With the launch of its BNB liquid staking pool, Wombat aims to provide more utility for its WOM token.
Wombat Liquidity Staking 101
With liquid staking starting to gain ground on BNB Chain, multichain stablecoin swapping protocol Wombat Exchange is set to offer more utility to its users by launching its own liquid staking pool on BNB.
Wombat’s liquid staking on BNB allows users to stake their BNB coins to get yields and use their liquid-staked BNB tokens, primarily BEP-20 tokens, across DeFi protocols on BNB Chain to earn more yields. According to data from Dune Analytics, currently the only liquid staking providers on BNB are ANKR, Stader Labs and Pstake Finance.
Nearly 64,000 BNB coins have been staked with these protocols (more than $19 million). The aggregate Total Value Locked (TVL) across these three protocols is $20.4 million.
Independent from its main pool, Wombat Exchange will launch a separate liquid staking pool that will list yield-bearing tokens such as BNB, BNBx, and stkBNB.
Due to the volatile nature of staking pools, Wombat Exchange intends to implement a stricter coverage ratio for the tokens listed, so that extra fees are levied against users who trade too far from the tokens’ pegged prices.
Further, upon the launch of Wombat’s liquid staking pool, users can instantly swap within the assets listed on the pool. They will not have to wait for the unlocking and redemption period, which typically takes one to three weeks for yield-bearing tokens.
Finally, giving more utility to its native token WOM, users who stake BNBx and stkBNB on Wombat Exchange will earn yields in the form of WOM and BNB tokens.
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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