Three yield-boosting protocols are battling for control of Wombat Exchange governance token veWOM. Who do you have your money on: Magpie, Quoll or Wombex?
Protocols Seek Control of veWOM
Let the WOM Wars begin! Two months after Wombat Exchange launched on BNB Chain, three yield-boosting protocols have emerged to fight for controlling shares of the governance token veWOM.
Who will emerge victorious: Magpie Finance, Quoll Finance or Wombex Finance?
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.
Wombat Exchange welcomed the competition, while recently celebrating the fact that 30 million WOM tokens have been locked up, more than half of the circulating supply.
On Nov. 4, Wombat Exchange plans to launch a mWOM pool with Magpie, where users can earn MGP tokens as rewards.
But some lucky Wombat Exchange users don’t need to wait for pool rewards, as Magpie is hosting a $MGP airdrop for users who provided LP in Magpie, hold WOM, hold veWOM, etc.
Check the tweets below for a list of winners:
The newest combatant, Quoll, just ended its IDO. The protocol’s mainnet launch is set for Nov. 3.
Not to be outdone, Wombex is prepared for what it expects to be an epic struggle.
To keep up with the relative voting power among Magpie, Quoll and Wombex, Twitter user @coinbender_lfg has built a Dune dashboard showing the share of veWOM controlled by an entity, as well as other metrics.
For what it’s worth, at the time of publication, Wombex held 45%, Magpie 27% and “others” 28%.
Shortly after its launch on Sept. 5, the Total Value Locked (TVL) on Wombat Exchange soared to a high of $217 million. Afterward, the TVL dipped, leveled off, and began to rise again after the DEX unveiled new features and products. The protocol’s current TVL is $185 million, putting it at sixth place among Decentralized Finance (DeFi) protocols on BNB Chain, according to DefiLlama.
In terms of TVL, Wombat Exchange is the third-ranked Decentralized Exchange (DEX), after PancakeSwap and BiSwap.
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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