Monday, July 7

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.

Read Also: RichQUACK Staking Pool Records $1M TVL Milestone In Less Than A Week Of Launch

Share.

Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

Comments are closed.

Exit mobile version