Logo
Cardano Ecosystem

WingRiders

11/16/2022

·

858 views


WingRiders First Rider FT Utility Released

As per our blog in May, we announced that all those who provided at least 850 ADA of liquidity across farmable pools in the Inception Farming Epoch (IFE) phase, were rewarded with a FirstRiders Fungible Token (FT) as a bonus, to acknowledge their loyalty and early contributions.

WingRiders First Rider FT Utility Released

As per our blog in May, we announced that all those who provided at least 850 ADA of liquidity across farmable pools in the Inception Farming Epoch (IFE) phase, were rewarded with a FirstRiders Fungible Token (FT) as a bonus, to acknowledge their loyalty and early contributions. They look like an NFT, but from a precise technical standpoint, these tokens are not NFTs but a limited edition mint that cannot be multiplied under the same policy: b3e1cf0ef01fbcadba904194b9715cdfaa69578dd19208a5036c6bbe

This special edition of the FirstRiders FT comes in three tiers of variants — Bronze, Silver, and Gold.

1*l61DtRnLErkGMSDRHAQ81g.webp

WingRiders DEX First Rider FTs

The tiers and allocations were as follows:

  • Bronze — 1744 minted pieces
  • Silver — 112 minted pieces
  • Gold — 107 minted pieces

We promised that these FTs would have a utility for the holders; the first was the UI change that has been live since May, and now the reward utility is here.

1*zafVS4ZQj9-W3Bds-ueOPw.webp

UI changes for holding First Rider FTs

FT Gains

Rewarding liquidity providers and farmers has always been a priority. You are probably aware that if you use the double yield farms and boosting vault, you can earn 5 rewards; more information can be found here. Now by holding the FT in your wallet, you’re eligible for an extra boosting reward, so six types of gains can be achieved. It should be noted that you don’t have to lock this FT anywhere on the platform; it just needs to be in your wallet. When we check your effective liquidity in a farm, we also check if you have an FT in your wallet at the same time, so there is no need for you to do anything other than make sure the wallet you connect to the platform contains the FT.

Also be aware that only one FT can be applied to gain the extra boost of $WRT tokens, and this will always be the highest tier FT in your wallet.

Another point to be aware of is that you need to be farming on the DEX to be eligible for the extra FT rewards.

The best way to imagine this extra reward is that you will be eligible for all the rewards at the stated rates on the UI even without the FT. But with the FT in your wallet at the snapshot time, you will get higher boosting rewards.

The reward eligibility for the different tiers is as follows:

Bronze FT = an extra 50 $WRT

Silver FT = an extra 100 $WRT

Gold FT = an extra 150 $WRT

0*3kQrHimkT2RrhadA

WingRiders DEX: Bronze Tier FT Boosting gains

0*_LwtTOjlOqzQLtyG

WingRiders DEX: Silver Tier FT Boosting gains

0*liX3tts3Cp68zqNc

WingRiders DEX: Gold Tier FT Boosting gains

You can see clearly from the three diagrams above that the “Next epoch estimated rewards” are different for the same amount of $WRTs (17,841.259 WRT) currently in the Boosting Vault, according to the Tier of the FT held.

Simply put, the higher the tier of the FT, the higher the boosting rewards eligibility. The green curve shows the normal boosting reward eligibility without holding an FT. The other curves on top show reward eligibility by just holding one of the FTs.

  • Green curve — regular boosting curve without any FT
  • Orange curve — boosting with bronze FT
  • Grey curve — boosting with silver FT
  • Yellow curve — boosting with gold FT

1*r-VmVsnDMAJn8Cw17Pv6XQ.webp

WingRiders DEX Boosting rewards improved thanks to FTs in a wallet

Remember that the amount of boosting rewards depends on the amount of $WRT you currently have in the Boosting Vault. Therefore, it may be necessary to add a few more $WRTs to make sure you get the maximum number of rewards per epoch.

Here’s a quick rundown of what you need to do:

  1. Make sure you are actively farming on the platform. If not, add liquidity and start yield farming. The double-yield farms will give you an additional token compared to the single-yield farms.
  2. Make sure your FT is in the same wallet that you use for farming on WingRiders.
  3. Look at the rewards section of the Boosting Vault chart to see your current eligibility for the FT extra gains.
  4. Add the maximum number of $WRTs to the vault to qualify for the maximum number of gains.
  5. Sit back and enjoy the gains roll in : )

So now, by using your FirstRider FT, you can gain sextuple (6 types) sources of gains on your favorite DEX.

What are you waiting for?

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on WingRiders

ORIGINAL SOURCE

https://medium.com/@wingriderscom/first-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


NotifyLog - One stop tool for events tracking and analytics

More from WingRiders

See more
Q4 2022 Tech Development Update
WingRiders
Q4 2022 Tech Development Update

01/09/2023

·

167 views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
NotifyLog - One stop tool for events tracking and analyticsWorld’s First Multi-Token ISPO — By Genius X