Cardano-based decentralized exchange (DEX) platform WingRiders has reached $33 million in total value locked, or TVL, in the very first month after launching on mainnet.
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, powered by VacuumLabs, leverages Cardano blockchain to overcome the issues plaguing DEXs on Ethereum, including high gas fees and failed transactions.
By utilizing Cardano’s proof-of-stake blockchain, WingRiders provides the cardano community, crypto enthusiasts, investors, and projects with a safe, fast, scalable, and affordable decentralized exchange.
The DEX supports majority of wallets with integrations reaching from light to full. Their platform allows users and other dApps a simple and easy access to exchanging tokens as well as the option to provide liquidity and staking.
According to the security audit report by CERTIK, WingRiders seems to be a secure DEX on Cardano.
While the crypto market went into a full meltdown last week, WingRiders was showing good results on its mainnet.
WingRiders surpassed $60 million in total value locked (TVL) in a matter of 6 days after going live on April 12, and reached a peak of 62.5 million ADA in total liquidity ($32.6 million) in first month, before the major crypto market crash.
Kaaran Kalantari, Spokesperson for WingRiders, said:
“We are more than pleased with our progress so far and look to continue the momentum as we deliver on our roadmap. 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.”
WingRiders is backed by prominent crypto VCs
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.
In February, WingRiders secured $4.5 million seed funding in a round led by high-profile investors. WingRiders’ investors include Animoca Brands, Matrixport, Spark Digital Capital, Double Peak, and Bitrue.
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.
WingRiders pioneers double yield farming
WingRiders pioneers double yield farming. The double yield farming feature allows liquidity providers to profit from both automatic staking in ADA-containing pools and the well-known yield farming of platform native tokens.
All of these benefits are in addition to the pool’s regular swapping fee. WingRiders’ DEX platform is currently the only one that includes Ledger hardware wallets, allowing for the safest possible interaction even on an Android device.
WingRiders provides complete privacy to investors, requiring only the connection of a lightweight non-custodial NuFi wallet to buy and trade tokens; the entire exchange may be completed in a browser. Staking allows WingRiders traders to earn interest on their crypto.
Read Also: RichQUACK Staking Pool Records $1M TVL Milestone In Less Than A Week Of Launch