Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Hong Kong, Hong Kong, 27th March, 2023, Chainwire
Wombat Exchange, the largest stableswap on the BNB Chain, is proud to announce its expansion into the multichain territory, starting with its launch on the leading Ethereum layer-2 network – Arbitrum One, on April 5th, 2023 at 6 AM UTC. This expansion marks an exciting development for Wombat Exchange, as it seeks to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability in a multichain world.
Wombat Exchange is the leading stableswap on the BNB Chain, backed by numerous top-notch investors, including Animoca Brands, Binance Labs, Shima Captial, Jump Crypto, and more. Since its launch in September 2022, Wombat Exchange has reached a lifetime peak of $217M TVL and continues to attract high transactional volumes.
Despite having only ~40M TVL, Wombat has recently ranked 4th in total trading volume in the entire crypto space, and is now ranked as the 2nd largest DEX by trading volume on the BNB Chain, proving the capabilities and capital efficiency of their algorithm.
Wombat Exchange and Arbitrum blockchain share a common vision for DeFi innovation and community-building. The pioneering spirit and dedication of the Arbitrum team align perfectly with Wombat’s objectives to provide an exceptional stablecoin swapping experience. With its algorithm enhancement and the adoption of the coverage ratio concept, Arbitrum users will be able to swap stablecoins with minimal slippage and provide single-sided liquidity.
To further extend the reach and provide more yield opportunities and flexibility to token holders, Wombat is bringing the entire Wombat ecosystem, including Convex forks namely Wombex, Magpie, and Quoll, to Arbitrum.
Alex, Founder of Wombat Exchange, commented, “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.”
Wombat is thrilled to kickstart its launch on Arbitrum on 5th Apr 2023 at 6 AM UTC with a liquidity mining rush program, offering users the opportunity to earn a substantial amount of WOM through staking.
For more information on the Arbitrum launch, please visit: http://bit.ly/3LQarF3
About Wombat Exchange
Wombat Exchange is a multichain stableswap native on BNB Chain. It’s focused on re-engineering the stableswap experience with its innovative algorithm design to deliver a next-generation stableswap 2.0 experience.
Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability in a multichain world.
For more information, visit:
Website | Telegram | Twitter | Discord
Cherie Man, email@example.com
The post Wombat Exchange Goes Multichain with First Launch on Arbitrum appeared first on CoinJournal.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.