WingRiders, a Cardano-native automated market maker (AMM) decentralized exchange (DEX) platform that positions itself as “The DEX” on Cardano, is now the number one decentralized exchange (DEX) platform in the Cardano ecosystem. WingRiders surpassed Minswap on Tuesday with $51 (109.4 ADA) million in total value locked (TVL), representing 42 percent of Cardano’s TVL.
The DEX’s ascension to the top of the Cardano ecosystem follows a busy event-filled first half of the year. WingRiders started off the year with $4.5 million in outside investments during an oversubscribed seed and private round. A few months later, WingRiders shook up the Cardano ecosystem by being the first to bring the biggest stablecoins—Tether and USDC—onto the Cardano blockchain and the launch of its mainnet.
WingRiders exchange platform leverages the benefits of Cardano to correct for 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 any of the Cardano Software wallets or Trezor and Ledger (hardware wallets), the entire exchange can run within your browser, with Ledger even on an Android device. Traders on WingRiders are also able to earn interest on crypto through staking.
“We are proud to be listed as the top DEX on Cardano,” says Kaaran Kalantari, Spokesperson of WingRiders. “We have worked hard since our launch earlier this year, and despite the challenges of navigating this bear cycle, we have developed one of crypto’s most credible and important DEXs. We look forward to continuing this momentum.”