WingRiders Monthly Update - March

Hey Riders!

Welcome to the monthly recap series for a summary of the highlights of the previous month at WingRiders. The platform continues to go from strength to strength with continual tech developments, partnerships and addition of farms.

Farm Yields, TVL and Unique Accounts Continue to Grow

With the addition of the new double yield farms, and the new inflow of liquidity, it is great to see that farm and TVL performance across the board is strong, given the sustained current macro market conditions and the bear market.

Another interesting statistic was that Wingriders had the highest growth of any DEX on Cardano in terms of unique accounts, as demonstrated by the chart from Cardano Daily. This demonstrates a really healthy growth trajectory for the DEX.

Advanced Charting Tools

The new advanced charting tools feature went live this month. WingRiders’ charting tools are an essential feature for anyone interested in cryptocurrency trading. They provide valuable insights into the performance of different assets and help traders make informed decisions about their investments. Riders can now monitor and analyze the assets’ price movement, TVL, and trading volume within pools. You can now create charts and customize technical indicators to analyze market trends and develop trading strategies to optimize the gains over time. You can read more about this feature to get you started.

Latest Tech Updates

There were many new tech enhancements again this month, from the finalization of DAO Rules and their implementation, as mentioned earlier, to adding the de-peg protection for the ADA/stablecoin pool, advanced graphs with analytic tools, the new interface of the “My Farms” section, and many UX and UI improvements.

There was also great news for SHEN holders on WingRiders. If they provided liquidity, they would not be losing out on COTI’s airdrop rewards thanks to the successful tech integration. So, every 20 days, liquidity providers will receive from COTI their staking rewards.

Partnerships

The partnerships continue to roll in. A new double-yield farm was set up with Flac, a RealFi platform that is faster, safer, and accessible to everyone. This platform will be integrated with legacy financial systems to provide regulated financial services.

The Indigo DAO proposal to whitelist $iETH/$ADA @wingriderscom LP Tokens in the Indigo Protocol was also passed. So now iETH/ADA LP Tokens received from providing liquidity on WingRiders can now be staked on the Indigo Protocol app to earn additional $INDY rewards.

The Vy Finance single farm was upgraded to a double-yield farm. Vy Finance is a decentralized finance protocol that brings passive staking strategies to Cardano.

Also, the new ADA Zoo double-yield farm was launched. ADA Zoo is a play and earn adventure where, by fighting with your NFTs and completing daily quests or weekly challenges, players collect the $ZOO token as rewards.

WingRiders recently also partnered with Mises Browser, the world’s first extension-supported mobile Web3 browser. Now, WingRiders is included in the Mises Browser and recommended in the Web3 Sites DEX area, making it easy and secure for users to access the platform on mobile.

DAO Voting

The vote was concluded by the community on fine tuning the DAO constitution and rules covering; minor wording changes, threshold heights for regular and supermajority voting, improved collateral mechanics, and the decisions implemented.

Twitter Survey

As a means to continuously improve communication and the platform, a survey was created and the results analyzed to find out what users think about the WingRiders Twitter account. Many interesting insights were revealed, and these have helped optimize this channel for users. Going forward, there will be more surveys to assess and gather feedback from the community on different aspects of the DEX in order to continuously improve the user experience.

Accessing WingRiders via Different Channels

A blog was released highlighting how WingRiders can be accessed via eight different channels and the associated costs of each to help users make more informed decisions. It’s great to see that the Cardano community has embraced the use of WingRiders through various access points. Having multiple access points is important to cater to different preferences and convenience levels. At the same time, it is important that users are aware of the fees associated with each access point.

The fees depend on which access point is used, and these differences can have a big effect on the total cost of the transaction. Therefore, it is crucial that users be mindful of the fees when selecting their preferred access point.

DAO Voting & Implementations

Following another DAO vote, a de-pegging mechanism for ADA/Stablecoin pools was implemented, building on the existing de-peg protection for swapping on stableswap pools. liquidity providers are now safeguarded against massive losses in the event of de-pegging.

Also this month, a new community discussion on discontinuing farming rewards for v1 farms went live for the members to vote on.

Twitter Spaces

We hosted a Twitter Space to help the community gain a deeper understanding of what SPOs (Stake Pool Operators) do, how they operate, and their motivations for starting a pool. with 6 SPOs, and co-hosted with Cardano and Paul.

Support for small SPOs

WingRiders keeps highlighting three of the smaller staking pool operators (SPOs) every week. All in the interest of encouraging more decentralization.