Hong Kong, Hong Kong, March 27, 2023 – 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, on April 5, 2023, at 6:00 am UTC. This expansion marks an exciting development for Wombat Exchange as it seeks to fuel decentralized finance (DeFi) growth, push boundaries with greater capital efficiency, and increase 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 $217 million in total value locked (TVL) and continues to attract high transactional volumes.
Despite having only $40 million in TVL, Wombat has recently ranked fourth in total trading volume across the entire crypto space, and is now ranked as the second-largest decentralized exchange (DEX) by trading volume on the BNB Chain, proving the capabilities and capital efficiency of its algorithm.
Wombat Exchange and the 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 tokenholders, Wombat is bringing the entire Wombat ecosystem, including Convex forks, namely Wombex, Magpie and Quoll, to Arbitrum.
Alex, the 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 April 5, 2023, at 6:00 am UTC with a liquidity mining rush program, offering users the opportunity to earn a substantial amount of its native WOM token 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 is 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.
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