank takes stand against Crypto scammers, implements payment restrictions to protect customers

June 8, 2023

US Financial Services Committee concludes date to debate over future of Crypto

June 7, 2023

Comments are closed.

Advertisement
Latest Press Releases

ERD DeFi Lending Platform and USDE Stablecoin Unveiled at EDCON 2023

June 9, 2023

OKX Partners with Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions

June 6, 2023

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

June 2, 2023

Type above and press Enter to search. Press Esc to cancel.