BNB Chain
Wombat Exchange Integrates ETH Coin, Launches First Volatile Asset Pool
By
Patrick
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
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Author
Patrick
Patrick
Originally from Texas, Patrick is based in the Cayman Islands. He has a diverse background in journalism. He holds bags mostly in stablecoins.
