ARB

Wombat Exchange Ecosystem Officially Launches on Arbitrum

by BSCN

April 5, 2023

Wombat Exchange has introduced WOM Wars from BNB Chain to Arbitrum, bringing along Wombex Finance, Magpie XYZ and Quoll Finance.

WOM Wars on Arbitrum

Attention, Arbinauts! A growing battle for Decentralized Exchange (DEX) liquidity has spilled over from BNB Chain to Arbitrum.

Wombat Exchange and its associated yield-boosting protocols have now launched on the layer-2 Ethereum protocol.

The native BNB Chain stableswap’s expansion to Arbitrum is the first step in its ambitions to become a major multichain Decentralized Finance (DeFi) protocol. Along with Wombat Exchange, the yield-boosting platforms Wombex Finance, Magpie XYZ and Quoll Finance have also entered the Arbitrum network.

The three Convex forks are engaged in WOM Wars – a “Curve Wars”-like battle for control of Wombat Exchange’s governance token $WOM. For users, that means access to boosted APRs and bribe pools as all the protocols work to attract liquidity for the Wombat Exchange stableswap.

The friendly combatants have been out in force on social media, generating attention for the Arbitrum expansion event.

Wombex touted its early numbers on Arbitrum, including taking in more than $3 million in Total Value Locked.

Magpie drew attention to the opening of the Wombat Exchange voting gauge on Arbitrum.

And Quoll Finance said they’re joining the Arbitrum party tomorrow, April 6.

It’s still very early, but preliminary numbers on DefiLlama indicate Wombat Exchange has already attracted nearly $30 million in TVL on Arbitrum, more than half its TVL on BNB Chain.

The multichain aspect of the Wombat Exchange ecosystem is powered by Wormhole.

“This integration will provide Wombat’s ecosystem users with seamless cross-chain functionality and support our shared mission to accelerate the growth and adoption of DeFi,” Wormhole tweeted.

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What is Wombat Exchange:

Wombat Exchange is a multi-chain stableswap focused on fueling DeFi growth and promoting its product’s scalability, accessibility, and efficiency in the multi-chain space. The protocol allows users to swap stablecoins at minimal slippage and stake at maximum yield.

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