Wombat Exchange IDO Update
Dear Wombat community,
We have decided to postpone our IDO until further notice under advice from our partners and investors. This is a difficult decision, but we believe it is in the project’s and our community’s best interest. The full launch schedule will be announced as soon as it’s available.
As a DeFi primitive, Wombat has always strived to be the platform for the people by the people. During Incubation Season 3’s open Q&A with He Yi, Co-Founder of Binance, she mentioned one of the biggest reasons for the success of BNB is because many loyal users stuck by BNB have been profitable. That’s the best marketing, she said, and nothing else comes close.
Whether the fans sell or keep the token to be part of the community governance, participate in the projects that build on top of Wombat, or just use it to boost their yields — the choice is yours and forever will be. We want Wombat supporters to be profitable, grow their wealth, and ultimately be part of the ecosystem that will fundamentally change the BNB Chain for the better.
We have been closely monitoring the current market conditions, and truth be told, the market is still highly volatile and simply not ideal for a token listing. For this reason, we have decided to delay our token launch until market conditions improve when we have better metrics to support a healthy, stable launch for undoubtedly the best stableswap on the BNB Chain.
For the time being, we’re still airdropping WOM tokens to all liquidity providers on beta. As the reward is calculated in a time and amount weighted approach, there will be more WOM for our users to earn.
Bear markets are for the builders.
The IDO delay does not stop us from building; we’re working ahead of our development timeline.
We have been working tirelessly to build more functionality in our product. We are working on an innovative sidepool design 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. We will also introduce governance and factory pools after we finalize the code that coincides with our new innovative sidepool design.
In the coming weeks and months, we will announce many exciting, innovative projects coming to the BNB Chain, which are building on top of Wombat. We are also fulfilling our multi-chain roadmap as well.
By the time we launch our token, Wombat will be a fully functional platform with add-on utilities that can draw more users to be a part of our ecosystem and help with product growth in an even more robust way. Bear markets are not changing our goal and objective. We are constantly building and improving Wombat to be the best foundation for BNB Chain DeFi, and the pioneer in bringing DeFi the stableswap 2.0.
We hope to take this chance to thank everyone again for your patience and support, and we look forward to celebrating our next milestone with you soon. If you have more questions or feedback, you are more than welcome to contact our team on Telegram or Discord.
Best Regards,
Alex, Founder of Wombat Exchange and Wombat team
