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WingRiders

The DEX on Cardano Native and fast AMM decentralized exchange platform.
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Finance
Blockchain
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Ethereum
Currency
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WRT
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WingRiders Team
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What is WingRiders?
WingRiders is an Automated Market Maker (AMM) Decentralized EXchange (DEX) built on top of the Cardano using the eUTxO model on the main chain. WingRiders’ objective is to be an infrastructure element for the whole Cardano ecosystem, with simple integration into any wallet or Dapp. Accessible via many platforms, supporting connectors and hardware wallets such as Ledger and Trezor. The platform is fully decentralized and trustless, supporting swaps between Cardano native tokens. Plans exceed the AMM, L1 and potentially even Cardano itself.

STAKING
WingRiders is the first DEX on Cardano to provide native ADA staking. If you provide liquidity, you will be given a utility token, also known as a “Liquidity Provider Token” (LPT) that functions as your receipt for the provided ADA.

VESTING AND DEPOSIT PERIOD EXPLAINED
There will be a democratic process in place for liquidity providers to decide which stake pool the whole ADA amount in the liquidity pool will be delegated to. Each LP token is counted as a single vote and the vote counts at the start of the next epoch. Users are asked to commit their Liquidity tokens until the end of an epoch to secure their vote.

Yield farming
Yield farming, sometimes referred to as liquidity mining or liquidity farming, is the practice of providing liquidity to a farm with the liquidity pool tokens or LPTs, that were minted to represent your share of the liquidity pool you contributed your two assets to generate rewards in the form of additional cryptocurrencies, governance tokens, like WingRiders token, NFTs, or a combination of these assets. It should be noted that at the launch of yield farming on the WingRiders platform only WingRiders token rewards are available.

THE DEX ON CARDANO
This is our first core value, and it isn’t arrogance. We believe that to move the ADA ecosystem forward, the community needs not just a DEX, but a piece of infrastructure governed as a DAO. Our aim is to support all projects that may require swap functionality. We aim to add new projects and tokens that get popular support easily and simply. We think “a rising tide lifts all boats” and nowhere is this more obvious than in the crypto community. We want projects to come to us, and know that our philosophy means that we will do our best to support them if they are bringing value to Cardano.

TRANSPARENCY
We will be transparent across the project, fees, details and information - If it’s important, we will communicate it. We feel that this is the best way to communicate with the wider Cardano Community and DAO members.

SIMPLE
It is our aim to help spur mass adoption of cryptocurrency in general and Cardano in particular is about being easy to use, our design ethos reflects this. Our platform is easy to use.

CONCURRENCY
Concurrency is a hot topic in the Cardano space, There are two different understandings regarding this and we’ll outline them below. To many in the community, it has to do with how many interactions are possible with a single Liquidity Pool (LP) by different users in one block (the answer is one per LP without a concurrency solution). To understand what is meant by a single user being able to interact with a single LP once per block.

THE “AGENT” & “BATCHING MODEL”
Users would create swap requests and Agents (the batchers) would fulfill these requests on behalf of the users. The requests are small transactions, while the transactions that fulfill these requests would interact with the DEX scripts (Cardano’s version of smart contracts) to ensure that the users are correctly compensated. These batch transactions are large because of the included scripts and large number of inputs. The agent’s goal is to maximize efficiency and include as many swap requests as possible. The more requests the agent can fulfill in a single transaction, the less load on the blockchain, lower overall fees and faster perceived user experience. How many requests can be included also depends on the transaction size, memory and cpu usage of the smart contracts. This is where the internal factors of the DEX’s architecture, concurrency solution and tradeoffs become evident.

DESIGN
Our UX and UI teams have also done a great job. They are very experienced, and it is key for us to keep iterating and developing, and improving. We want to be the technically best engineered DEX on Cardano, full stop. WingRiders aims to be THE DEX on Cardano. Not the only one, just the best, most feature rich and most community friendly.
Information
Type
Automated Market Maker
Blockchain
Ethereum
Currency
WRT
Platform
Windows, macOS
Publisher
WingRiders Team
FAQ
Not yet. The current version only supports staking into pools
which only give ADA rewards. ISPO pools make it difficult to
determine and distribute their rewards to individual users.
In future, we will explore options to implement support for
ISPO pools.
Not directly. The staking rewards after the epoch first will go
back into the Liquidity pool which will in turn increase the
overall value that you can withdraw with your LP tokens.
Staking of ADA is only relevant to ADA-to-Token pools. Other
features in the DEX, like swapping and farming, support both
Token-to-Token Liquidity pools and ADA-to-Token pools.
In the initial release, ADA staking will only be done per liquidity pool. Every liquidity provider that contributes to an ADA
Liquidity pool will get a chance to vote on which stake pool
the whole liquidity will be delegated to. Each liquidity pool
can be delegated to a separate stake pool, but one liquidity
pool can only be delegated to a single stake pool. The DEX is
relying on the LP providers not to select a pool while voting,
where they would oversubscribe with their delegation.
Many WingRiders liquidity pools are incentivized by having
a corresponding yield farm. You can deposit the liquidity
pool tokens in the corresponding farm to gain extra rewards.
These were minted and issued to you for depositing liquidity
to the original liquidity pool containing two assets.
Farming rewards are calculated based on the total LPTs
that are deposited from the start of an epoch and remain
deposited in the farm, to the end of that epoch. An epoch
lasts for 5 days and is based on Cardano’s regular staking
epochs. WingRiders token rewards will be allocated proportionally to everyone who provides liquidity and keeps their
LPTs deposited in any of the available farms. Depositing of
LPTs is done in the UI part of the app covering farming.
The rewards will be calculated solely on the proportion of the
liquidity of the pools the particular liquidity provider holds,
as represented by the LPTs bound to the holder’s wallet.
To ensure that rewards are allocated fairly and to prevent
anyone from gaming the system, only the minimum amount
of LPTs that is deposited by a liquidity provider over the
course of a 5-day epoch will be the baseline for calculating
their rewards.
This means that if a portion of the deposited LPTs are removed before the end of that epoch, rewards will be calculated based on the remaining LPTs until the end of that
epoch, and not on the total that was in the farm at the start
of that epoch, before some were removed.
All farms that you see in the “Farming” section of the interface
are eligible for farming rewards. If there is no farm listed, there is
no farming reward for that particular liquidity pool.
All farms are eligible for WingRiders token rewards. If, in the future, there will be farms added that reward liquidity providers
with something other than WingRiders tokens, these will be
clearly marked.
No. You have to have your LPTs deposited before the 5-day epoch starts in order to have a logged minimum for the rewards to
be received. If you withdraw your farm’s LPTs and/or withdraw
liquidity later in the epoch, you will lower your minimum amount
deposited for that epoch, and this lower amount will be used as
the basis for reward calculation.
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