Hong Kong, March 27, 2023 / AlexaBlockchain/ – Wombat Exchange, which is currently the biggest stableswap on the BNB Chain, has announced its move towards expanding into the realm of multichain technology.
This venture will commence with its launch on Arbitrum One, the leading Ethereum layer-2 network, starting at 6 AM UTC on April 5th, 2023.
With this new expansion, Wombat Exchange aims to facilitate the growth of DeFi, while pushing boundaries with greater capital efficiency, increased accessibility, and scalability in a multichain environment, representing a significant milestone for the platform.
With the backing of top-notch investors such as Animoca Brands, Binance Labs, Shima Capital, Jump Crypto, and others, Wombat Exchange has become the foremost stableswap on the BNB Chain. Since its launch in September 2022, the platform has achieved a lifetime peak of $217M in total value locked (TVL) and is consistently drawing in high transactional volumes.
Although Wombat currently only holds a TVL of approximately $40M, the platform has surprisingly secured the 4th position in total trading volume across the entire cryptocurrency industry. Furthermore, it has now climbed the ranks to become the second-largest DEX by trading volume on the BNB Chain, serving as a testament to the efficacy and capital efficiency of its algorithm.
The visions of Wombat Exchange and the Arbitrum blockchain are aligned towards promoting DeFi innovation and community-building. Both teams share a pioneering spirit and a dedication to delivering exceptional stablecoin swapping experiences. With Wombat’s objective of minimizing slippage and enabling single-sided liquidity, and the Arbitrum team’s algorithm enhancements and coverage ratio concept, users on the platform will enjoy an efficient and seamless stablecoin swapping experience.
In a bid to expand its reach and offer token holders more yield opportunities and flexibility, Wombat Exchange is set to bring its entire ecosystem, which includes Convex forks such as Wombex, Magpie, and Quoll, to Arbitrum.
“The core and the most crucial goal of Wombat is being the best stableswap we can be. We believe that for any blockchain or DeFi to survive and thrive, a good stableswap is the key to serving as the foundation for the entire ecosystem. Our team is thrilled to extend our offerings to the Arbitrum network, and we are confident that we will build a strong and dynamic community,” Alex, Founder of Wombat Exchange, said.
Wombat Exchange is excited to commence its launch on Arbitrum on April 5, 2023, at 6 AM UTC with a liquidity mining rush program that provides users with the chance to earn a significant amount of WOM tokens by staking.
For more information on the Arbitrum launch, please visit: http://bit.ly/3LQarF3
About Wombat Exchange
Wombat Exchange is a stableswap that is native to the BNB Chain and is now expanding to other chains. The exchange’s algorithm design is aimed at re-engineering the stableswap experience to provide a stableswap 2.0 experience. Wombat Exchange is committed to advancing DeFi growth and pushing the limits of capital efficiency, accessibility, and scalability in a multichain environment.
For more information, visit:
Wombat Exchange Contact
Source: Wombat Exchange
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