04 Apr 2023•
3 min read
We are excited to announce that Wombat and its ecosystem (including Wombex, Magpie, and Quoll Finance) is integrating Wormhole to enable cross-chain development and expand their reach beyond their native BNB Chain (formerly known as Binance Smart Chain). 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.
Wombat Exchange is a BNB Chain-native decentralized exchange that allows minimal slippage, stablecoin swaps, and single-stake stablecoin yields. It employs asset-liability management and coverage ratio concepts for secure and efficient performance.
With the shift to an xChain world, Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability.
To learn more, visit wombat.exchange, or follow them on the social channels below:
After establishing itself as a household name on the BNB Chain, Wombat and the Convex forks built on top of Wombat (such as Wombex, Magpie, and Quoll Finance) are now looking to expand their reach to users on other chains. Integrating Wormhole's interoperability protocol allows the Wombat ecosystem to expand to new chains. Starting with Arbitrum, Wombat aims to soon deploy on Optimism, Ethereum, Polygon, and others in the near future.
Additionally, with Wormhole’s integration of Circle’s CCTP that enables cross-chain stablecoin swapping, Wombat transactions (and all other transactions, for that matter) between different networks will create less friction for the end user — this eliminates the need for additional steps like swapping wrapped tokens for native ones.
Wombat will leverage this technology to offer greater liquidity and more opportunities to users across multiple chains. By facilitating the movement of assets and data across various chains, Wombat aims to create a more connected and efficient DeFi ecosystem. Wormhole is proud to be chosen as the interoperability protocol to do exactly that.
Let’s have a look at the DeFi protocols that move xChain alongside Wombat:
Quoll Finance is a yield booster and on-chain incubator. It leverages the veToken/boosted yield model adopted by Wombat Exchange to provide a boosted yield for LPs and extra reward to WOM holders with a tokenized version of veWOM, qWOM. If you are not familiar with veToken/boosted yield model, read the Wombat Exchange doc.
Learn more: https://quoll.finance/
Wombex is a yield aggregation and veToken accumulation protocol built on top of Wombat. The protocol operation is based on the Wombat veToken model. Wombex offers base APY (offered to anyone supplying liquidity without any additional conditions) and boosted APY (depends on the user’s veWOM position). To create a veWOM position, the user needs to lock WOM for a span of time (from 7 days to 4 years).
Learn more: https://wombex.finance/
Magpie is a BNB Chain native yield boosting platform that maximizes governance benefits for veTokenomics based protocols. Incubated by Wombat Exchange, Magpie is focused on locking WOM tokens to own governance rights and boosted yield benefits as liquidity provider on Wombat.
Learn more: https://www.magpiexyz.io/
If you’re new to Wormhole, here’s what you need to know:
Wormhole is an interoperability protocol that allows projects to build on top of its generic message-passing layer. Currently, it connects to more than 20 high-level blockchains. Wormhole functions by emitting messages from the source chain that are observed and verified by validators in the Guardian network. After verification, relayers optionally submit these messages to a target chain for processing. This message-passing primitive enables xChain (cross-chain) functionality: users interact with xDapps (xChain dApps) to transfer xAssets (xChain assets) between networks or access their xData (xChain data) to provide them services on their current network.
Learn more on wormhole.com.
If you have questions, need support, or simply want to connect, join the Wormhole community and keep up-to-date with our upcoming announcements. We’re always happy to hear your feedback.
Here’s your chance to get in on this one.
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