First Rider FT Utility Released
As per our blog in May, we announced that all those 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. They look like an NFT, but from a precise technical standpoint, these tokens are not NFTs but a limited edition mint that cannot be multiplied under the same policy: b3e1cf0ef01fbcadba904194b9715cdfaa69578dd19208a5036c6bbe
This special edition of the FirstRiders FT comes in three tiers of variants — Bronze, Silver, and Gold.
The tiers and allocations were as follows:
- Bronze — 1744 minted pieces
- Silver — 112 minted pieces
- Gold — 107 minted pieces
We promised that these FTs would have a utility for the holders; the first was the UI change that has been live since May, and now the reward utility is here.
FT Gains
Rewarding liquidity providers and farmers has always been a priority. You are probably aware that if you use the double yield farms and boosting vault, you can earn 5 rewards; more information can be found here. Now by holding the FT in your wallet, you’re eligible for an extra boosting reward, so six types of gains can be achieved. It should be noted that you don’t have to lock this FT anywhere on the platform; it just needs to be in your wallet. When we check your effective liquidity in a farm, we also check if you have an FT in your wallet at the same time, so there is no need for you to do anything other than make sure the wallet you connect to the platform contains the FT.
Also be aware that only one FT can be applied to gain the extra boost of $WRT tokens, and this will always be the highest tier FT in your wallet.
Another point to be aware of is that you need to be farming on the DEX to be eligible for the extra FT rewards.
The best way to imagine this extra reward is that you will be eligible for all the rewards at the stated rates on the UI even without the FT. But with the FT in your wallet at the snapshot time, you will get higher boosting rewards.
The reward eligibility for the different tiers is as follows:
Bronze FT = an extra 50 $WRT
Silver FT = an extra 100 $WRT
Gold FT = an extra 150 $WRT
You can see clearly from the three diagrams above that the “Next epoch estimated rewards” are different for the same amount of $WRTs (17,841.259 WRT) currently in the Boosting Vault, according to the Tier of the FT held.
Simply put, the higher the tier of the FT, the higher the boosting rewards eligibility. The green curve shows the normal boosting reward eligibility without holding an FT. The other curves on top show reward eligibility by just holding one of the FTs.
- Green curve — regular boosting curve without any FT
- Orange curve — boosting with bronze FT
- Grey curve — boosting with silver FT
- Yellow curve — boosting with gold FT
Remember that the amount of boosting rewards depends on the amount of $WRT you currently have in the Boosting Vault. Therefore, it may be necessary to add a few more $WRTs to make sure you get the maximum number of rewards per epoch.
Here’s a quick rundown of what you need to do:
- Make sure you are actively farming on the platform. If not, add liquidity and start yield farming. The double-yield farms will give you an additional token compared to the single-yield farms.
- Make sure your FT is in the same wallet that you use for farming on WingRiders.
- Look at the rewards section of the Boosting Vault chart to see your current eligibility for the FT extra gains.
- Add the maximum number of $WRTs to the vault to qualify for the maximum number of gains.
- Sit back and enjoy the gains roll in : )
So now, by using your FirstRider FT, you can gain sextuple (6 types) sources of gains on your favorite DEX.
What are you waiting for?
WingRiders
Stay in touch with us!
Twitter-> https://twitter.com/wingriderscom
Discord-> https://discord.gg/t7CdyhK8JA
Telegram-> http://t.me/WingRidersChat
