With its unique and innovative algorithm, Wombat aims to re-engineer the stableswap experience.
IFO Event on Pancakeswap
BNB Chain-based multi-chain stableswap, Wombat Exchange, is set to host the Initial Farm Offering (IFO) for its native token, WOM, on Pancakeswap. The IFO is scheduled to take place on August 30, starting at 12 PM UTC. Post-IFO, only 1.53% of the total supply will be in circulation, with an initial market capitalization of $1.15m.
More Details on IFO
- Sale Time: 12 PM – 2 PM UTC on Tuesday, August 30, 2022.
- Amount to be raised: $2,100,000 in CAKE tokens.
- $WOM Token Distribution: 28,000,000 WOM (2.8% of WOM total supply).
- Token price: 1 WOM = $0.075.
- Token Vesting Schedule: 20% will be unlocked at the end of the sale, with the remaining 80% released block-by-block over 90 days.
- IFO link.
What is Wombat Exchange
Wombat Exchange is a multi-chain stableswap native on BNB Chain, focused on re-engineering the stableswap experience with its innovative algorithm design as the next-generation stableswap 2.0. Wombat’s innovative and unique algorithm enables users to swap stablecoins at hyper-efficient exchange rates with minimal slippage and earn a sustainable and optimal yield on their assets via single-staking pools.
Wombat’s uniqueness is in its design and special algorithm that is native to the platform and BNB Chain. In addition, its intuitive staking procedure simplifies the process for liquidity providers (LPs) to earn yield.
With the adoption in a multi-chain world, Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability.
The project has also launched a bug bounty program in partnership with Immunefi, a leading bug bounty platform.
Wombat Token (WOM) is the native and governance token of Wombat Exchange. The following embodies the utility of WOM:
Governance: Holders can participate and vote on governance decisions.
Liquidity Incentives: Users can provide liquidity with stablecoins and earn WOM tokens as rewards.
Boosting: Users can lock WOM tokens to obtain the yield booster veWOM, which applies a boost to all stablecoin pools and maximizes users’ APR.
- Name: Wombat Token (WOM)
- Chain: BNB Chain
- Total supply: 1,000,000,000
- 7.5% Private Sale: First fundraise.
- 3.0% Strategic Sale: Second fundraise.
- 2.8% PCS IFO: Public raise on PCS IFO.
- 0.6% Syrup Pools: For the Stake CAKE, Earn WOM pool.
- 5% Binance Seed: Initial Binance Labs Investment.
- 15% Binance Partnership: Various Binance Partnership Allocation, including marketing and market-based campaigns.
- 20% Team: Allocation for Team and Advisors.
- 20% Liquidity Incentive: Emissions for staking WOM and providing stablecoin LPs.
- 0.1% Marketing: Marketing events.
- 26% Treasury: War chest and used to incubate projects that build on top of Wombat Exchange.
WOM will have a low circulating supply with long vesting schedules (5-year period and 0% initial unlock) for the team and investors, in view of protecting the interest of token holders and contributing long-term to the entire DeFi world. Learn more about the token vesting schedule here.
The Road Ahead
Wombat Exchange recently announced the full launch of the app, which is set for September 5. The launch will come with additional features, including:
- Update of the $40m liquidity pool cap to $400m ($100m per asset)
- Availability of liquidity mining with the first batch of stablecoin listings: USDT, USDC, DAI, and BUSD
- Liquidity providers to earn $WOM from the Base Pool by depositing any of the four listed stablecoins
- Liquidity providers who stake WOM will receive rewards from Wombat’s Boosting Pool via the veWOM mechanism.
According to the roadmap, there are plans to release the Sidepool Whitepaper, Permissioned Sidepool, Dynamic Pool, and the veWOM Gauge Voting, all in the third quarter of 2022. Wombat also plans to go muti-chain in the last quarter of the year.
Wombat Exchange is backed by prestigious names in the industry, such as Binance Labs, BNB Chain, Animoca Brands, Shima Capital, Jump Crypto, Wormhole, Zokyo, Lunar Station, and many more.
Visit the following links to learn more about Wombat Exchange and stay updated with future developments.