WingRiders Q3 Tech Development update

Hey Riders,
building a future-proof DEX which is simple and intuitive to use with valuable functionalities is an ongoing process of adding new features and continuous upgrades. Q3 2022 has been a busy quarter for our devs with lots of activities. So, we thought we would highlight some of these in this blog just in case you missed any of them.

Double yield farming & rewards distribution

Knowing that rewards are important to liquidity providers and farmers, we introduced our first double yield farm with DripDropz and distributed the $WRT and $Drip rewards to the farmers. This new Farming variant enables users to receive four types of rewards by just adding liquidity and farming. Oh and increasing the yield using the boosting vault, but more about that later. These rewards include ADA staking, Swap fees, and the two farming reward tokens just mentioned.

New agent for farming rewards

Also, a new agent for farming rewards was developed and deployed as we believe the distribution of farming rewards should be transparent, effective, and accurate. This enabled all rewards to be distributed on-chain directly to the farms once per epoch, which can all be seen on the blockchain.

Farming/Voting smart contract upgrade

During the same period, we optimized and upgraded the smart contracts, so they became twice smaller in size and 10x more efficient while maintaining security guarantees. In effect, transaction costs were now two to three times cheaper in fees when voting or managing farms.

Vesting plans

A day before the Token Generation Event (TGE) we released vesting plans for all involved users. According to the plan, users could now see how their tokens will be gradually vested in upcoming months.

Token generation event and first-day airdrops

After the successful IDOs, July was very much about concluding our Token Generation Event (TGE) and distributing the $WRT tokens to the buyers. The $WRT sales were conducted on three different networks and distributing the tokens involved technical challenges and setting up partnerships with Milkomeda; an EVM chain, multiple bridges and two centralized exchanges, Gate.io and MEXC Global. These partnerships enabled frictionless distribution and provision of alternative trading facilities, apart from the WingRiders DEX, for holders of $WRT, should they need it.

The team managed by rigorous and tight optimization of the code and script managed to distribute to over 6000 wallets in under six minutes, giving everyone a fair chance to participate in the first minutes of trading.

New Governance Portal

Having concluded the TGE we deployed our new Governance portal helping holders of $WRT understand the status of their holdings in Farms, Wallets, Liquidity pools & Vesting. This after the TGE was the start of creating and releasing the governance mechanism and infrastructure needed as WingRiders moves towards becoming a full-fledged DAO.

Annual percentage rates (APRs) available

We continued adding to the functionality of the DEX and once the value of the WRT token was established through the market discovery process, APR calculations were shown on the DEX UI. Users could find a breakdown of the pool APR per each pool and the global APR for every farm in dedicated sections.

WRT distribution table

We also added a table displaying the current distribution of WRT tokens for you to have a better understanding of how much WRTs are already out and how much are yet to come.

Infrastructure ready for Vasil hard fork on mainnet

The Vasil hard fork was a major milestone which our devs had been working on for some time. After months of hard work, the team finally announced the readiness of the WR infrastructure for the upgrade on the main net, so users wouldn’t be affected by any downtime or other inconveniences. Having tested everything internally, we released the new preprod testnet version publicly available at https://app.preprod.wingriders.com.

Tokens page

Building a DEX and DeFI platform requires development of other peripheral infrastructure. As part of this, the token page with the list of all tokens available on our DEX and key information about them was released.

Token Details

For every token on our DEX, we created a dedicated page with relevant information such as 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.

Revamped navigation

While aiming for a better user experience after adding the Tokens page we improved the DEX’s navigation. Pools were grouped with the Tokens to the new Liquidity tab and the Staking, Farming and Portfolio pages to the Gain tab. Making it easier to navigate around the app.

The Boosting Vault

$WRt has many planned utilities, and as part of the latest release, a major $WRT token utility went live in the form of the Boosting Vault. The Boosting Vault allows users to put their WRTs to use and gain more rewards. This feature was created with even the smallest of liquidity providers in mind. Users don’t need a big amount of $WRT to try it and benefit from it.

Simply put by locking WRTs in the boosting vault, users boost the amount of rewards from each of the farms they are in. The boosting rewards are auto-compounded in the vault, making the deposit and yields higher each epoch automatically.

Estimated boosting rewards breakdown

In line with the launch of the Vault and to better understand the sum of the estimated boosting rewards across all users’ farms, a breakdown of the exact farm contribution to boosting rewards was added to the Boosting Vault.

Community outreach

We’re constantly looking at how we can extend our dialogue with the WIngRiders’ community and pertaining to this we launched https://community.wingriders.com/. This is a new platform for community suggestions (improvements and new features) and for giving the team feedback together with a discord channel dedicated to discussion about new features. One of the discussions was on enabling trading with Nomad assets again, which as a result of community voting, was started again, with the caveat that trading on these pools is highly speculative and risky. Another discussion on the road to becoming a DAO with the community was regarding the DAO rules via the different channels. Through this dialogue we prepared the first draft of the rules that will govern WingRiders.

Competitions on the DEX

To reward users on our platform we prepared various competitions. The first launched in Q3 which was a Trading Volume competition over two epochs with a total prize pool of 30,000 $WRT tokens. Rewards were distributed to the top 100 traders according to the rules and prize distribution, which were published in advance.

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.

More valuable Swapping and pool data

Other upgrades in Q3 included adding popular assets in the swap section to support users’ needs while swapping. We extended the token selection with the popular assets section which was added to the top of the window. Finally, we also extended the Pools page with useful data such as TVL deposited across the pools and overall trading volume in the last 24 hours and 7 days. We also added collected 7-day fees and volume values per every pool.

Hopefully this summary helps you understand some of the key developments in Q3 and gives you a better insight into the work the team are continuously involved in. Some of the functionalities were part of the roadmap,others came directly from community suggestions which were discussed and voted upon. We continuously update the DEX and release tech updates via our announcement platforms on Twitter and Telegram as well as our community Discord channel and in the Changelog section on our Improvements portal. So for further developments check in regularly and stay informed.