Hong Kong, Hong Kong, September 6, 2022, Chinwire
Wombat, a multi-chain stable-exchange system, broke records for Total Value Locked (TVL) within 24 hours of its launch. BNB Chain users deposited $217 million in stablecoins on the first day of operations of the decentralized exchange, making it the largest exchange in the network by TVL.
In addition to stablecoins, whose TVL now exceeds those of DEXs such as Ellipsis Finance and MDEX, Wombat has more than $2 million of WOM locked in, making up about 15% of the token’s circulating supply. During the full launch, the Wombat staking and boosting function was triggered simultaneously. It is now ranked as the third largest decentralized exchange on the BNB chain with a value of $213.4 million by total closed-end value according to Flame defying.
Wombat is now set to build its own ecosystem that will see more protocols created on top of the exchange. It will also expand to other EVM networks, making it a multi-threaded protocol. Notably, Wombat is the first stable change based on a one-sided liquidity pool design on the BNB chain, giving higher flexibility to retail users.
What makes Wombat Exchange Stableswap 2.0
The Wombat team was driven to launch on the BNB chain due to the lack of sustainable change, something that DeFi traders are increasingly relying on. They have re-engineered the changing stables experience with an innovative algorithm design, allowing for less slippage and greater capital efficiency.
Wombat is the first protocol to include a “balance coverage ratio” to maintain overall system health and protect users’ funds. With this method, Wombat can identify and manage risks before disasters strike. This mechanism is highly efficient and scalable. Provides accurate 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 being built on top of Wombat will create tremendous value for DeFi. At the micro level, these projects will bring certain benefits to holders of Wombat governance tokens, through the mechanisms built into the $WOM token.
About Wombat Exchange
Wombat Exchange is the original multi-chain platform on the BNB chain. It focuses on re-engineering the stableswap experience through innovative algorithm design to deliver a next-generation stableswap 2.0 experience. Wombat’s vision is to drive DeFi’s growth and push the boundaries while increasing capital efficiency and increasing access and scalability in a multi-threaded world.
- cherry man
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