The funds will develop the Wombat stableswap product as the protocol plans to launch its testnet shortly. Additionally, Wombat Exchange is currently holding an event to incentivize users for their support.
Wombat Exchange Raise $5.25M From Series A Funding
Wombat Exchange has successfully raised $5.25 million from the Series A funding round led by Hailstone Ventures and Animoca Brands. The hyper-efficient multi-chain stableswap also received investment from some top firms, including BNB Chain.
The investment would go a long way in developing Wombat’s stableswap and continue the expansion of its ecosystem. Wombat Exchange, on March 16, thanked the investors for contributing to its growth and development in the Decentralized Finance (DeFi) space.
“We are proud to announce that we have successfully raised $5.25M in Series A Funding. Utmost thanks for the support of our investors and our communities,” Wombat wrote on Twitter.
Wombat’s Series A Fund sees the protocol’s valuation rise to $70 million since November 2021, when Binance Labs led its seed round investment. As stated above, the funds will accelerate the protocol’s development to become the leading multi-chain stableswap. One of the top investors, Animoca Brands, was optimistic about the protocol’s chances of becoming a top name in the industry.
“Wombat Exchange has put together a solid and experienced team to develop a stableswap that has the potential to significantly advance the growth of DeFi,” said the Co-Founder of Animoca Brands, Yat Siu. “We’re looking forward to seeing Wombat’s meaningful competition to the BNB Chain and its adoption in the multi-chain world.”
Wombat Exchange has been in the news lately. BSC News, on March 11, published an article about the BNB Chain Most Valuable Builder (MVB IV) Summit held on the Web3Wire YouTube channel. The event featured four top projects from the MVBIV program, including Wombat Exchange. You can watch the entire conversation HERE and see how Wombat Exchange has been making significant development across the DeFi space.
Wombat Testnet Coming Soon
After the successful funding round, Wombat Exchange will focus on launching the testnet on March 21 at 12 PM UTC. The testnet would be deployed on BNB Chain testnet, and only the winners of the protocol’s Testnet Social Campaign will be eligible to test the product upon launch.
In preparation for launch, Wombat published a step-by-step guide for users on March 18. The guide on Medium explains how users can utilize the testnet easily. Read the publication HERE to learn how to use the product.
Team Wombat Festival Continues
On February 22, Wombat Exchange announced its 8-week festival featuring numerous competitions for users to compete and win rewards worth $5,500 BNB. The competitions in the Team Wombat Festival include the Mega Bingo Game, Drawing Contest, an Article Writing, and a Video Contest.
All four competitions were divided into stages. The first—Mega Bingo game, is already over, and it lasted for three weeks, from February 22 to March 16. The platform will announce the dates of other competitions, and of course, they will match the 8-week duration.
Following the Mega Bingo Game conclusion, Wombat, on March 18, expressed appreciation to its community for their participation. The protocol also reminded users that the festival is still ongoing.
“Your support and love for #TeamWombat in our Mega Bingo Game are greatly appreciated! We’ll be announcing the winners shortly after reviewing a long list of entries. Thank you once again! Wombat Festival is still ongoing. Watch out for other competitions!” Wombat tweeted.
We expect the protocol to announce the next competition after revealing the winners of the first challenge. The drawing contest is the next event, judging by the protocol’s snapshot. Importantly, Wombat indicated in its February 22 publication that users could join the team and contribute to its growing ecosystem.
“Apart from winning token rewards, exceptional participants can earn the opportunity to be a part of the Wombat team. We invite talented and passionate entrants to join us as official contributors. Perks include attaining an official role on Discord, IDO slots, and more,” the blog read.
BSC News recommends the Wombat Exchange Medium post to learn more about the ongoing Festival. Also, visit the protocol’s Twitter page to stay updated.
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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