May 20, 2022 – Hong Kong, Hong Kong
Shortly after the beta launch of Wombat Exchange, a hyper-efficient multi-chain stableswap backed by Binance, the crypto world was struck by the devastating collapse of TerraUSD. Wombat Exchange withstood the wild market swings in defiance of predictions while many decentralized stablecoin exchanges were left feeble and drained.
Their 24-hour trading volume reached an all-time high of $35 million, and the liquidity cap ascended to $40 million as of May 20, 2022. This immense success within a month of launch surpassed notable projects like Dodo and AcryptoS on BNB Chain.
The next-generation stableswap 2.0
Wombat is a multi-chain stableswap native to the BNB Chain. It re-engineered the stableswap experience through its innovative algorithm design, enabling lower slippage and greater capital efficiency. Stability is one of Wombat Exchange’s main characteristics, which kept it immovably secure through the recent black swan event.
They are the first protocol to bring the ‘equilibrium coverage ratio’ concept to maintain overall system health and ultimately protect its users’ funds. With this method, Wombat can spot risks and manage them before tragedies strike.
Although Wombat exists only in the BNB Chain at this stage, that won’t be for long. Wombat is designed to be multi-chained, and the capacity for scaling is monumental. The protocol can thrive in any chain owing much of it to their all-in-one closed form quadratic solution.
This mechanism is highly efficient and scalable, and a few of its user-oriented perks are providing exact calculations, achieving lower gas fees and managing liquidity more effectively. This makes Wombat a potential challenger of the almighty Curve Finance.
Wombat has its eyes set on building its own thriving ecosystem for the longer term. An incubation lab is a part of the roadmap where it can support future projects building on top of them. The synergy of these projects will generate certain benefits for Wombat’s governance token holders, as providing value to its users is undeniably woven into their goal.
About Wombat Exchange
Wombat Exchange is a BNB native multi-chain stableswap focused on re-engineering the stableswap experience through its algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility and scalability in a multi-chain world.
Wombat’s success in the Binance incubation program was followed by the Binance BNB Chain ‘most valuable builder’ season four incubation program, where it had the pleasure of being one of the monthly stars for January.
For more information about Wombat Exchange, visit the following links.
Website | Discord | Twitter | Medium | Telegram
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Source: https://dailyhodl.com/2022/05/20/wombat-soars-to-40-million-in-total-value-locked-while-still-at-beta/