WingRiders, Cardano’s premier native automated market maker (AMM) decentralized exchange (DEX) platform, completes its first month post-mainnet launch with 62.5 million ADA in total liquidity. The DEX’s successful opening month comes on the heels of an oversubscribed seed and private-funding round, as well as a partnership with the Milkomeda Foundation to bring the USDC and USDT stablecoins, along with BTC and ETH, to the Cardano mainnet ecosystem.
While Ethereum gradually transitions from its proof-of-work mechanism to proof-of-stake, it still suffers from slow transactions, scalability problems, and other disruptions. The proof-of-stake Cardano blockchain offers blockchain developers an alternative route, and WingRiders makes it accessible for investors.
WingRiders surpassed $60 million in total value locked (TVL) in a matter of 6 days after going live on April 12, with a peak in the first month of 62.5 million ADA before the major crypto market drop. The mainnet platform launched after the WingRiders developers finalized the farming functionality, with 1.6% (1,600,000 WRT) of its native token supply allocated towards the first month of yield farming, with rewards and bonuses to be distributed. A key ecosystem first is the double yield farming feature, where liquidity providers have the possibility to gain rewards from the automated staking in the ADA containing pools and the commonly known yield farming of platform native tokens. All these gains come on top of the regular swapping fee collected in the pools. WingRiders’s DEX platform is the only one, so far, that integrates Ledger hardware wallets, directly enabling the safest possible interaction, even directly on an Android device.
WingRiders’s exchange platform leverages Cardano’s benefits to correct the issues plaguing DEXs on Ethereum. WingRiders avoids the obstacles that slow down both Ethereum-based DEXs and recent entrants into the Cardano space, such as high gas fees and failed transactions. WingRiders offers full privacy to investors and only requires users to connect a lightweight non-custodial NuFi wallet to buy and trade tokens; the entire exchange can run within a browser. Traders on WingRiders can also earn interest on crypto through staking.
“We are more than pleased with our progress so far and look to continue the momentum as we deliver on our roadmap,” says Kaaran Kalantari, Spokesperson for WingRiders. “WingRiders has some big milestones ahead, including the integration of additional wallets and features as well as our public token sale, and we are expecting further successes as we solidify ourselves as an instrumental piece of the Cardano infrastructure.”