WingRiders Monthly Update - February

Hey Riders!

Welcome to the monthly recap series for a summary of the highlights of the previous month at WingRiders. This month’s coverage includes the last two months of developments, covering the festive season in the report.

Launch of First Stable Swap Pool on Cardano

WingRiders became the first protocol on Cardano to launch a stable swap pool, making the platform a cross between Curve Finance and Uniswap V2. The stable swap pool was first developed and launched on preprod and then with the arrival of DJED, the first iUSD/DJED pool went live on mainnet, based on a DAO vote on the governance platform. Stable swap is an automated market maker (AMM) function focused on swapping between two stable assets with minimal slippage and more efficient trading for liquidity providers. The stable swap invariant is a more complex function optimised for minimal slippage and a flatter curve around the optimal peg range. This results in mostly keeping the desirable 1:1 exchange ratio, better efficiency with big trades, and benefiting traders and liquidity providers. These pools have clear benefits for both these users of the DEX:

Traders can swap between stablecoin (pegged) assets with minimal possible slippage and price impact.
Liquidity providers can use StableSwap pools, which dramatically reduce the risks associated with impermanent loss, which could lead to benefits resulting in deeper liquidity, higher volumes, and an overall larger pool of fees from which liquidity providers benefit. Important to note this is only true until the stablecoins maintain their peg.

More Stablecoin Pools and Farms

Constant sum pools and farms were deployed for $ADA/$SHEN and $ADA/DJED, extending the stablecoin pools and farms. Liquidity started pouring in thick and fast into all the new stablecoin and stable swap pools, enabling large trades with little price impact as shown below

Zap-in Functionality

With the launch of stable swap, the Zap-in functionality was added to improve the user experience and make adding liquidity to these pools convenient and cheaper. With this functionality active on the stable swap pools, you don’t need to add liquidity in the ratio of the tokens in the pool, you can provide liquidity with any ratio of tokens in the wallet (including using only one of the tokens in the pool).

Stable Swap Audit Passed

An audit by Certik of the stable swap contracts was successfully completed prior to mainnet deployment and passed with no material findings assuring the safety and security of these new pools.

Continued DAO voting

Voting on our governance portal continued with a proposal to reduce the royalty fees on the First Rider FTs to 3% through a unanimous community decision. Also another proposal was confirmed to deliver stable swaps to mainnet with 99% votes in favour. Also, three other proposals were proposed from the DAO community on finalizing the DAO Rules, de-peg protection stablecoin pools, SDK planning and development, and adding an advanced UI graph interface to enable richer information for trading.

$WRT on AADA Finance

Aada Finance carried out a vote that was unanimously carried to add $WRT as collateral on the Aada V1 platform as a collateral option. Adding WRT to Aada as a collateral option will help both communities by increasing token and lending protocol use cases.

Twitter Spaces & Reddit

A Twitter Spaces was hosted, covering the important area of red flags to be aware of with crypto projects, with guest speakers including, @hoskytoken, @BullishDumpling, @SubcriticalTV, @RichardMcCrackn, @Alex_ADA_ .This was a great discussion with some of the most active Cardano community members, highlighting issues to be aware of.

You can watch it here: https://twitter.com/i/spaces/1yNxaNlVdlEKj?s=20

Other Spaces in this period included one on stablecoins and stable swap pools, also one covering the DEX’s past, present, and future planned developments. Informing the community is an important communication objective, and these and other AMAs with key opinion leaders help keep members and the wider Cardano community informed.

A new SubReddit has also been set up, to extend the WingRiders’ media channels.

Partnerships

Partnerships continued to grow, with the collaboration with the Pudgy Cat Project to launch a new double Yield farm on the platform. This new farm allows users to receive five gains (six, if you hold an Early Rider FT) by adding liquidity to the ADA/PUDGY pool and then farming with the liquidity provider tokens they receive. Later in January, the partnership with Hosky was announced, for the launch of the joint new double-yield farm.

Another partnership was a cross-platform collaboration with Indigo Protocol, where LPTs that were received for staking $iUSD and $ADA on WingRiders’ protocol could be used on Indigo’s platform to receive $INDY token gains as well as increasing Boosting eligibility on WingRiders for farming.

WingRiders added unique functionality to Meld’s testnet as well, having the $WRT token included in their protocol, further expanding relationships and contributing to projects in our ecosystem.

Mocossi Planet ran a volume trading competition on WingRiders, with the top three winners receiving $WRT and $MCOS tokens.

Roadmap Update

The roadmap was updated with more details on the developments to come including the use of $WRT tokens to pay for Batcher fees. Check out the areas the team is working on going forward.

Tech Updates

As in the previous quarter, there have been many new platform developments this month. Some have already mentioned in this blog, like Stable Swap and the Zap-in functionality, but others were, all pools sorted by liquidity, result of the 1st fully community-driven voting implemented, release of the next batch of optimized API calls, Bluetooth connection support for Ledger, making the Zap-in functionality much more user-friendly, adding a new section in the app & website menu, and many UI and UX improvements.

Farm Yields Going Strong
It was also great to see that farm performance across the board is strong, given the current macro market conditions.