Wombat Review 2023
Wombat is a popular decentralized exchange created by Alex Lee in 2022.
It runs on 1 different chains including BNB Chain.
Wombat offers features such as liquidity mining, yield farming, spot trading and more.
We rated Wombat 4.5/5, based on it's features, security, and future prospects.
Wombat allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by Wombat.
Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
All DEXs charge trading fees. Wombat is no different.
Trading fees incentivise liquidity providers to provide liquidity to Wombat. This enables people like you to freely trade between tokens without incurring too much slippage.
Wombat does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use Wombat?
- Get a crypto wallet that supports web3 on one Wombat's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to Wombat's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
Where can I buy WOM ?
You can by WOM direct from Wombat. It is the native token of Wombat, and they will therefore offer the most liquidity.
Is Wombat safe?
Yes, Wombat is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do Wombat support?
Wombat supports BNB Chain.