Wombex Finance

Results of the first day<h3 id="strong-the-wombex-ifo-and-launch-stats-strong">The Wombex IFO and launch stats</h3><ul><li>The PancakeSwap community greatly supported Wombex IFO resulting in a 4700% oversubscription for the Public Sale allocation</li><li>During the first 12 hrs Wombex accumulated 2.5m WOM from the community</li><li>During the first 12 hrs Wombex attracted $10m liquidity TVL, mainly in stablecoins</li></ul><blockquote>Now Wombex owns 4.4m veWOM from 11.15 veWOM total supply, accounting for 39.5% boost power in Wombat</blockquote><h3 id="strong-launch-issues-bugs-and-faq-strong">Launch issues, bugs, and FAQ</h3>Unfortunately, some UI bugs and issues appeared after the launch. We aimed to deliver the mainnet version of the protocol ASAP after the IFO, and such a hurry led to several bugs we missed.We created this section to provide our comments regarding bugs and share information about our solutions or explanation of that. Also, here we publish information that will help you better understand Wombex and its features, for example, APY calculation.0. General website issues: Cloudflare &amp; slow loading Wombex website is stored on IPFS (decentralized file storage system) with a truly decentralization spirit in mind and is protected from DDOS attacks by Cloudflare. When we release an update, Cloudflare sometimes needs additional time to update. Some users already have the updated version, while others have the old one with UI bugs. We cannot make Cloudflare updates faster or influence it since it’s a giant infrastructure service.<blockquote>Please, turn off the Brave shield and clean up the cache/cookies (last hours) if you suspect that you loaded the old version!</blockquote>Another issue was the slowly loading website. Currently, all requests are performed on-chain and it is the main reason for slow loading. Until the end of the week the majority of requests will be optimized and migrated to The Graph infrastructure. It should greatly increase the speed of website loading.1. The Bootstrap Event and general WOM StakingWhen WOM is converted to wmxWOM it doesn’t matter if it was converted for participating in the bootstrap event or not:- The one token (WOM) is supplied to WomDepositor contract (and after that to VoterProxy and finally to Wombat’s veWOM, it happens under the hood)- another token (wmxWOM) is minted by CrvCrvToken contract- 1 wmxWOM is always minted for 1 WOMThe bootstrap event contract and general WOM staking contract rewarding staked wmxWOM using different approaches:- The bootstrap event: 2m WMX is mined block-by-block over 14 days for all wmxWOM stakers and distributed to them proportionally to their wmxWOM stake- General WOM staking: wmxWOM stakers here receive 5% of all mined WOM in the system (mined by Wombex LPs, providing liquidity to Wombat via Wombex) proportionally their wmxWOM stakes &#43; WMX rewards (will be activated after the bootstrap event ends)However, there were two issues with UI:- The bootstrap event and general WOM staking were launched at the same time. Despite published instructions, some users mixed up these two options using the “Convert &amp; stake” function for general WOM staking.- Understanding it, they unstaked wmxWOM and tried to stake wmxWOM into the Bootstrap event contract. However, there wasn’t such an option in UI: the only option for the Bootstrap event was wmxWOM conversion (starting from WOM) and staking into the Bootstrap event contract in the same transaction. There wasn’t an option to stake wmxWOM to the Bootstrap event that users already had in the wallet.It caused a lot of fud, and we understand why — people estimated high rewards but staked in the wrong contract and cannot re-stake in another. Now it is fixed. However, some users staked in the wrong contract, and we will be happy to provide some additional retro-drop for them based on on-chain data. We will calculate the number of rewards every address could earn, publish it, and make WMX drop to these addresses using unclaimed airdrop rewards. All users staked wmxWOM into general staking before 8 pm UTC 19/10 will be eligible for it.2. The APR chaosThe APR was incorrect when the app was loading (too big). The formula caused the incorrect UI (the formula in smart contracts was correct). Also, some users complained that the real APR they calculated by claiming rewards and recalculating them for the whole year was too small. There were two reasons for that:<ul><li>From the beginning, only 2m WOM that were provided by the Wombat team as a part of WMX&lt;-&gt;WOM token swap process were staked into veWOM and served Wombex with boost. WOM accumulated via bootstrap event weren’t staked into veWOM since veWOM contract has an option for only 10k deposits from the one address. So, there was an initial algorithm to stake WOM accumulated during the last day in a batch every 24 hrs to save the deposit slots for the future.</li><li>Solution: first of all, 2.5m WOM supplied by the community is finally staked into veWOM. For the first weeks after launch, we decided to make veWOM deposits every 2 hours to make APR growth smooth with the growing amount of veWOM accumulated by Wombex.</li></ul>Besides that, there is important information that everybody should understand about Wombex and the APR calculating algorithm in it:<ul><li>When users’ liquidity is staked in Wombat’s MasterWombat.sol contract it is boosted by veWOM owned by Wombex and staked into veWOM.sol. All users’ liquidity is staked into Wombat from Wombex’s VoterProxy.sol contract that holds the entire Wombex veWOM position. Technically it looks like one huge whale staked a lot of veWOM (aggregated from users) and deposited a lot of liquidity (aggregated from users).</li><li>When WOM is mined, it isn’t transferred to users (Wombex liquidity providers) straightaway. It is accumulated inside the Wombex protocol and is available for a claim for seven days daily. It’s not our invention; it’s how the original Convex works.</li><li>An example: today, BUSD pool mined 1,000 WOM tokens. Then 1000/7 &#61; 142.85 tokens will be distributed among LPs and available to claim, and the rest (857 tokens) will be distributed over the next six days using the same number of 142.85.</li><li>Let’s imagine that tomorrow also, the pool will mine 1000 tokens. It means that there are 1000&#43;857 tokens in a reward pool the next day, and LPs will receive 1857/7 &#61; 265 tokens.</li><li>The example above demonstrates that APR accumulates over time. One-day APR in Wombex makes no sense since it will grow over the next few days until some sort of equilibrium will be achieved.</li><li>Does such a mechanic make sense? Yes. WOM tokens are distributed continuously in MasterWombat while in Wombex minted WOM tokens are claimed from MasterWombat by periods. Thus, the task of stochastic distribution of rewards to liquidity providers should be solved (since there is a risk of a sandwich attack when the user will stake a huge amount of liquidity BEFORE WOM distribution, and withdraw it after it, taking away the majority of rewards). This solution was initially proposed and developed by Synthetix. After that it was used by Covnex, Aura.finance, and finally — by Wombex.</li><li>So, it means that APR will grow over time and after 7 days it will be more stable.</li></ul>ConclusionWe are extremely grateful to the WMX community for their patience and input. Until the end of the week remaining minor issues will be fixed, APR will grow accordingly to veWOM boost and distribution principle described above. Socials Twitter: <a href="https://twitter.com/WombexFinance" rel="noopener noreferrer nofollow">https://twitter.com/WombexFinance</a>Discord: <a href="https://discord.gg/wombex" rel="noopener noreferrer nofollow">https://discord.gg/wombex</a>Telegram: <a href="https://t.me/wombex" rel="noopener noreferrer nofollow">https://t.me/wombex</a>

Wombex launch recap

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Wombex Finance

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