Wombat Exchange highly anticipated product gained recognition after its successful launch on BNB Chain. The protocol plans to expand its ecosystem with unique features to challenge other DEXes on BNB Chain, including PancakeSwap.
Wombat Exchange Launches With Style
Wombat Exchange has launched its highly anticipated multichain stableswap Decentralized Exchange (DEX) on BNB Chain.
Following its successful mainnet launch on Sept. 5, the protocol recorded 200 Million in Total Value Locked (TVL) in less than 24 hours. The notable milestone saw the protocol’s flagship product become the third largest DEX on the network within that period.
As TVL grew, BSC News discussed with the team their plans for new features and support for other EVM chains.
“We have plans to deploy multichain adoption in Q4, but still deciding which one is most advantageous to Wombat users for now,” Wombat told BSC News.
Wombat’s mainnet launch success did not go unnoticed as BNB Chain congratulated the platform’s milestone on Twitter.
The DEX, backed by Binance Labs, allows users to swap stablecoins and earn yield by locking its native $WOM token while earning reasonable APRs from staking in stablecoin pools.
The suite of EVM smart contracts used by Wombat have undergone audits by Peckshield, Hacken, and Zokyo, which is more than reasonable due diligence. A partnership with on-chain insurance protocol InsurAce, offers users insurance coverage for their assets.
Competition for PancakeSwap?
Wombat Exchange becomes the latest protocol to challenge PancakeSwap’s hegemony on BNB Chain. Its innovative matching pool, with a constant sum market maker CSMM with coverage ratio invariant, brings an efficient new algorithm to the Decentralized Finance (DeFi) space. On top of this, users have shown increased interest in its “Boost” feature, which allows them to lock $WOM to earn $veWOM, a yield booster.
Moments after launch, 2 Million $WOM were locked by users. With both features embraced by the community, the team disclosed its intentions to add more features and utilities to incentivize users.
“We’re aiming to launch our liquid staking pool and side pool very soon after the full launch! Governance voting and token bribes will be our next core focus so expect more exciting partnerships to come,” the team said.
When Wombat launches Token Bribe, $WOM stakers ($veWOM holders) will have the opportunity to vote on protocols interested in utilizing Wombat’s offerings. These protocols will then incentivize stakers to bribe their votes.
Wombat looks to create a groundbreaking multichain stableswap product with unique offerings on BNB Chain and beyond to rival other DEXes. Although the protocol still needs time to challenge leading DEXs on BNB Chain, its brilliant launch portends good things for its long-term development.
Source : bsc.news
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