Wombat Soars to $40M in TVL Despite Being In Beta Status

Hong Kong, 20th May, 2022, Chainwire

The crypto market was hit by the catastrophic collapse of TerraUSD shortly after Wombat Exchange‘s Beta Launch, which is backed by Binance.

Wombat’s critics were silenced when it endured the wild market swings in opposition to expectations, and many decentralized stablecoin exchanges were destroyed.

The Binance Coin (BNB) token has exploded in popularity after reaching all-time highs of $10 and $25.

The liquidity cap climbed to $40 million as of May 20th, with the 24-hour trading volume surpassing previous successes like Dodo and AcryptoS on Binance Chain.

2.0 stableswap: the next-generation

The Wombat is a multi-chain stableswap built specifically for the Binance Chain. It creates a better stableswap experience through its innovative algorithm design, resulting in less slippage and higher capital efficiency.

Wombat Exchange’s stability is one of its most prominent features, which helped it weather the recent black swan event.

The firm is the first protocol to apply the Equilibrium Coverage Ratio (ECR) concept to maintain overall system health.

And subsequently, protect its users’ money. Wombat may be used to identify hazards and handle them before disasters occur using this approach.

Wombat is the first Binance Chain project, but that won’t last long. Wombat is meant to be multi-chained, and its scaling potential is enormous.

This protocol flourishes in all chains due to its all-in-one closed-form quadratic solution, which incorporates everything a cryptocurrency needs.

The firm’s approach is ultimately extremely effective and scalable.

With a few of its user-friendly features which include precise computations, lower gas costs, and greater liquidity management. Wombat has the potential to challenge Curve Finance’s hegemony.

Wombat is focusing on growing its thriving ecosystem in the long run. An incubation laboratory is part of the plan for future projects that will build on top of Wombat.

The combination of these initiatives will result in certain benefits for Wombat’s governance token holders. Since delivering value to its users is at the heart of its objective.

The Wombat Exchange

The Wombat Exchange is a BNB-native multi-chain stableswap. Its goal is to enhance the stableswap experience with its algorithm development.

Wombat aims to promote DeFi growth while also making it more accessible and scalable in a multi-chain ecosystem.

Wombat’s excellent performance in the Binance Incubation Program was followed by the Binance BNB Chain Most Valuable Builder Season 4 Incubation Program. Where it was one of the monthly favorites for January.

Wombat is in closed beta now, with a planned public release in Q2 2021. Wombat has an excellent crew that works from all across the world, including Berlin, Seoul, and Chicago.

Wombat is the first project to offer a staking pool for Binance’s new token, BUSD. Wombat has also implemented 2-factor authentication (2FA) for all its users.

2FA adds an extra layer of security to user accounts by requiring a second factor, such as a code from a hardware device or mobile app, in addition to the password.

Wombat has been working hard on its product and features since its inception. As a result, Wombat has managed to grow its user base and TVL (Total Value Locked) to $40 million, despite being in beta status.

Wombat is now one of the most popular cryptocurrency exchanges in the world. The company plans to launch its full version shortly. In the meantime, Wombat will continue to work on improving its product and adding new features for its users.

It will be interesting to know to your what you think about Wombat. Kindly tell us your thoughts in the comment section.