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Hong Kong, Hong Kong, 6 September 2022, Chainwire
Wombat, a multi-chain stable swap, has set a new Total Value Locked (TVL) record within 24 hours of launch. A user of the BNB chain said he deposited $217 million in stablecoins on the decentralized exchange’s first day of operation, making it the network’s largest stableswap by TVL.
In addition to stablecoins whose TVL currently exceeds that of DEXs such as Ellipsis Finance and MDEX, Wombat has more than $2 million worth of WOM locked up, accounting for about 15% of the token’s circulating supply. During the full launch, Wombat’s staking and boosting features worked simultaneously. It currently ranks as the 3rd largest decentralized exchange on the BNB chain, with a total locked amount of he $213.4 million. Defilama.
Wombat is now poised to build its own ecosystem that sees more protocols built on top of the exchange. It will also extend to other his EVM networks to become a multi-chain stable swap protocol. Notably, Wombat is the first stable swap to adopt a single-sided liquidity pool design on the BNB chain, offering greater flexibility to retail users.
The lack of sustainable stable swaps, which DeFi traders increasingly rely on, forced the Wombat team to launch on the BNB chain. They have redesigned the stable swap experience through innovative algorithmic design, allowing for reduced slippage and improved capital efficiency.
Wombat is the first protocol to incorporate an equilibrium coverage rate to maintain overall system health and protect user funds. Using this method, Wombat can identify risks and manage them before disaster strikes. This mechanism is highly efficient and scalable. It provides accurate calculations, achieves lower gas prices and effectively manages liquidity.
In the future, wombats will have their own thriving ecosystem, which is already being built. Incubation Labs supporting projects building on Wombat will create tremendous value for DeFi. At a micro level, these projects provide certain benefits to Wombat’s Governance Token holders through mechanisms embedded in the $WOM token.
Wombat Exchange is a multi-chain stable swap native to the BNB chain. We are focused on redesigning the StableSwap experience using innovative algorithmic designs to deliver the next generation StableSwap 2.0 experience. Wombat’s vision is to fuel his DeFi growth in a multi-chain world, increasing capital efficiency, increasing accessibility and pushing the boundaries of scalability.
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