Stellar Community Fund

By Wombat Exchange

Wombat Exchange

SCF #18

$150.0K

Legacy v4.0 Award

Awarded

The hyper-capital-efficient multi-chain swap for stablecoins & LSDs, and the top stableswap on BNB Chain.

Products & Services

Wombat is the hyper-capital-efficient multi-chain swap for stablecoins and LSDs. We came up with our own proprietary algorithm and single-token staking design. We are the top stableswap on BNB Chain. We have also successfully launched on Arbitrum achieving a total of ~100M TVL within 5 days of Arbitrum launch.

How we add value to Stellar and Soroban ecosystem: Utilizing the Wombat proprietary and innovative algorithm and design, Wombat adds value to Stellar through: For swap users on Stellar, swap stablecoins and LSDs on Stellar at hyper-efficient exchange rates with minimal slippage, minimal gas fee, and high speed, directly on our website or through aggregators (to be integrated). Liquidity providers can earn sustainable and optimal yields on their Stellar assets via single-asset staking pools (without having to be forced to deposit in pairs) with minimal impermanent loss effect directly on our website or through our yield boosting ecosystem partners. For stablecoin/LSD projects in the Stellar ecosystem (especially for new players), Wombat maximizes capital efficiencies and kick starts their liquidities to fuel growth and adoption through our proprietary algorithm and design which is battle tested even during volatile markets (an example in practice was being to do 8x+ our TVL during USDC depeg incident). New DeFi projects’ liquidity is most important in any sort of DeFi ecosystem for new projects to flourish. Wombat’s algorithm can maximize capital efficiency hence maximizing liquidity. For lending, leverage and yield boosting projects in the Stellar ecosystem, Wombat’s single-asset liquidity position design allows easy building of flexible DeFi products on top of our LPs, adding value to interoperability between Stellar DeFi legos.

More details on Wombat’s proprietary and innovative algorithm and design: Scalable equilibrium: Innovative coverage-ratio-based stableswap mechanism that removes scalability barriers, which allows the possibility of achieving 100% capital utilization with minimal impermanent loss and no limit as to the number of assets within one single liquidity pool. Slippage minimization: Wombat’s capital efficient algorithm and unique design enables lower slippage compared to our contemporaries. User-Friendly UI/UX: Simple and accessible interface with pure single token pool design. Foundation for DeFi to build upon: A pure single-token pool design enables single-token LP tokens, ideal for borrowing and lending protocols and trading platforms to build on top of. Audits from Hacken, Zokyo, and Peckshield https://docs.wombat.exchange/docs/resources/security-audits

Metrics: [as of 25 July 2023 at ~8:23pm HKT] BNB Chain: TVL - 22.87M 24H Volume - 1.41M Arbitrum Chain: TVL - 10.41M 24H Volume - 1.91M Wombat average monthly active users - 3,800 Wombat total users: 12,720, through on-chain unique addresses that interacted with Wombat.

Requested Budget

$150.0K

Team

Our leadership team is made up of experienced professionals in both technology and marketing, ensuring we deliver innovative and impactful solutions in the Web3 space. Alex Lee - Founder Waterloo Mathematics background with 8+ years of experience in Web3. Alex brings a visionary approach to our strategy and product innovation. Twitter: @definidude Kevin - CTO Waterloo Computer Science background with 5+ years of experience in blockchain-related development. Kevin leads our technical operations and drives our blockchain solutions. kWOM - CMO With 7+ years of Web3 marketing experience, kWOM handles our marketing strategies and community growth. Twitter: @TLDRdyslexic We are supported by a seasoned tech team and marketing experts dedicated to pushing the boundaries of Web3 development.