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

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, doubling its $9.3 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.

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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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Where to find Wombat Exchange:

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