Wombat Exchange AMA Transcript

” A multichain stableswapV2 “

Stephanie (BSC.News)

Hello everyone and welcome to the AMA with Wombat Exchange! Today we have @rienotrry joining us to talk about their exciting new project. Great to have you here 🙂

CherieM

Heya everyone!

Stephanie (BSC.News)

Welcome!

Alright! Without further due, we will jump right into the questions. Sounds good with you?

CherieM

That’d be AMAZING 😄

Stephanie (BSC.News)

Great, so to kick things off, for those who may be unfamiliar…

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1. Please introduce yourself and the team behind Wombat Exchange.

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CherieM

Hi everyone! This is Cherie, the marketing manager of Wombat Exchange.

I myself have years of experience in the marketing field and our team has a strong background and passion in both traditional finance and crypto projects! 🔥

Alex, the founder of Wombat, was previously a quant trader and blockchain engineer.

Daniel, our CTO was an ETH ICO investor and a great software engineer.

Raymond, our CMO, runs his own marketing firm that focuses on crypto, so the teaching and marketing side is in super good hands, and we all love crypto and want to see it grow 🫶

Stephanie (BSC.News)

Well awesome! Sounds like you guys have a great team so let’s talk about the project itself

CherieM

Not trying to brag but our team consists of some of the smartest people I have ever known 😛

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2. What is Wombat Exchange and what’s the vision and mission of your team?

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CherieM

Sure!

Wombat Exchange is the next-generation multi-chain stableswap native to BNB Chain.

Its pioneering stableswap 2.0 model allows users to swap stablecoins with the best exchange rates and minimal slippage, staking just one currency to earn a yummy and sustainable yield.

Existing stableswaps have issues like fragmented liquidity, not scalable, complicated UI etc. and we believe we can offer better!

Wombat’s uniqueness is the design and special algorithm that exists only in Wombat and BNB chain.

We have simplified the deposit/withdrawal/swap procedure, so everyone and anyone can use it and understand it easily.

With a more intuitive staking procedure, users can easily understand and become liquidity providers to easily earn yield. This is important because, for DeFi to grow strong, you need things that the masses can easily use, and this is one of the best things Wombat can fix and solve!

Hey before we go on to the next question…

I wanna share a video for you guys so you have understand us better in just 1-minute:

Stephanie (BSC.News)

Cool! I will give 2 minutes to our community to watch this clip

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Okay wow thank you for all that information! Let’s unpack a bit as there was a lot I wanted to touch on. So first let’s talk about your token

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3. Can you tell us more about $WOM and $veWOM token?

a. Utilities

b. Tokenomics

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CherieM

$WOM is our governance token with 3 major use cases:

(1) governance – WOM holders can participate & vote on governance decisions of Wombat and projects building on top of us;

(2) liquidity incentives – users can earn WOM as rewards by providing liquidity with stablecoins to the liquidity pool;

(3) boosting – users can earn additional $WOM from the Boosting Pool by locking $WOM tokens. Locking WOM gains you veWOM – a yield booster that applies a boost to all stablecoin pools!

It’s worth mentioning that being a veWOM holder does not simply boost yields, by the time we have our governance voting system set up, token bribes will be up and hence better APR for the users!

As we are building an Incubation Lab to support projects building on top of us, these projects and their tokens will be put into Wombat’s treasury to be airdropped with all $WOM stakers aka $veWOM holders in the future. 🪂

Regarding our tokenomics, we’re proud to have our private investors’ support to lock in for 2 years with the initial unlock decreasing from 5% to 2.5%.

Our largest backer Binance takes up 5% of the total supply and is committed to a 0% initial lock and vested for 5 years.

They are famous for being Diamond hands and this just shows how much value they see in us.  💎

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Our team tokens are also vested for 5 years with 0% initial unlock, as one of the longest vesting periods in existence, it shows our resolve to stay long term. 💪

Stephanie (BSC.News)

Thank you for the clarification!

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4. What are the ways to earn $WOM?

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CherieM

As our token launch is coming on the 30th Aug 2022, our WOM Syrup Pool on PancakeSwap will also go live shortly after the IFO ends, where you can stake CAKE to earn WOM!

Details are shown below:

Total Tokens: 6,000,000 WOM

Distribution Duration: 60 days

Start time: Shortly after the IFO ends

Finish time: Approx. 60 days after the Syrup Pool launch

Token rewards per block: 3.4722 WOM

Max. stake per wallet: 100 CAKE for the first 5 days, unlimited CAKE staking afterwards

We are excited to share that our full launch will go live on the 5th Sep 2022, by then you’ll be able to earn $WOM by staking stablecoins on Wombat with just one type of token (USDT, USDC, DAI, or BUSD)🔥

Get ready for it!

Stephanie (BSC.News)

Very neat! And remember SEPTEMBER 5TH for Wombat Exchange full lunch live, community 😎

So to touch more on the ecosystem using the $WOM token

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5. Please tell us about the benefits and advantages of using Wombat Exchange. How do you incentivize long term investors?

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CherieM

So to put it quickly, Wombat’s design and algorithm allow stablecoins swapping at minimal slippage and the ability to stake at a healthy, sustainable yield with just ONE stablecoin currency.

As we target to be the largest stableswap on the BNB chain, our swap fees will be given back to liquidity providers in the short future.

With the launch of our side pool and liquid staking pool, the swap fees will be higher to sustain the protocol; note that even with higher swap fees, the efficiency of our algorithm results in better rates than our competitors.

These higher fees will be sent back to our liquidity providers so both users who swap and users who become liquidity providers can enjoy the best of both worlds — the best slippage and great APY’s! 🤑

Following up, as we’ve mentioned earlier that Wombat will be building our own incubation lab, the incubatees’ tokens will be put into Wombat’s treasury and to be share with WOM stakers in the future.

As we will hold and distribute these tokens back to our users, we can maintain a healthy APY regardless of any market! 🤩

Stephanie (BSC.News)

Brilliant, thank you! Lots to look forward to

CherieM

Damn true. Follow us on Twitter so you don’t miss out anything 😛

Stephanie (BSC.News)

Definitely!

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6. How does Wombat exchange minimize slippage?

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CherieM

It’s complicated in math but I can give you a quick overview 😄

To sum it up, Wombat’s implementation of the traditional finance concept – Coverage Ratio into our algorithm, allows us to maintain a universal state of equilibrium across all of our liquidity pools, and hence a lot more slippage-resistant than other stableswaps.

By incorporating Coverage Ratio into our CSMM and invariant, Wombat’s slippage improvement can reach up to 40% relative to our peers in the market.

Here’s a graph displaying our slippage comparison

Slippage is neglected until higher transaction amounts and reduced when it occurs.

We have the topic fully covered on our medium, feel free to give it a good read at !

Stephanie (BSC.News)

Thank you for sharing the link! So there is a lot of neat features from Wombat Exchange but most importantly

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7. Is your platform audited or has another safeguard layer in security? How can you ensure users that your platform is safe to use?

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CherieM

I think we can all agree that security is undoubtedly one of the main concerns for any DeFi users, and there is no doubt we feel the same.

In terms of smart contracts and codes, we have passed the audits successfully from 3 reputable security audit firms, including Zokyo, Peckshield and Hacken, to ensure our code is secure from bugs and hacks.

All recommendations and suggestions have been deployed to further improve the security of Wombat.

Full security reports can be found in our medium article:

We are also partnering with Immunefi, the leading Web3 bug bounty platform,  for the mass public to review and spot vulnerabilities, with the primary goal to keep the platform safe and protect our users at all costs! 💪

Stephanie (BSC.News)

Awesome!

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8. Where are you on your roadmap? What are your plans to upgrade the Wombat ecosystem?

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CherieM

For sure we are at the stage of running our TGE and full launch!

We have also been working tirelessly on an innovative sidepool &liquid staking pool design with built-in de-peg protection for the algorithmic stablecoins. (which will be live shortly as well so stay tuned!)

We are in communication with 9 innovative projects building on top of Wombat, including convex forks, fixed-income products, yield aggregators etc., these partnerships will be beneficial to both the protocol and users so stay tuned for the announcements!

After our full launch, our core focus will be setting up our governance model and proposal voting system, as well as fulfilling our multi-chain roadmap by the end of the year!

For target milestones, we aim to be the best stableswap on BNB Chain and be one of the top protocols that own the most TVL soon! 🚀

Stephanie (BSC.News)

Great, last but not least

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9. Any exciting news you would like to announce here today?

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CherieM

We’re thrilled to announce that $WOM IFO is coming around the corner!

It will be taking place on ＠PancakeSwap on 30th Aug 2022 12PM UTC and everyone is welcome to join 🎉

Read more details and follow the tutorial to join our IFO:

We’ve just announced that our full launch will be live on the 5th Sep 2022 so do give a good read of the announcement as well!

Stephanie (BSC.News)

It’s definitely some exciting stuff! Would you be able to provide us with social media links so that our community could follow?

CherieM

For sure! Do follow us on our social media and community channels:

Website:

App:

Medium:

Twitter:

Telegram:

Discord:  

Looking forward to chat with you guys in our community group!

Stephanie (BSC.News)

Great! Make sure that you guys go and check out Wombat Exchange! Their platform offers you exposure to the best projects on BSC all while rewarding you for using their innovative ecosystem!

Source : bsc.news