Team Wombat celebrates a successful launch on BNB Chain, and discusses plans to continue innovating in the DeFi space.
Wombat Celebrates One-month Anniversary in Style
Wombat Exchange‘s innovative Stableswap Decentralized Exchange (DEX) has recorded some significant milestones since launching on Sept. 5 despite the bear market.
Within a month, the DEX has hit a $217 million All-Time High (ATH) in Total Value Locked (TVL). It was ranked third on BNB Chain, and launched several popular pools. Wombat expressed pride at their progress on BNB Chain in a chat with BSC News.
“The team is proud of what we have accomplished so far given that we are building in a bear market when most users are hesitated in allocating their funds in a new protocol, instead we’ve reached an ATH $217M in TVL and now 10M WOM locked!” the team told BSC News.
Wombat’s team disclosed that their progress has been unexpected, judging by the way things are going in the crypto space. Wombat will work on collaborating with more protocols on BNB Chain, having partnered with PancakeSwap, amongst others.
“We are absolutely stunned by the support from the community and the BNB ecosystem, where we have the chance to collaborate with some of the top and innovative protocols like PancakeSwap, Helio, Stader, etc. Moving forward, you can expect more partnerships to come!” the Wombat team added.
Introducing WOM Wars
To celebrate its tremendous performance, one month since entering the Decentralized Finance (DeFi) space, Wombat will launch a new feature – WOM Wars.
In a Twitter thread posted on Oct. 5, the team revealed it is working on a Voting Gauge System that will allow $veWOM holders to vote for their preferred stablecoin pools. Already, Wombat has three participants for WOM Wars:
“We have whitelisted 3 convex-fork protocols building atop Wombat (Magpie, Wombex, and Quoll). With the plan to launch our voting gauge system in October, we’re expecting the fight of liquidity – WOM Wars to happen soon!” team Wombat told BSC News.
WOM Wars is a race between protocols trying to ensure their liquidity pools offer the highest $WOM rewards on Wombat, through voting.
These protocols will provide extra incentives (bribes) for the whitelisted convex forks and $veWOM holders to vote for their pool’s $WOM emissions. The team explained the innovation through an illustration:
“Lets say if Helio (HAY) is providing bribes to Wombex, users who lock WOM on Wombex will then earn WOM (a portion of the protocol’s revenue) & WBX (their governance token) & bribes provided from Helio,” the team said.
The protocol will look to increase rewards for $veWOM holders, as more protocols join and seek votes for their liquidity pools on Wombat.
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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