WingRiders Monthly Update

Hey Riders,

welcome to the third of our monthly recap series where we sum up all the highlights of what has happened in the last month at WingRiders.

Moving to a new era in Cardano

Cardano has entered the Basho era which is all about scaling the network. Our team had been hard at work preparing the infrastructure for readiness for the upcoming Vasil hard fork, which we announced at the end of August. This upgrade amongst other things will result in smaller transaction sizes and lower fees for users. Having tested everything internally, we released the new preprod testnet version publicly available at https://app.preprod.wingriders.com.

To celebrate the Vasil hard fork which improved the transaction throughput capacity and enhance the smart contract capabilities, we announced a blockchain wide drop of 10,000 $WRT done by DripDropz and WingRiders. 10,000 wallets received 1 $WRT each giving them a tease of the utility a WRT brings.

Twitter Spaces

We have always believed that education is an important cornerstone of increasing knowledge and adoption of Cardano and crypto in general. As part of our initiative to contribute to this goal we ran a twitter series on Tradfi vs DeFi and hosted a Twitter Spaces with DefiYield to increase awareness around this topic, which was well received by the community.

Later in September we hosted another AMA in Twitter Spaces regarding the risks involved in DeFI, with DefiYield. DeFi is great but it is important to be responsible as a project and highlight what users must be aware of.

DAO voting mechanism

Moving closer to becoming a DAO we started publishing our research on current DAO models out there and different voting mechanisms that are currently used in the ecosystem. This was to give insights to the community of trying to better understand this area as a prelude to the release of our own custom DAO mechanism. We also discussed other matters regarding the DAO rules with the community on a dedicated Discord channel so as to get as much input as possible.

In mid October we revealed our voting mechanism in a Medium article. Having looked at available solutions we believe we have developed one of the most transparent and open systems that will be easily auditable and easy to use from a member perspective. To reach this goal we have decided on open-sourcing our solution for collecting and verifying votes, which should be available soon.

Charli3 Partnership

Another day and another exciting partnership, this time with Charli3; a decentralized oracle network for the Cardano blockchain. An oracle works like a bridge between real-world transactions and blockchain by providing reliable off-chain data streams. In other words, oracle is a service that offers off-chain data to on-chain smart contracts. Our collaboration takes the form of a double yield farm, which has been a resounding success with liquidity flowing in from the community and offering a high yield, at the time of writing 77%. We also spoke about Yield farming on a Spaces hosted by Charli3, to raise awareness of our partnership and the opportunity.

Farms performing well

In October Cardano Daily, a leading Cardano news community, announced that WingRiders was hosting some of the farms with the best yields in the Cardano DeFi space.

Cardashift & NMKR Partnerships

Later in the month we announced our partnership with Cardashift and NMKR, for two further double yield farms on our platform. Cardashift is a community-run launchpad that raises funds, builds and accelerates startups that are solving social and environmental issues. NMKR is a leading blockchain technology provider. By making decentralization usable, the NMKR ecosystem enables companies, artists, developers, and self-starters in the crypto space to effortlessly develop products, make integrations, open additional revenue streams for art and brands, and provide a sustainable and secure ecosystem for blockchain-focused solutions.

We continued our weekly efforts to highlight three of the smaller staking pool operators (SPOs).

We recently published our top performing Farms chart which highlights the amazing gains farmers can gain on the platform. As you can observe the top performers are currently the double yield farms, but still nice returns on all the single yield farms as well. It is also noteworthy that liquidity has been increasing in most of the pools behind the farms.

Token Details

We mentioned in our last monthly update that for every token on our DEX, we created a dedicated page with relevant information and a price chart. So, by just clicking on the token name users could access useful information on their chosen token all in one place and directly from the UI. Further improvements were carried out on this mage with now a more granular view of each token.

The developments in terms of improvements and new functionalities continued on the DEX and listed below we have highlighted some of the upgrades for the month. Also you can read our Q3 tech development highlights here.

Harvest all farming rewards in one click
The community requested and voted on a feature so that you could harvest all the farming rewards with one click. We heard this and developed and deployed the functionality, making harvesting more convenient and cheaper in the process.

Harvest all to Boosting Vault
Another highly desired functionality from our Improvements portal was released where all rewards from all farms could be directly harvested into the Boosting Vault . The diagram below shows what happens when harvesting from double yield farm.