Press Release
Own this piece of crypto history

Collect this article as NFT

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.

For more information, visit:

WebsiteTelegramTwitterDiscord

Contact

Cherie Man

cherie@wombat.exchange

This publication is sponsored. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Related News

How to create and sell Bitcoin NFTs

Emi Lacapra
2023-03-14T14:13:00+00:00
ad

Cosmos-based DeFi lending protocol Nolus joins Cointelegraph Accelerator

OKX plans Australian expansion, citing ‘huge appetite’ for crypto

Brayden Lindrea
2023-03-30T06:30:00+01:00

Marathon Digital posts quarterly record of 2,195 Bitcoin mined in Q1

Brayden Lindrea
2023-04-05T02:08:51+01:00

UK uses Love Island star to warn finfluencers on crypto and investment schemes

Brayden Lindrea
2023-04-07T04:58:04+01:00

Australian crypto scams increased by over 162% with nearly $150M lost

Brayden Lindrea
2023-04-18T02:48:44+01:00

Follow us on Facebook