WingRiders Monthly Update - December

Hey Riders! Welcome to our monthly recap series, in which we summarize the highlights of the previous month at WingRiders.

Another busy month at WingRiders, with lots of new developments and activities. To start the month, we launched our first dedicated community Twitter space to talk about the latest developments and address community questions, which was well received. We plan to make this a regular Spaces as a direct channel for users to talk to the team.

First Rider FT Utility

Over 1900 Riders 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. This month, functionality was added to the platform to allow the long-awaited utility of these FTs to be unleashed. Holders of the three tiers of FTs will now get their rewards boosted even more just by keeping these FTs in their wallet, depending on the FT’s tier. Read more here.

WingRiders DEX: First Rider FT utility

Cardano Summit Lausanne 2022

The 2022 Cardano Summit was held in Lausanne, Switzerland, and what an event it was. The WingRiders team attended the three-day summit, meeting other projects, Charles, the IOG team, and the amazing Cardano community face to face. These events really bring home why we are developing on Cardano and why the ecosystem is thriving due to its vibrant and knowledgeable community.

Improvement portal tweaks

As a result of our community feedback, we improved some user experience features of the Community Improvement Portal by adding a standalone link, “Community Portal”, in the menu bar so that you are only a click away from seeing the discussions on the platform. Also, the name of the portal itself has been changed to “Community Improvement Portal” to alleviate any confusion with the URL of the site. Community feedback is the lifeline of a project, and we value all suggestions that help improve the DEX for the users.

WingRiders DEX: Link to Community Improvement Portal

Continuous Platform Developments

There were many new tech enhancements this month as well. The addition of a graph reflecting trading volume in pools, usage of the @eternlwallet being sped up, automation of data, the tokenomics table in the app, and improved design of token metadata to name a few. Look out for our quarterly tech update that will be published before the new year. If you want to catch up on last quarter’s update click here.

We are continually working on improving the platform to make it better and more user-friendly.

Multiple new double yield farms open

This month saw a flurry of new partnerships, bringing more double yield farms onto the platform. New double yield farms include Yummy Universe, Ray Network, Crypto Raggies, and Mocossi Planet which all started with high APRs. We are constantly in discussions with other projects to bring real value to our Riders and other project communities. So watch this space for more partnerships and tie ups.

MultiChain Bridge Partnership

Bridges open the gateway to interoperability between layer 1s and this month Multichain announced its plans to connect to Cardano. Multichain is now the leader in the cross-chain field, with a rapidly expanding family of chains (currently 26) and daily volumes in excess of $100 million (https://anyswap.net). Its sustained daily volume is more than $100 million and its Total Value Locked in excess of $5 billion. This will enable assets from other chains to be bridged and used in Cardano increasing liquidity within the ecosystem. Once the bridge is live you will be able to bridge assets via http://app.multichain.org to swap, stake, provide liquidity to pools, and deposit into yield farms on WingRiders. That said, every bridge, similar to any asset, protocol, or type of stablecoin (synthetic, algorithmic, or currency-backed), carries inherent risks! All users should DYOR and realize that, at the same time they empower DeFi, they also carry risks, and we are all responsible for our decisions and their consequences.

WingRiders DEX & Multichain Bridge Partnership

Indigo launching synthetic assets

With the arrival of synthetic assets from Indigo protocol on Cardano, a poll will be taken on Indigo’s forum to decide whether iUSD and iBTC liquidity provider tokens from WingRiders can be staked on the Indigo platform for gains. The great news is that even though the LPTs are staked on Indigo, liquidity providers will still receive their $WRT boosting gains, which are exclusive to WingRiders. We welcome the release of these synthetic tokens and wish the best for Indigo’s success.

Indigo Protocol vote on whitelisting WingRiders DEX liquidity pool tokens

Ecology Fund Update

The WingRiders Ecology Fund (WREF) has shaped a fundamental aspect of our philosophy about how WingRiders as a project should consider and behave responsibly toward the larger environment, which we as a project and all other businesses affect directly or indirectly. We published a blog to affirm our position and contribution and to give an update on where we stand on this important subject. Check out our other blogs on Medium.

WingRiders DEX Ecology Fund

Support for small SPOs

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

WingRiders DEX Featured SPOs

Farm Yields Continue Performing Well

We mentioned the addition of the new double yield farms, and it is great to see that farm performance across the board is strong, given the sustained current macro market conditions and the bear market. Also noteworthy is that TVL grew by multiple millions of ADA : )

WingRiders DEX: TOP Farms for Epoch 380

Don’t forget to keep up to date with our latest announcements on Twitter and Telegram and join our Discord community if you haven’t already.

Cardano NFT Twitter Spaces

WingRiders hostedstar studdedded Spaces with five of the top NFT projects in Cardano, @jpgstoreNFT, @nmkr_io, @CardanoTrees, @TheMandrillz, and @YummiUniverse about how the Cardano NFT market is surging and the drivers at work.

WingRiders DEX: Cardano Community Discussion on cNFTs

Twitter Spaces with top Cardano influencers

Our Twitter Spaces series continued on 1st December with a discussion about Cardano in the bear market with leading influencers in Cardano. The guests included Paul from Cardano with Paul, Kaizen Crypto both highly knowledgeable and respected Youtubers, and Reagan formerly of Cardano Times, and now with his new podcast, “Meet Cardano”. We explored the causes of the bear market and when we may see a light at the end of the tunnel, as well as delving into the state of Daaps, cNFTs, bridges, and oracles on Cardano. A really insightful session you can listen to here.

Astarter Twitter Spaces

We really enjoyed being a guest speaker along with @ImmunifyLife @TyphonWallet @NuFi_Official on this Spaces hosted by Astarter, talking about the future of DeFi projects building on Cardano. The growth of the ecosystem, risks and rewards, and how the space will develop going forward were some of the themes discussed.

WingRiders DEX as a guest speaker on Astarter's Twitter Spaces