What is WRT, how do I use it, and what Cardano DeFi benefits does it have?

WRT is a native Cardano token on WingRiders DEX offering multiple utilities including DAO voting to shape the future of the platform and yield farming boosting for selected farms.

Today, let’s cover all of this utility in detail across the Cardano ecosystem and how it can benefit you through the DEX.

WRT and Cardano yield farming

On WingRiders DEX, each time you access the farming pages, you might see a lightning bolt symbol ⚡. This symbol means that you can use WRT to get additional boosting rewards.

The boosting rewards for a farm are allocated to farmers based on their effective liquidity in corresponding liquidity pools, just like regular farming. The maximum amount of boosting rewards you are eligible for is a sum of these rewards for all the farms you take part in.

You can explore all farming options here. When you access the farming section, you will be able to see all farms available, and if there is a lightning symbol ⚡ for boosting available, it means you can gain more rewards by utilizing WRT.

As shown in the example above, ADA/WRT farm offers yield farming boosting.

Currently, the maximum amount of boosting rewards you would be eligible for is dependent on your deposits in farms with boosting rewards. The amount of rewards you may get from boosting depends on the amount of WRTs you deposit to the Boosting Vault and is calculated using a curve function (see below). You can see this function under the Boost/Manage button on the graph view. If you deposit more WRTs in Boosting Vault than the amount that yields maximum eligible boosting rewards, you won’t receive more than this maximum amount.​

How to boost Cardano yield farming rewards using WRT (step by step)

1. Deposit liquidity into a liquidity pool here.
To be eligible for farming rewards, you have to deposit liquidity into a pool that has an associated farm. You can tell, if a liquidity pool has a farm, by a tractor icon 🚜 next to it in the list of liquidity pools.
There are a few pools with a lightning-in-a-circle icon. These don’t have the associated farm on WingRiders, but they make you eligible for further rewards on Indigo Protocol instead + boosting ability just like in the case of the dedicated farm on WingRiders.

2. Go to Liquidity / Pools

3. Click on Add liquidity at the chosen pool. If the button is disabled, it means you don’t have the required tokens in your connected wallet for the provision into the respective liquidity pool.

4. Select the amount of tokens to deposit into the pool.

5. Click on Add liquidity.

6. Click on Confirm.

7. Confirm in your wallet that automatically opens up.

8. Wait for the transaction to complete. For depositing liquidity into the pool, you get Liquidity Provider Tokens (LPTs).

9. Deposit LPTs into a farm: Go to Gain / Farming to see My farms, where you can deposit your LPTs.

10. Click on Deposit. Alternatively, Deposit in Indigo, which redirects you to Indigo Protocol to deposit your LPTs there, for further rewards.

11. Choose the amount of LPTs to deposit.

12. Click on Confirm.

13. Confirm in your wallet that automatically opens up.

14. Wait for the transaction to complete. After your LPTs are deposited for one whole epoch, you will receive WRT as farming rewards. In the case of double-yield farms, you’ll be receiving the other tokens of the farm on top of that.

15. Deposit WRTs into the Boosting vault: Go to Gain / Farming.

16. In the top green highlighted section Boosting Vault, click on the Boost button.

17. Choose the amount of WRT to deposit into the vault.

18. Click on Deposit.

19. Click on Confirm.

20. Confirm in your wallet that automatically opens up.

21. Wait for the transaction to complete. After your tokens are deposited for one whole epoch, you will be receiving higher farming rewards.

You can complete the above steps for any available pool, allowing you to gain across multiple tokens and use WRT to increase your Cardano yield farming rewards.

Cardano double-yield farming

Like the WRT boosting lightning symbol ⚡ located on the farming pages, and farming tractor symbols 🚜 on selected pool pages, please also look out for double-yield farming options on the DEX. The double-yield farming symbol is shown below:

Very simply, double-yield farms reward farmers with two types of tokens instead of one. It’s an exciting service on the DEX where you can gain more rewards at WingRiders.

WingRiders partners with other projects that wish to distribute their Cardano native tokens to the community. A liquidity pool is created with the two tokens and then an associated farm. Be aware that all pools will not have a double-yield farm, or in fact even a regular farm. Only selected pools benefit from a yield farm in general.

But you can easily search for all the options on the pools page.

What do you need to start boosting your ADA rewards?

First, you need to have some liquidity in a farm with boosting rewards. Then you have to deposit your preferred amount of WRTs to the Boosting Vault. Once you’ll have your WRTs deposited for at least one entire epoch, you will start gaining rewards — just like in the case of gaining yield rewards in farms. The amount you deposit depends solely on your preference. An amount that gains you maximum boosting rewards in the next epoch will be displayed in the managing dialog window. Depositing more than the calculated maximum will not increase your rewards any further unless you plan on providing more liquidity.

The WingRiders app will suggest the best amount of WRTs to use, to get the maximum gains possible as shown in the example below.

To learn more about maximizing yields, we have a detailed guide in this article or i️n ▶️ this video.

How do you manage your boosting rewards?

The boosting rewards will be auto-compounded to your Boosting Vault to maximize your future rewards. This is done automatically for your convenience, similar to how farm rewards are distributed into individual farms. If you choose that you want to withdraw your rewards, simply decrease the amount of deposited tokens to your previous amount.

1. Go to Gain / Farming.

2. In the top green highlighted section Boosting Vault click on the Manage button.

3. Select Withdraw.

4. Confirm in your wallet that automatically opens up.

WRT and DAO voting

Aside from gaining more rewards from DeFi projects through yield farming, WRT is also the governance token for the WingRiders DEX. All holders become what we call Riders, and receive the power to shape the future of the project.

Riders can participate in the voting process regarding key decisions for the project’s development including;

• protocol parameters of the platform
• which features will get implemented next
• upgrading modular smart contracts
• fee parameters of the platform
• selecting what farms will be enabled, including their reward allocation

How can I vote using WRT?

How can I create voting proposals?

By selecting, “Create a proposal”, you can submit proposals to influence the future of the DEX. Generally, before any official submissions are made, discussions are opened in WingRiders Community Improvements Portal, to understand if there is a good response before going through the detailed submission process. In the Portal, you can discuss ideas and finally push the platform forward with improvements. For anyone at that stage, all details for DAO voting and more can be found here.