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Hong Kong, Hong Kong, January 12th, 2024, Chainwire
Addressing the major challenges of user onboarding and maintaining sustainable liquidity incentives in DeFi, alongside the difficulties of retaining users and offering stable incentives outside the gaming environment in GameFi, Wombat Exchange unveils its innovative experiment, "WomPets." This Gamified DeFi Bribe Market aims to seamlessly blend DeFi and GameFi, resolving these longstanding challenges.
Introducing WomPets - the Sustainable Multichain “Gamified Bribe Market”
WomPets is designed to gamify the existing DeFi bribe market through partnerships with games, NFTs, metaverses, and IPs. In the DeFi space, adding a gamified element provides a sustainable layer of incentives for liquidity providers, swap users, and stakers, enhancing the traditional token-emission-based bribe system. This Gamified Bribe Market is expected to draw new users, particularly gamers and artists, to DeFi, and create a level playing field against whales and bots. For games and IPs, this initiative introduces a new, stable incentive stream beyond the traditional gaming environment.
Challenges in DeFi and GameFi
In DeFi, the significant challenge lies in onboarding new users and offering sustainable liquidity incentives. Current DeFi bribe emission models, initiated by Andre Cronje and adopted by many popular DeFi ecosystems like Curve, PancakeSwap, and Wombat, are complex to manage and sustain, particularly for new projects, and often favor whales and bots over new retail users. The inefficiency of the current DeFi bribe market only intensifies with multi-chain expansions. On the other hand, in GameFi, one of the main challenges is retaining users and having a stable stream of incentives outside the closed game environment.
WomPets Journey Begins with Top Web3 Game Ecosystem - Animoca
WomPets will start the Gamified Bribe Market collaborations with the top Web3 gaming ecosystem - Animoca, which is also the lead investor of Wombat Exchange. Animoca has over 150 games under its portfolio.
“Animoca Ventures supports technological innovations that onboard new users to Web3, especially one that embraces the value of games and digital properties. We are excited about the WomPets launch of our portfolio project Wombat.” - James Ho, head of Animoca Ventures.
“I always believed the ethos of “GameFi will bring the liquidity, DeFi will make it stay.” Excited to focus on the next stage of Wombat, merging two different worlds into one – a DeFi primitive will come in contact with the incoming dominance and rise of GameFi, which will surely bring the masses into technology that I love.”’ - Alex Lee, Founder of Wombat Exchange
WomPets Sneak Peek
WomPets introduces an innovative cross-chain and cross-platform point system, leading to collaborative mini-games and partnerships. Users can earn WomPets Points (WPP) by swapping, providing liquidity, and staking on Wombat Exchange, as well as holding partnership digital assets and WomPets NFTs. This point system is designed to encourage users, especially newcomers, to engage in mini-games for rewards, initially sponsored by the Wombat treasury. Excitement builds as WomPets prepares to announce partners for upcoming chapter launches.
About Wombat Exchange
Wombat Exchange introduces an innovative and scalable algorithm with a unique design, offering low-slippage, single-sided staking. This multi-chain and cross-chain stableswap is supported by industry giants such as Binance Labs, Animoca, Shima, and Jump Crypto, showcasing its reliability and potential in the market.
Disclaimer: Press release sponsored by our commercial partners.