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Wombat Exchange Ecosystem Passes $70M in TVL on Arbitrum, More Than BNB Chain

Arbitrum users have shown an appetite for the WOM Wars contest among Wombex Finance, Magpie XYZ and Quoll Finance.

Arbinauts Embrace Wombat

It might be too early to rename Wombat Exchange as an Arbitrum-first Decentralized Finance (DeFi) ecosystem. However, in the three days since the multichain stableswap launched on the Ethereum Layer-2 rollup, the Total Value Locked (TVL) on Wombat-related protocols has surpassed $70 million – exceeding the current TVL on their native BNB Chain.

Data from DefiLlama illustrates how Arbinauts have dived headlong into the WOM Wars battle for liquidity among the three yield-boosting Convex forks: Wombex Finance, Magpie XYZ and Quoll Finance.

Currently, the Wombat Exchange Decentralized Exchange (DEX) has $38.6 million in TVL on Arbitrum, compared to $51.3 million on BNB Chain.

Meanwhile, Wombex has $20.1 million in TVL on Arbitrum, closely rivalling its $29.6 million on BNB Chain.

Magpie has $11.1 million in TVL on Arbitrum, exceeding its $7 million on BNB Chain.

And, according to the Quoll website, it has $730,000 in TVL on Arbitrum, compared to $1.8 million on BNB Chain.

In total, Wombat and its yield-boosting platforms have $70.6 million in TVL on Arbitrum, compared to $69.5 million on BNB Chain.

Whether that flippening will persist is unknown. In addition to the higher APYs that are available when yield platforms initially launch, the $WOM protocols have all been running special bootstrap events to attract liquidity on Arbitrum.

In terms of swap volume, Wombat Exchange has facilitated just under $60 million in trades in the past week, which puts it among the top 25 DEXes on all chains.

Powered by Wormhole’s cross-chain technology, Wombat plans to expand to an array of EVM-compatible blockchains in 2023, including Polygon, 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

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