On September 16, 2022, the SafePal community hosted a great AMA with Wombat in the Discord. It’s exciting to have such an informative discussion with Cherie, the Marketing Manager of Wombat. Here’s the full transcript of the AMA.
🎤FIRST SEGMENT: Fireside Chat🎤
I: Hi @everyone and welcome to another exciting SafePal AMA, this time with @CherieM , Marketing Manager of Wombat. Welcome and thank you for taking the time today to join us!🎉🥰
C: Hello everyone!😊
I: @CherieM, would you like to introduce yourself to us first?
I’m Cherie, Marketing Manager of Wombat Exchange and excited to be here😊
I: Alright! We’ll first have a few questions to @CherieM directly before starting the community AMA session.
C: awesome, can’t wait to start😎
I: Let’s get started!😉
Q1: Can you tell us all more about Wombat, and its mission?
C: Wombat Exchange is the next generation multi-chain stableswap native to BNB Chain. Our pioneering stableswap 2.0 model allows users to swap stablecoins with the best exchange rates and minimal slippage, and stake just ONE currency to earn a remunerative and sustainable yield.
We solve scaling and liquidity issues and provide the end users with an easy-to-use UI. Stableswap math can be complicated, but users shouldn’t be having a difficult time using it.
Wombat effectively solves all of the issues and more! Wombat’s uniqueness is the design and special algorithm that exists only in Wombat and BNB chain.
I: Thanks for the introduction!👏
Now let’s talk about Wombat’s competitive advantage.
Q2: What are its main characteristics and key features that distinguish Wombat from others and what competitive advantages does your Wombat have?
C: We have simplified the deposit/withdrawal/swap procedure, so everyone and anyone can use it and understand it easily.
With a more intuitive staking procedure, users can easily understand and become liquidity providers to earn yield with a few clicks.
This is important because, for DeFi to grow strong, you need things that the masses can easily use, and this is one of the best things Wombat can fix and solve!
Something also worth mentioning as well is that Wombat has a strong portfolio of leading backers including Animoca Brands, Binance Labs, Shima Capital and Jump Crypto, just to name a few.
We require all investors to lock in for much longer time frames (like up to 5-year kind of long) than most other projects on DeFi ecosystem, and they are all known to be diamond hands and supportive of projects in general.
We believe these partnerships strengthen our credibility and passion for building the next generation stableswap!
I: The community was really excited about this AMA between SafePal and Wombat since we announced the event!!🎆😍
Q3: What are your expectations for collaborating with SafePal?
C: It’s an honour for us to cooperate with SafePal – one of the best decentralized wallets in the crypto market!
Thanks to the intergration with SafePal, users can now access Wombat with their Safepal wallet directly without using a third-party provider.
Not to mention that the Wombat is now available on the SafePal mobile app’s dapp store, so… an even better user experience to Safepal users!
It would be even better if we were able to fully integrate our swap functions on Safepal directly so users are able to swap stablecoins at the best rate in app! It has only been a thought in my mind but we’ll see!
I: Can’t wait to see more collaboration news in the future!🤩
C: Already excited🥳
I: Q4: Do you have plans for global expansion? Is your team now focusing on the market at this time or focus on building and developing or getting customers and users, or partnerships?
C: In terms of global expansion, we are actively building our local communities and looking for ways to infiltrate to markets that we see great opportunities in, so the short answer will be YES!
After the successful full launch and the launch of liquid staking pool, we have been working tirelessly to build more features and provide more utility to our token to benefits our holders and loyal supporters.
What’s worth to mention is the upcoming launch of our innovative sidepool on next wednesday, designed with built-in de-peg protection for the algorithmic stablecoins.
The mathematically driven algorithm allows us to protect our users who provide liquidity instantaneously from facing risks, acting as a better safety precaution than every other platform!
Moving forward, setting up governance and proposal voting system will be our core focus, we’re actively collaborating with 10 innovative projects building on top of us, including convex forks, yield aggregators, fixed income products etc., which will accrue value to both the exchange and $WOM , expect WOM Wars to come!
There will also be more exciting partnerships coming out soon so stay tuned for the announcements!
We’re also in progress on multichain adoption so to sum it up, a long road ahead of us and we are working non-stop to achieve our vision of being the Stableswap 2.0!😎
I: And we’d also love to hear a bit more about your upcoming roadmap.😍
Q5: Could you update some hot news or big events of Wombat to attract more users in the coming time?
C: We’re proud to announce that our liquid staking pool launch has been a great success. We’ve partnered up with the liquid staking providers to provide an early incentive program, where you can stake $BNB, $stkBNB, $BNBx & $aBNBc on Wombat to earn juicy yields in not just $WOM, but also other project tokens in the first month!
We’re getting close to a $10M TVL in our liquid staking pool so do check it out!
The side pool will be up next, $HAY – Helio Protocol’s destablecoin will be listed on Wombat and we’re excited to see its launch
More emission details will be released prior to launch so make sure to follow our Twitter or join our communities to get the latest updates!
As we mentioned earlier that governance & voting system will be our core focus after the pool launch, it indicates token bribes will skyrocket and there will be tons of incentives to $veWOM holders — which just improves your APR even further!
Since we are building our own incubation lab, a chunk of the tokens of projects building on top of us will be injected into our treasury and airdropped to $veWOM holders as well. In short, being a WOM holder rocks, but being a veWOM holder is even cooler!
I: That’s awesome!👍
All right, let’s go on to the next part!
🎤SECOND SEGMENT: Community AMA🎤
I: When we announced the AMA, we also asked our community to share their questions about what they’re interested in knowing about Wombat.
@CherieM Kindly select 5 questions from the thread # and answer them!
C: That’s a lot of questions LOL Allow me to take some time to digest and answer.
Q1: The Crypto market is in a very bad situation right now, and assets are going down to as low as 80%
It’s no doubt that your Farms and Staking pool has helped a lot. But my question is, does this in anyway affect your ecosystem
If not, how do you manage it
A: Great question. There is no doubt that the bear market has been a huge impact on everyone, but we also see it on the bright side – where users tend to hold stablecoins under such a volatile market condition and we believe we are offering a safe space for stablecoin holders to earn yields without having to worry about impermanent loss!
In terms of our ecosystem, we believe that our liquidity pools are just the base for projects that are building on top of us. Our mechanism and single LP-token is simply the best foundation TVL is definitely one of our concerns but with the rise of our ecosystem, we believe that it will help bringing in more capital in both Wombat and protocols building atop Wombat
Q2: If Coverage Ratio of a pool drops below a certain point , then will users be able to withdraw their funds? What kind of precautions do you have to keep Coverage Ratio in healthy state ?
Will There be fee distribution to veWOM hodlers in the future ? Can you mentioned the advantages of being $veWOM hodler ?
A: Technically these are 3 questions but I’ll be happy to answer them all
In a case of de-peg or bankrun, or if the transaction affects the coverage ratio too much, the pool stops immediately.
It hinders the user from swapping to drain the pool, protecting the user’s assets, but everyone will still be able to withdraw.
In terms of precaution, we are also adopting a brand new concept named Equilibrium Coverage Ratio, which allows us to monitor the health of our protocol and manages risk ahead.
You can refer to my answer to the last question for veWOM holders’ benefits
Q3: Yesterday, Wombat announced Sidepool, In side pool there is routing asset (BUSD) which enables users to do inter-pool swap between main pool and Sidepool but user cannot swap BNB to Sidepool assets as there is no BUSD in BNB pool. Is there any plan to add routing asset between BNB pool and Sidepools in future?
A: Great one! Love that you have read our latest announcement
Unfortunately there are no plans for adding BUSD in the BNB pool because of the different nature of the tokens. You can however swap liquid staking tokens to BNB – the collateral that you use for minting the liquid staking tokens, instantly on Wombat and bypass the unbounding period. It offers arbitrage opportunities and encourage trading
Q4: Wombat charges fee when coverage ratio reaches 1.5, and 100% fee when coverage ratio reaches 1.8 on volatile assets,It is hard to understand that when such a huge fee is charged, why users will choose Wombat Exchange and coverage ratio will reach these values easily when number of trades increases.And i want to know that where this fee will go, Will it be burnt?
A: Another great question! Our side pool consists of more volatile assets like algorithmic stablecoins, the coverage ratio fee is to prevent users from draining the pool in cases of token de-peg or hack. It is undoubtedly the best solution to keep the pool health and providing the best protection to our liquidity providers.
The fee will be retained in Wombat and shall be shared to the liquidity providers in the future
Q5: Do you plan token burn in future to reduce the supply of tokens?
A: A lot of users have been asking about this and I would love to take this chance to answer it publicly
We do not have a token burn mechanism at this stage, but we’re definitely open to this option so short answer – it’s possible but no promises yet
I: That’s quite a lot questions!!
C: Tell me about it lol
🎤Third SEGMENT: Quiz🎤
I: Now we’ll start the final segment!
The community has 5 mins to answer the quiz. The first 10 participants getting the full score of the quiz will be winners of this section.
On the count of three, get yourself ready for the quiz.
Thanks to @CherieM for giving your time to answer the SafePal community’s questions, and thanks to all of you for taking the time to learn more about Wombat.
C: My pleasure to be here!
I: Keep up to date here with all the great and fantastic announcements we have in store.
Find out more about Wombat
Wombat Website: https://www.wombat.exchange/
Wombat Telegram/Discord link: https://t.me/WombatExchange
Wombat Twitter: https://twitter.com/WombatExchange
C: Have a great day/night everyone
I: It’s glad to talk to you today!
We’ll announce the winners in today’s AMA session soon, stay tuned guys!
See you all next time!