Market chaos sees the stablecoin protocol push to heights that literally go off the charts!
Wombat Reaches New Heights in 24HR Trade Volume
During the market frenzy from the FTX fallout, the trading volume of Wombat skyrocketed past its normal levels. The stablecoin exchange Wombat Exchange hit a new record 24-hour trading volume of $169 million.
As indicated below, the numbers go off the charts.
Wombat had a previous 24HR high of $93M just the day before and only $34M before that. The total trade volume represents the total stablecoin volume and not the native WOM token. The two days of November 9 and 10 are up over 400% the normal volume.
The Wombat team issued a tweet before the protocol surpassed the $100M market and celebrated the new daily record for the platform.
Stablecoins are one of the safest bets to survive through a bear and especially a chaotic market like the one now. The movement on Wombat indicates both fear and security are prime emotions in the current market conditions.
It’s amazing what types of numbers protocols will see during times of desperation.
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
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.