Q1 2023 tech update
Hey Riders, it’s time for another quarterly Tech development update for Q1 of 2023. The developments in this quarter have been coming at a fast rate on WingRiders, with many upgrades, new features, and functionalities for you to enjoy and benefit from.
Roadmap Update
At the beginning of the year, the plans for the year 2023 were announced with more details on the developments to come. Check out the areas of improvement and where the project is heading to on our webpage.
Launch of First Stable Swap type 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 equal value 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 maintaining the desirable 1:1 exchange ratio, better efficiency with large trades, and benefits traders and liquidity providers. These pools have clear benefits for both of these users of the DEX:
- Traders can swap between stablecoin (pegged) assets and other same value 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 product pools and farms were created 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.
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 more 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). This functionality was further improved after user feedback, making it even more convenient and intuitive to use.
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.
Advanced Charting Tools
The new advanced charting tools feature went live early in the quarter. 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. raders can 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 find out more.
Improvements inspired by our community
FTs royalty fees
Following a community proposal and a conclusive vote by the DAO, the royalty fee on the First Rider FTs was reduced to 3%, and it was decided that the proposer would be rewarded with 700 WRT. This vote was concluded, the collateral was returned, and an extra 700 WRT reward was sent to the proposal creator!
De-peg protection for ADA/Stablecoin pools
One of the features of the WingRiders stable swap is a mechanism to halt swaps on Stable swap pool in which an stablecoin has de-pegged by 15% and more from its intended value. Details of this mechanism can be found in the Medium post on Stable swap and the Community Improvements Portal discussion, as well as in the binding DAO vote regarding the introduction of Stable swap to the platform.
This mechanism serves to protect the liquidity providers from a potential massive potential loss of value due to unforeseen irregular circumstances that may happen in the Cardano environment.
Based on this de-peg protection of Stable swap pools, this mechanism was extended to ADA/Stable swap pools via another DAO vote, intended to protect liquidity providers in case a stablecoin in question fails and de-pegs (price data are fed by an official oracle provided by the project of origin), as swapping on such a pool would lead to a massive loss of value for the liquidity providers; it is important to note here that removing liquidity from the pool in question will always remain possible.
Alongside this, the DAO also approved the right of intervention by the development team to immediately halt trading on a pool affected by critical and/or irregular events that would negatively affect users of the platform and their assets.
The mechanism of this protection is explained also in our public documentation.
Ecosystem Partnerships Going Strength to Strength
Based on our partnership with Indigo Protocol conducted in Q4 2022, we managed to finish our part of this collaboration in this quarter and our users have started gaining boosting rewards based on their deposits of our LPTs into Indigo protocol.
The pools eligible for these rewards were extended and now not only users who provided liquidity within ADA/iUSD and ADA/iBTC pools and then LPTs to Indigo get their rewards, but also those who have provided liquidity and then deposited into ADA/iETH.
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.
WingRiders 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.
$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 to help both communities by increasing token and lending protocol use cases.
WingRiders DEX Listed on Coinmarketcap and CoinGecko
The WingRiders DEX was listed on CoinGecko and Coinmarketcap, two of the most trusted cryptocurrency market data platforms and aggregators in the world, enabling easy access to real-time trading pair performance, price tracking, and trading volumes.
Double Yield Farms Increasing on WingRiders
Partnerships continued to grow with the collaboration with the Pudgy Cat Project to launch a new double yield farm on the platform.
Later in January, the partnership with Hosky, Cardano’s favorite meme coin, was announced for the launch of the joint new double-yield farm.
The partnerships continued 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 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.
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 epoch, liquidity providers will receive from COTI their staking rewards. Find out more on how the Shen rewards work here.
UI/UX Improvements
A well-designed UI and UX can increase efficiency and productivity, reduce frustration and errors, and make the product or service more enjoyable, leading to higher engagement and customer satisfaction. These are some of the highlights of the improvements, categorized by different areas of the platform.
Bluetooth connection support for Ledger
The Ledger is generally considered to be a safe hardware wallet for storing cryptocurrencies. It uses a combination of secure elements and encryption to protect your private keys and prevent unauthorized access to your funds. The usage of the Ledger wallet is now even easier thanks to the new Bluetooth connection support.
Token and pool details pages
The Total Value Locked (TVL) graph for newly created pools was changed to display existing data better. This helps by improving the clarity and accuracy of the data being displayed, and the user will have a clearer and more precise understanding of the TVL in the newly created pools.
Pool details, just like the token details, are now visible only on the respective details page, not in the expandable section anymore, making the user interface cleaner and easier to navigate.
Also, users will immediately see if a pool has a farm while checking the pool details.
Swap Interface: The price impact warning is now shown in the swap confirmation modal. In case of a token metadata loading issue, the newly added warning will notify the user and request the app’s refresh, so no functionality will be affected by this issue.
Pools page: The pools, which will bring the boosting rewards eligibility based on LPTs deposited on Indigo, have been differentiated with a new significant icon.
The pools section was reordered so the pools with the highest liquidity could be noticed immediately.
Also, the results of pool searching were ordered by liquidity. By presenting liquidity pools in order of liquidity, users can save time and effort by quickly identifying the most liquid pools and prioritizing them for their needs.
The search on the Pools page was sped up, helping users find the information they are looking for more quickly and efficiently. Searching was improved also by cancelling the previously running search function after writing another letter.
Farming section: Hand in hand with the overall optimization process, the experience with the farming was improved.
The number of necessary API calls was decreased, resulting in faster loading, which resulted in improved overall performance of the app, allowing users to complete their requests tasks more efficiently.
On the level of the farming agent and rewards distribution, the agent was prepared for the distributions of rewards for stableswap farms and Indigo boosting rewards, with successful results.
The tracking of the overall process od rewards distribution was improved to be ready for other rare edge cases and to prevent incorrectly distributed rewards in the future.
The order of the “All farms” section was changed so users can see first those with the highest TVL; again, to save valuable time and effort for the users in searching for these farms.
The APR value, as a key metric for farmers to quickly and easily compare the potential returns of different pools and make informed decisions about which pools to farm in, was included in the farm preview for the mobile view. . By including this information in the farm preview for the mobile view, users can access this key information on-the-go and make quick decisions about their farming strategy without needing to switch to a desktop view.
The breakdown of rewards gained per past epochs was also added to the farm details. This provides transparency and clarity to the user regarding the gains they have made in the past. By seeing how much they have gained in each past epoch, users can better understand the performance of the farm and track their progress over time. This can help them make informed decisions about whether to continue farming in that particular pool or switch to a different one.
With the first farm rewarding users only with partners’ tokens coming to our DEX, the farming UI and functions like Harvest all or Harvest for the Boosting Vault were adjusted accordingly.
The Governance Portal: Every proposal that’s already been fully implemented got the “Implemented” label in the Voting section. The Voting UI was extended to include also the voting participation, so users can see if the mandatory threshold will be met during the voting.
Expansion of our community spaces to Reddit
Reddit is a great platform for the community because it allows people with common interests to easily connect, share, and discuss ideas in a highly organized and interactive environment.
As such, a new SubReddit has been set up to extend the WingRiders’ media channels and the ways for our community to meet us and each other.
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