WingRiders Launchpad (WRLP): Start Guide

The new tool for projects on Cardano, WingRiders Launchpad (WRLP) has been announced, opening up an entirely new way to find new projects, start or continue your own project’s journey on Cardano.

What is the WingRiders Launchpad (WRLP)?

WingRiders Launchpad (WRLP) is a self-servicing tool for projects to deliver new tokens and add real utility to the Cardano ecosystem. Launching and introducing their projects for the community to discover and decide on supporting them.

Its main features include:

🔑 Non-custodial: No one else has access or control over your and project tokens in any phase of a Launch.
📃 Smart-contract-based fully automated: Powered by seven Plutarch Smart Contracts and six minting policies on Cardano.
🌐 Decentralized: The participating projects set their parameters and launch for the community to support. The overall flow of the steps of the launchpad is decentralized.
🔓 Permissionless: Any project can Launch its token in this decentralized permissionless fashion (fully open UI for launchpad creation will be enabled after initial launches are successful).
🛡️ Secure: You will be able to participate with all 11 supported wallets, the WalletConnect, and of course the most secure path via two hardware wallets (Trezor and Ledger).
⛔ Antiscam: Automated steps preventing the projects from rugpulling the market liquidity as a % of raised funds is locked into the LP for 6 months+. A collateral downpayment by projects to avoid clogging the launchpad with low quality or fakes.
🏛️ Audited: The solution has been fully audited with all findings mediated in a process lasting 8 weeks.
✅ Compliance: The solution will be available for jurisdiction based on the requirements set by the project launching. However, the US, Canada, and Russia are banned for all. A KYC process is supported if the project wants to utilize it as such based on their needs.
🎚️ Tailored: All projects can set up various parameters for their launch including multiple tiers with various conditions to reflect their and their communities' needs. Projects can even raise any token they want in this stage iUSD, Djed, and ADA are enabled.

How do I use WingRiders Launchpad (WRLP)?

As a participant or to discover new tokens and projects, the steps are simple;

1. Visit the WingRiders Launchpad page at app.wingriders.com/launchpad

2. Look at sections with Live or Upcoming project token launches, do your thorough research, and find a project you feel comfortable supporting. Click on Participate for live projects or View Details for upcoming projects.

3. Review the project information provided by the project (Always DYOR!), including their Terms & Conditions of the launch, and click at CONNECT WALLET in the top right corner of the launchpad.

4. Set your Contribution validity time to a desired value by moving the slider.

This time setting serves a dual purpose in your interaction with the Launchpad. First, it dictates the duration within which the Cardano blockchain should accept your transaction. Second, it earmarks the specific time your contribution will be registered on the Launchpad ledger, ensuring the fairness of a first-come, first-served system.

By design, this setting operates as a double-edged sword. If you opt for a shorter Contribution validity time, your contribution will potentially be recorded earlier on the Launchpad, placing you ahead in the queue. However, the risk here is that during times of high network congestion, the Cardano blockchain might not accept your transaction within that limited window. Consequently, a too-short Contribution validity time might result in your transaction being disregarded entirely by the blockchain.

On the other hand, a longer Contribution validity time provides a better chance for your transaction to be accepted by the Cardano blockchain, particularly during peak times. But this choice also means you’ll be registered later on the Launchpad ledger.

The default duration is set to 10 minutes as a balancing point between speed and high probability of acceptance by the blockchain. A further increase of time increases the probability of acceptance in high-congestion situations.

This setting allows participants to minimize at their own discretion the front running by bots / advanced participants with programming skills.

5. Enter the amount of the token set by the project you wish to provide and click on Contribute.

6. Double-check the information provided in the dialog window, read and accept the Launchpad Terms & Conditions, confirm your commitment, and sign the transaction.

7. Raising tokens (for example ADA) can be added and removed multiple times during a launch until the launch ends and the price is discovered. To withdraw your contribution, scroll down and click on Withdraw.

Note that participants are able to withdraw their contributions at any time before the launch ends, but with certain limitations; once the contribution is submitted, it can be withdrawn only after the set Contribution Validity Time, plus an extra 5 minutes. This is to prevent the participants from blocking others to submit their transactions, by constantly adding or removing their contribution. Because of this setting, if you try to withdraw your contribution too close to the end of the launch, it might not go through as the time it takes to process withdrawal is longer than the time left until the launchpad ends.

8. Claim the rewards after a successful token launch:

Once the token launch ends with the raise requirements being met, rewards are calculated by smart contracts and distributed to all participants via claims.

After the distribution of claims is completed, a liquidity pool and pool proof is created at the DEX, and eligible tokens can be claimed in the Launchpad UI. To claim your rewards, click on Connect wallet and Claim rewards (Tokens are sent to the wallet using a smart contract)

Note: This whole distribution process can take up to several hours, depending on the number of participants. The pool is created only after all have received the claiming right.

9. See the project’s tokens in your wallet.

Launch not successful

If a token does not meet the requirements needed to launch, the following will happen;

Project information will be refreshed on the Launchpad UI and marked as Failed.

Launchpad will autonomously enable withdrawals for contributed tokens (e.g. ADA) and participants will be individually able to withdraw their contributions in a single transaction (facilitated by the smart contract).

Launchpad tiers

Each project will have the option to use an optional 1 Public tier and/or up to 3 different NFT-based tiers when launching their project.

For each tier, it will be possible to set a custom start date/ time and minimum contribution per participant.

For tiers that require participants to hold a specific NFT (to be provided by a project launching its token), it will be possible to set in addition a maximum allocation per contribution. NFT-based tiers allow participants who hold NFTs to make contributions in advance of the general public tier and are required to lock these NFTs into the smart contract for every contribution — this limits the number of contributions to 1 per NFT.

To understand exactly what tiers are set by the launching project, please visit their token launch section, and read the provided details and communications of the project to get involved.

Token launch information page

The project token launch page offers participants a comprehensive summary of the project’s provided information and includes additional details regarding the progress of the launchpad and data points helping to support your decision-making.

Launch duration: Start and end dates to participate in UTC
Current launch exchange rate: The current price discovery is calculated as a ratio of the tokens contributed by all participants and the project tokens allocated to participants.
Current liquidity pool price prediction: The current pool price is calculated as a ratio of the % of tokens contributed by all participants dedicated to LP, and the project tokens allocated to the liquidity pool.
Minimum amount of tokens needed to participate
Token Allocations:
- Tokens allocated for participants
- Tokens allocated for liquidity pool
- Total tokens allocated for this launch

Participants can access a Launch contribution timeline, that visually displays the evolving token amount raised over time.

Scroll further down to access more in-depth information, including launch progress and token metadata of the token launching.

WRLP frequently asked questions

What is a crypto launchpad?

👉 Self-servicing automated smart-contract-based platform where the community meets projects that are offering their token launch and based on individual research and cautious decision making the community might decide to participate in supporting such projects and their development goals and roadmap.

Where does one seek help, refunds, or other support?

The features of this automated, decentralized, self/servicing Launchpad bring in contrast to empowerment also a negative side as well. There are no safety nets. Once the launch ends the token moves are final. Reimbursements or support is not available! You act on your own as a part of the community but bear all risks individually! Do a thorough own research and always participate with tokens you are willing to simply lose. It is an emerging technology and industry the risks are very high and in the majority of cases, consequences are permanent.

How does a first-come-first-serve token launch work?

Each token launch is set up by a project with among other parameters also of minimum amount to raise and a maximum amount to raise. Min and max thresholds, if applied, set the playing field for what the project feels comfortably responsible for towards the community (development and time goals). Once the launch starts, each participant contribution is stored with a createdTime — time of contribution, which is stored on-chain.

When the token launch ends, all contributions are sorted based on createdTime, and participants that contributed before the requirement has reached their maximum amount to raise will be able to claim the project tokens once these claims are distributed. Participants who contributed after the token launch has reached their maximum amount to raise will be able to reclaim their commitments in their contributed token via WRLP UI.

What happens if the token launch ends before I can participate?

First come first serve. The WRLP tool is used by projects where they specify their own raise goals, exact launch duration, tiers and their conditions, as well as overall parameters for participants and the launch.

Participants can make their contributions or withdrawals between the start date/time and end date/time of the launch — this means that the launch remains open until the timer runs out (end date/time is reached). The launchpad does not close after the max cap is reached, as for the whole duration someone might still withdraw their commitment. Your place in the queue is registered after you commit. Participants who remove their commits make place for the next in line.

If the defined time of a launch runs out, the contributions or withdrawals are not possible and you are simply too late. If you did your DYOR and want to participate in the project’s journey anyway, you can always acquire its tokens in the open market once the trading is happening.

Can scripts and bots be used to contribute to WRLP? Is it possible to use the launchpad without using the front-end?

As the solution is fully decentralized, non-custodial, automated, and mainly fully smart contract based it is technically possible for participants to access and participate using bots and scripts, but since involved experimental nature of blockchain smart contracts technology requires the transactions to fulfill specific conditions, it might prove difficult to achieve and submit the transaction to blockchain successfully. The front end of the interface is for participant navigation and execution friendliness. Even if the front-end page would not be available, every step of the launchpad can be executed without it.

What is the Contribution Validity Time and how can it benefit me?

This time setting reflects the exact time at which your contribution will be added to the Launchpad ledger, influencing the resulting split of tokens among participants in a first-come first-served manner. The lower this setting, the sooner it might get into the Ledger, but the higher the risk of the transaction not being accepted by the Cardano blockchain during periods of congestion.

By default, this duration is set to 10 minutes as a balancing point between speed and a high probability of acceptance by the blockchain. A further increase of time increases the probability of acceptance in high congestion situations, which might occur during the launchpad start when many participants are simultaneously submitting their contributions.

What if there’s no network congestion, and my transaction is accepted sooner than I set the Contribution validity time?

If the blockchain processes your transaction quicker than your set Contribution validity time, the Launchpad ledger will still record your contribution based on the Contribution validity time you’ve chosen. So, if you’ve chosen a Contribution validity time of 10 minutes but your transaction is processed in just 1, the ledger will register your contribution at the 10-minute mark.

What if my transaction is not accepted by the blockchain in Contribution validity time?

In scenarios where your chosen Contribution validity time is shorter than the blockchain’s actual processing time, your transaction might not be accepted at all. This isn’t an aspect controlled by the Launchpad, but it’s crucial to be aware of this potential outcome.

If a participant’s transaction missed their contribution validity time, meaning their contribution was not accepted into the SC, will their tokens (e.g. ADA) be refunded immediately/automatically?

The “not accepted” means that Tx was not processed by the blockchain, there was no interaction with the Smart Contracts. Participant’s tokens (e.g.ADA) were never spent but remain in the wallet, so they are not refunded strictly speaking.
When a Tx was not accepted this is shown in the transactions section in the top right of the screen (or via hyperlink in the commitment section).

How does the contribution withdrawal process work?

Participants are able to withdraw their contributions at any time before the launch ends, but with certain limitations; once the contribution is submitted, it can be withdrawn only after the set “Contribution Validity Time”, plus an extra 5 minutes. This is to prevent the participants from blocking others to submit their transactions, by constantly adding or removing their contributions. Because of this setting, if you try to withdraw your contribution too close to the end of the launch, it might not go through as the time it takes to process the withdrawal is longer than the time left until the launchpad ends.

Can a participant execute a partial withdraw from a single contribution? For example contribute with 10k in a single transaction and then withdraw just 5k”

No, only full withdrawals are possible, and these mean loss of the queue position in the final order of contributions. If a launch is highly in demand and already maximum amount to raise is reached this might lead to participant being left out. Because a new commit might not get any allocation.

How does token price discovery work?

Launchpad price discovery is based on the following principle:

Token price = Total raised tokens / Total designated project tokens for participants

Amount of tokens for individual participants is then calculated as:

Tokens for a participant = Total designated project tokens for participants * Participant contributions / Total raised tokens

Price discovery works only between the “Minimum amount to raise” and “Maximum amount to raise”, which are set by the project launching the token as a threshold making economical and socially responsible sense.

What happens when a token launch ends?

After the successful launch ends and the price is discovered, allocations of claims of the community participants are calculated. Raised tokens of the project are transparently split between the launching project treasury and initial market liquidity in the DEX liquidity pool.

In an automated fashion, all project token claims are distributed to the community. Claims distribution is followed by the creation of the liquidity pool (LP) and Liquidity Pool Proof. This LP is seeded with initial project liquidity and corresponding Liquidity Provider Tokens (LPTs) of the project are vested. Token claiming by participants and trading against the pool becomes available for everyone at the same time once the LP is created, on a first-come first-serve basis.

Why should I use WingRiders Launchpad?

Decide the future projects on Cardano.

The WingRiders Launchpad tool is open to all projects to use a non-custodial, self-servicing smart contract-based, audited, decentralized, and automated, fully on-chain launchpad. Cardano Projects need support and as a community, we can come together to choose which projects have a future by providing them with iUSD, Djed, ADA, or any supported tokens as per their requirements in launches.

The Launchpad will help bring new and exciting projects to the community and act as a tool for more utility and growth to happen in Cardano. With each new project and community support, improvements and innovations can be made.

The free market allows for real competition and improvement to happen, and through WRLP it is going to be an exciting road ahead for supporting more projects on Cardano to add real-world utility.

Visit the WingRiders Launchpad at app.wingriders.com/launchpad