Wingriders Dex, WRT tokenomics & yield farming
WingRiders is the 2nd largest DEX on Cardano. It's a non-custodial P2P Cardano DEX that launched to mainnet on April 12th with inbuilt hardware wallet support. The DEX has a couple of unique futures:
Launched with hardware wallets' support (i.e Ledger Nano X & S and Trezor T) right off the bat
In addition to the hardware wallets, it supports Nami, Eternl (CCVault), Flint, Gero & Nufi wallets.
Ledger updated its Cardano app to V4.0.0 with the ability for users to sign Cardano smart contracts. Users with the updated app can now swap tokens and provide liquidity to Wingriders directly from their Ledger Nano devices. Trezor smart contracts support for Cardano also came in on May 19th.
Hardware wallet support is vital because, unlike browser wallets, they are not vulnerable to malware attacks. Cardano users who like extra safety for their ADA benefit from this integration.
Wingriders DEX allows double yields through ADA staking of liquidity
When users provide liquidity to Wingriders pools, their ADA is staked into an ADA pool. This way, they still earn staking rewards as usual.
Currently, LPs ADA is staked into a preselected pool(s) i.e NUFI pools.
Beginning epoch 343, liquidity providers can vote on what staking pools their ADA should be delegated to.
Direct native Cardano token swaps.
On the Wingriders DEX, users can swap SUNDAE tokens directly for MIN tokens. This function will reduce the number of transactions needed to switch from one token to another. Fees will still be paid in ADA.
Wingriders will have an agent-batcher model that will be fully decentralized.
This way, anyone will be able to become an agent. At the moment, wingriders manage the agent batchers. They intend to decentralize this aspect of the DEX after rigorous security tests. #SecurityFirst
Wingriders supports wrapped ERC-20 stablecoins e.g madUSDT & madUSDC
Wingriders partnered with the Milkomeda foundation and flint wallet, to bring stablecoins support on its DEX
Check out this write-up to learn more about how wrapped stablecoins will work on Wingriders dex.
Wingriders has a minting tool
With this minting tool, users can create / mint Cardano assets with a guaranteed fixed supply. At launch, its capabilities can only be used by advanced developers who are familiar with minting.
Yield Farming
These are Wingriders yield farming pools and their WRT rewards allocations:
| # | Yield farmis | Launch WRT rewards | Current WRT rewards | APR |
|---|---|---|---|---|
| 1 | ADA / WRT | 75,000 | 60,000 | 54.85% |
| 2 | ADA / DANA | 25,000 | 32,000 | 20.70% |
| 3 | ADA / WMT | 25,000 | 32,000 | 31.96% |
| 4 | ADA / LQ | 20,000 | 25,000 | 31.47% |
| 5 | ADA / MELD | 20,000 | 30,000 | 33.35% |
| 6 | ADA / AADA | 5,000 | 6,000 | 27.75% |
| 7 | ADA / PAVIA | 5,000 | 6,000 | 27.89% |
| 8 | ADA / VYFI | 5,000 | 2,000 | 35.73% |
| 9 | ADA / COPI | 5,000 | 2,000 | 16.38% |
| 10 | ADA / DRIP | 1,500 | 1,700* | 62.32% |
Yield farm rewards are harvestable on per epoch basis. Current rewards include the boosting vault rewards.
ADA/DRIP pool is the only double rewards farm on Wingriders DEX. In addition to WRT, a total of 1,250,000 DRIP in rewards is available per epoch.
Yield farming on madUSDC/ADA, madUSDT/ADA, madWETH/ADA & madWBTC/ADA pools was discontinued following the nomad bridge hack.
Fun fact: madUSDT & madUSDC derive their 'mad' prefix from Milkomeda's Nomad bridge 😁.
Transaction fees
WingRiders has the following fees:
Agent fee
Cardano transaction fee
Swap fee
Wingriders DEX charges 0.35% for every swap. 0.30% goes to the liquidity providers and 0.05% funds the protocol.
Security Audit
Wingriders has been audited by Certik successfully.
Before launching to mainnet, the DEX's development team conducted rigorously testing of their code. The team also took steps to check other dApp's codebase in their category.
In March, Wingriders identified several bugs on MinSwap open-sourced code. They reported the bugs to the MinSwap team and helped prevent a $200 million hack on the DEX.
Wingriders tokenomics
Wingriders native token is $WRT and it will have a fixed supply of 100 million tokens. According to its V1 whitepaper Wingriders tokenomics will look as follows:
| Distribution | WRT tokens | percentage Allocation | Lock-up (in months) | Vesting (in months) |
|---|---|---|---|---|
| Incubation entities | 20,000,000 WRT | 20 % | 6 months | 30 months |
| Future hires | 5,000,000 WRT | 5 % | 6 months | 30 months |
| Partnership & Marketing | 5,000,000 WRT | 5 % | 6 months | 30 months |
| Presale participants (initial round) | 6,000,000 WRT | 6 % | 3 months | 24 months |
| Private sale | 6,000,000 WRT | 6 % | 3 months | 24 months |
| Private & Public sale | 8,000,000 WRT | 8 % | TBC | TBC |
| Ecosystem development | 50,000,000 WRT | 50 % | n/a | n/a |
| Total Wingriders tokens | 100,000,000 WRT | 100 % | ~ | ~ |
WRT token allocations for Wingriders' ecosystem development are as follows:
| Distribution | WRT tokens | percentage Allocation |
|---|---|---|
| Environmental impact fund | 3,000,000 | 3% |
| Initial DEX & CEXs liquidity | 4,000,000 | 4% |
| Ecosystem rewards and development reserve | 3,000,000 | 3% |
| Liquidity mining | 40,000,000 | 40% |
WRT will be used for its DAO governance purposes.
How to buy Wingriders WRT token
Users can acquire WRT tokens using 4 routes.
- Buying on any Cardano DEX once the tokens are minted and sold publicly or after vesting periods sales
- Participating in yield farming on Wingriders DEX
- Potential WR community airdrops/claimdrops. These will be announced in future
- Participating in WR token generation event (TGE) 👇
WingRiders Token Generation Event (TGE)
The DEX minted WRT tokens on March 3rd its WRT token. It's conducting a public sale of 2,100,000 WRT tokens at a price of $0.45 per WRT token. Users will need madUSDT and madUSDC to purchase Wingriders tokens.
To participate in this sale, the Wingriders team announced a whitelisting criteria on May 10th. This whitelist process will take place within a 7 weeks period from the date of its announcement. TGE dates are scheduled for 11th to 15th of July.
WRT Sale whitelist timeline
| Action | Time period |
|---|---|
| Whitelist Announcement | Week 1 |
| Whitelist Initial Q&A Window | Week 1 |
| Participants Submit Evidence | Weeks 2 & 3 |
| WingRiders Evidence Evaluation | Week 4 |
| Community Voting for Diamond Tier | Week 5 |
| Tier Assignment on Discord | Start of Week 5 |
| Whitelisted Participant's KYC | Mid Week 5 |
| Whitelisted Participant's Payment Window | Mid Week 5 through start of Week 6 |
| TGE & Token Distribution - date still to be confirmed | End of week 7 |
All participants will need to complete a series of tier-specific tasks, pass KYC requirements, pay, and wait for the TGE and WRT allocation.
There will be four whitelist tiers i.e
- WL-Bronze Tier
- WL-Silver Tier
- WL-Gold Tier
- WL-Diamond Tier
Key takeaways from the process rules are:
- KYC is an absolute requirement
- Residents of the US, UK, Australia, mainland China, Japan, Canada, South Korea, North Korea, Germany, France, Italy, Cuba, Iran, Pakistan, Syria, Crimea, or any countries on the FATF High-risk list will not be eligible for participation in this process.
Please see a full list of requirements for each tier as listed here
Wingriders Development
The DEX's development is funded by VacuumLabs, the same company that partnered with Emurgo to develop the Adalite wallet & the first stages of the Yoroi wallet. According to Liam Bussell & Kaaran Kalantari, they intend for Wingriders to be the most secure DEX on Cardano such that they can best serve both retail and institutional investors.
In a recent twitter space (1:08:53 mark), Charles Hoskinson made an observation about WingRiders:
Wingriders, for example, is in many ways more sophisticated than SundaeSwap because they thought more carefully about certain parts of their design and they were more clever about how to pull pieces together because they have a lot more experience as software developers in the cryptocurrency space.
He also recognized Wingriders' contribution to Cardano's ecosystem infrastructure development:
I mean that team helped write cryptocurrency wallets, and they've been kind of following this project for a long time and they took more time deploying the protocol. Now Sundae will probably upgrade and achieve parity in that respect, but off-chain on-chain of how you handle these things has a huge amount to do with scalability as you may have a situation where you only have to use the blockchain sparingly and you get more of your stuff done off-chain.
First published on Apr 13, 2022
Cardano