Cardano-based decentralized exchange (DEX) platform WingRiders becomes the most popular DEX on Cardano, leaving Minswap and Sundaeswap in the dust.
Within 2 months of its launch, WingRiders becomes today the top DEX on Cardano with $53.1 million in total value locked (TVL). WingRiders takes the number 1 spot from Minswap and SundaeSwap on the heels of its mainnet launch, claiming 42 percent of Cardano’s TVL.
In fact, the DEX has been popular since its launch despite the current bear market. It reached $33 million TVL in the very first month after launching on mainnet eventually taking the lead from Minswap and Sundaeswap to become the most popular DEX on Cardano.
Kaaran Kalantari, Spokesperson of WingRiders, said:
“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.”
The DEX’s successful 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 Tether stablecoins to the Cardano ecosystem.
WingRiders, powered by VacuumLabs, leverages Cardano blockchain to overcome the issues plaguing DEXs on Ethereum, including high gas fees and failed transactions.
It 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, and offers full privacy to investors.
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.
In February, WingRiders closed $4.5 million seed funding from leading crypto VCs, including Animoca Brands, Matrixport, Spark Digital Capital, Double Peak, Bitrue among others.
The DEX has also partnership with the Milkomeda Foundation to bring the USDC and USDT stablecoins, along with BTC and ETH, to the Cardano mainnet ecosystem.
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