Evolution of WingRiders DEX: A Year in Review
Episode by Peter Bui on April 18th, 2023
WingRiders, a decentralized exchange (DEX) built on the Cardano blockchain, has been turning heads with its rapid development, strong commitment to decentralization, and dedication to delivering the best possible product to its users. This blog post will take you through the remarkable journey of the project and the unique features that set WingRiders apart from its competitors.
WingRiders’ development process has been nothing short of impressive. In just 7.5 months, the team built and launched the DEX, with the first Testnet showcasing its capabilities after only three months of development. This rapid progress highlights the team’s dedication to bringing an efficient and innovative product to market.
Seed Round Token Sale:
Following the successful launch of a fully functional testnet, WingRiders conducted a seed round token sale. This sale demonstrated the project’s commitment to transparency and allowed potential investors to assess the platform’s capabilities firsthand.
From day one, WingRiders has prioritized decentralization. The platform launched with 100% of the ADA in liquidity pools (50% of TVL) auto-staked in pools defined each epoch based on liquidity provider (LP) voting. The rewards generated from these pools are distributed back to the LPs, further benefiting the community.
Hardware and Mobile Integration:
WingRiders became the first DEX to offer Ledger and Trezor hardware support, as well as direct Android mobile integration (via cable and Bluetooth). These features make it easier and more secure for users to access and trade on the platform.
Retail Token Sale and TGE:
The retail token sale, conducted in four stages through three IDOs on different blockchains and a whitelist ICO on Cardano, took place after the DEX had been live on the mainnet for multiple months with all features deployed. This allowed users who were impressed by the product to buy into the DAO governance tokenomics. The token generation event (TGE) and listing happened three months after the DEX was fully operational.
Delivery First, Marketing Later:
WingRiders firmly believes in the principle of “Delivery first, Marketing later.” The team has consistently prioritized the development and improvement of its product, allowing the platform to speak for itself.
Despite facing challenges such as the loss of its market leader position and some project funds due to the Nomad hack, WingRiders persevered and successfully built the first fully on-chain DAO governance in Q3 2022.
Stableswap Pools and Expansion:
The last six months have seen WingRiders undertake an even bigger upgrade with the addition of Stableswap pools, which coincided with the emergence of native stablecoins on Cardano. This move expanded the platform’s scope, building on top of the Uniswap v2 AMM DEX model and incorporating a Curve Finance-type protocol, effectively doubling its initial ambition.
In conclusion, WingRiders has consistently over-delivered on its initial goals and, guided by the DAO, will continue to innovate and grow. Exciting new features in the roadmap promise to propel the project to new heights, especially with the start of the new bull market. Now is the perfect time to join the WingRiders community and co-create and co-govern a platform designed for the Cardano ecosystem.
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