June is here and it is a big month for WingRiders — we have commenced our public sale process with our whitelist closed this week. The aim of the whitelist was to support our early adopters and those who got behind the project from the start. We had thousands of participants! Now we are going through the process of KYC checks and payments, which will take an additional week or so. If you have finished your KYC process by 31.5.2022 23:00 UTC you have automatically entered into our lottery for 10,000 ADA. Winners will be announced tomorrow.

If you haven’t yet completed your KYC you are no longer eligible for the lottery but you still can conclude the KYC and payment.

Now, onto the next stage. Our IDO sale process is commencing. We have 3 IDO partners, as mentioned previously. We have announced the first of our IDO platforms — OccamRazer, today we will announce our second, with one further to come. The third is a big surprise, we think they will be a big help in expanding the Cardano ecosystem, so get ready!

In selecting our IDO partners, we took into account our community voice via pre-dao voting on Discord. The overwhelming request from you as our community was a mix of ICO/IDO, and we have done our best to support that despite this costing us some additional dev time and roadmap slip. We have tried our best to work with the IDO platforms voted, however, once we went through due diligence and contract negotiations of those among the top positions, we were left only with 2 clear winners from the list and 1 outside the list. The one outside of the list is a platform which we were striving towards since project’s beginning. The announcement will be done next week.

Sale Details Reveal

For the sale, it was important to us that public sale participants were all on a similar footing, so these will all have the same conditions. 1st day 15%, 2 months lock up, 12 months overall vesting, price 0,45$ this means:

• TGE with 15% initial unlock, meaning that 15% of the tokens shall be unlocked and distributed at the 1st day of TGE;
• Two (2) months lock up, meaning that the proportion of 85% of tokens for first 2 months (14.17%) is distributed two months after the TGE (60 days after TGE event date);
• After the initial unlock and the two months of lock up, the rest of the token amount is vested linearly across ten (10) months (7.08% of tokens each month); meaning that 100% of the allocation shall be distributed in twelve (12) months after the TGE date;
• 1st day tokens are delivered via Airdrops, vesting is done via smart contract claims (these are conditions for whitelist, IDOs might differ).

At TGE tokens will be distributed via multiple blockchains — this will help with 1st day congestion, and will further diversify the token holders and expand the Project’s footprint and user base. Our aim is to conclude the token sale before the end of June. Thus the TGE would fall into the first days of July. We are cautious that there are multiple dependencies working with multiple partners, so we are aware there may be date slippage. We feel comfortable that even in the case of major slips the date of TGE will be earlier than 15.7.2022. A fixed date will be announced during June.

Farming Rewards unlock

Those who have provided liquidity do not yet have access to their farming rewards. These will get unlocked at the moment of TGE. We are aware of the potential concern of some of the community that a large number of farmed tokens being released at the point of the TGE could negatively impact price (creating a dump scenario from the farmers on the public), therefore, we will release up to 2,000 WRT for all farmers on Day 1 this covers approx 95% of farmers so far. These will be delivered via an airdrop.

For the remaining 5% of farmers additional unlocks will be every two of days (2) by a maximum of 2,000WRTs at a time per unlock until the full amount is released. This practically means that the absolute majority of farmers will have their tokens unlocked in a matter of approx the 1st week.

Just to set mathematical boundaries everyone will have everything at their disposal in max. 6 weeks, if theoretically needed by increasing the unlock for them above 2,000WRTs per 2 days.

The aim of all this is to balance all the groups (Seed, Private, Public, Farmers) and their initial overall disposable liquidity per group for the first day of trading.

Conclusion

There’s a lot happening in June for WingRiders. Undoubtedly we will have further updates this month, of both new features, new rewards, IDO details and project news — stay informed by following our official social media channels. As always, we are open to feedback, suggestions or discussions about any of the things mentioned above, or any other topic. Keep in touch with us via Discord.

The WingRiders Team