Wombat Exchange Integrates ETH Coin, Launches First Volatile Asset Pool

by BSC News

March 8, 2023


Wombat Exchange integrates $ETH and $frxETH from Frax as its first volatile assets pool.

Pools for $ETH, $frxETH

Bam! Wombat Exchange is kicking BNB Chain DeFi up a notch, adding pools for Ether coin and the $frxETH liquid staking derivative from Frax Finance.

The frxETH pool is Wombat’s first to feature volatile assets (using the BEP-20 versions of the Ethereum chain currencies). A few hours after the launch of the pool on the morning of March 8, the average APR for staking $frxETH was 200% and for $ETH was 33%. Those yields will go down as the pools fill up, with a maximum size of $1 million apiece.

In a Twitter post before the launch of the pool, Wombat goes over the basics of frxETH, which is minted when users stake $ETH on Frax. The frxETH LSD is loosely pegged to ETH at a 1:1 rate and can be traded or staked on Decentralized Finance (DeFi) protocols like Wombat.

The integration of $frxETH and $ETH could be considered as Wombat dipping a first toe into the cryptocurrency universe beyond BNB Chain.

Wombat’s 2023 Roadmap calls for a massive multichain expansion, starting soon with Polygon, and subsequently Arbitrum, Optimism, Fantom and Avalanche.

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.

Where to find Wombat Exchange:

Website | Twitter | Discord | Medium | Telegram