Wombat Exchange has been boosted by WOM Wars, the battle for veWOM among Wombex, Magpie and Quoll. See how the yield-boosting protocols performed in 2022.
Wombex vs. Magpie vs. Quoll
Yield farmers on BNB Chain know that one of the most important events in the space in 2022 was the launch of Wombat Exchange and the emergence of yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Similar to the Curve Wars, the contest among the three protocols for control of Wombat Exchange’s governance token is known as WOM Wars.
By securing the most veWOM, the protocols can use their voting power to ensure that their liquidity pools offer the highest $WOM rewards on Wombat Exchange.
Unlike conventional warfare, WOM Wars has been a friendly competition, with the three protocols supporting each other for mutual benefit. Recently, Wombat Exchange posted a tweet highlighting the accomplishments in 2022 of Wombex, Magpie and Quoll.
Wombex
- Owns 36% of veWOM in Wombat
- TVL of $67 million
Magpie
- Owns 27% of veWOM in Wombat
- TVL of $21 million
Quoll
- Owns 16% of veWOM in Wombat
- TVL of $5.8 million
Together, the three yield-boosting protocols control nearly 80% of $veWOM in Wombat, giving them powerful voting rights to give their users advantages and rewards.
WOM Wars has helped boost Wombat to a TVL of more than $100 million, putting it at eighth place among BNB Chain Decentralized Finance (DeFi) protocols, and the third-ranked DEX, according to DefiLlama.
What Is Wombat Exchange:
Wombat Exchange is a multi-chain stableswap focused on fueling DeFi growth and promoting its product’s scalability, accessibility, and efficiency in the multi-chain space. The protocol allows users to swap stablecoins at minimal slippage and stake at maximum yield.
For more information about Wombat Exchange, visit the following media links:
Source : bsc.news
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