Wombat Exchange, a multichain stableswap, became the largest stableswap on BNB Chain by recording $217 million Total Value Locked (TVL) within 24 hours of launch.
- Users on BNB Chain deposited $217 million of stablecoins within the decentralized exchange’s first day of operations.
- Wombat has over 2 million $WOM locked, making up roughly 15% of the token’s circulating supply, in addition to stablecoins, whose TVL has now surpassed that of DEXs like Ellipsis Finance and MDEX.
- During its full launch, Wombat’s staking and boosting function went live simultaneously. It is now ranked the third largest decentralized exchange on BNB Chain at $213.4M in total value locked according to Defi Llama.
- Wombat said that it is now set to build its own ecosystem that will see more protocols built on top of the exchange.
- The DEX also plans to expand to other EVM networks, making it a multichain stableswap protocol. Notably, Wombat is the first stableswap to adopt a single-sided liquidity pool design on BNB Chain, giving higher flexibility to retail users.
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