WingRiders -> mainnet, TGE’s and announcement of sale postponement to Q2.
Hello Riders!
Today we are writing about one of our most frequently asked questions from the community. “When Sale?” or “Where can I get WingRiders tokens?”
The answers to both will be covered in this article.
First — when sale?
As you know, when we came out of stealth in December 2021, we initially thought to execute on our sale in Q1. A few key issues have arisen to derail this date, and we thought it best to cover them off one by one.
Code Audit — While this is complete, based on a number of factors (finding the right auditor, them having time to onboard us and execute on the work) this took two weeks longer than we had hoped. While it is done, the slow down naturally impacts our timeline.
Final Testing and Development — We take security of our code and of our users’ funds seriously. Most of you may be aware of the Minswap issue that we addressed in an earlier blog, and via Twitter. In testing our own security and vulnerability frequently, we look at various other code repositories that are up to date and contain smart contracts or other code snippets that may be good to stimulate our thinking. When we found multiple exploits and informed Minswap the whole communication and processes around it did cost a loss of a couple of days coding work of our impending mainnet launch.
It’s the Economy man — This is one might be up for a long debate but it was for us a factor worth considering prices of ADA dropping below 0.80USD and the associated reluctance of general public investment. The crypto market and the financial market are not the same thing, but they are closely linked. Obviously the bear period was substantially supported by the world uncertainty. We are seeing a potential turnaround these days, let us hope it lasts. It has always been our intention to have a fully working platform on mainnet prior to our sale — we want you to use it, to understand it, and to know what you are buying when you buy WRT (WingRiders Governance Token). So, we are a bit later to mainnet than aimed on, for the reasons outlined above, and therefore we want to give the community more time to use the platform before they choose whether or not to be involved in our TGE.
The Ukraine Situation — As you may know, our development team is global; meaning some of the team’s relatives or friends are impacted by the war in Ukraine and the related challenges that this creates. We even have some team members in Ukraine (we are doing everything we can to assist them in this difficult time — but this is not the time or place to discuss this). It did delay us only for a couple of days, but we don’t know if the issue will escalate in the near future.
Sale Structure — the most important factor in the delay. We originally were considering a straight IDO via some platforms/launchpads. However, as most of you are aware, not all launchpads have proven themselves equal. There have been a number of issues in IDO launchpads not honoring contracts, or falling down technically. As a development team, this worries us. We do not want to have any participants with issues, and we don’t wish to end up in a dispute with a third party. So, we began to consider other options. We ran a survey in our Discord channel and the community spoke with vigor on wanting multiple IDO platforms and a separate ICO. We had not initially considered doing an ICO ourselves by building our own platform for it with all the related challenges. But we want to as much as possible meet the future DAO members’ wishes if we can. However, more than anticipated IDO platforms require multiple due diligence processes and contract negotiations, and building our own ICO platform takes time — time we are currently spending in refining our platform for the impending mainnet launch. Therefore, this leads us to substantial cause of delay.
So TLDR
Multiple factors have led us to consider how we approach our TGE with our dedicated risk mitigation approach. We want to give all potential interested parties the opportunity to use our platform before they have to decide their interest in our TGE. In addition, a number of markets and other factors outside our control have urged us to caution. We want this to be a seamless, stress free experience — both for the community and for us. We are now considering mid to late Q2 for the sale — at that time, we feel that a number of uncertainties shall have calmed down, or been resolved. We will be launching our whitelist in the coming fortnight for those who wish to be first in line for a spot in our TGE. The whitelist will be open to all, but will give preference to those who have been supportive of us since the beginning. We’d like to take this final opportunity to apologize to anyone in the wider Cardano Community regarding this delay, but we believe it is best for both the market, the community and the bright future of WingRiders.
Where Can I get WingRiders Tokens?
So — for those of you who remembered that we said we’d address two questions. Obviously, I’ve mentioned the whitelist, which will be opening soon to members of our Discord or Telegram channels. We will also be opening our Community Development Program (CDP) in the coming weeks. The idea will be for those from the community who wish to help drive visibility of our project via social media, or creating content, etc, will become eligible to participate in our CDP claim drop. These will be the first ways for you to get your hands on WRT tokens. We will announce more details of both the WingRiders Whitelist and the CDP in our channels and via social media. It might be a good idea to ensure you are in our channels :)
Discord👉: https://discord.com/invite/wingriders
Telegram Talks👉: https://t.me/WingRidersChat
We are working tirelessly to enable ASAP Yield farming on our platform. This would enable liquidity providers to receive WR tokens as a future project obligation once the TGE happens. Currently the timeline till enabled yield farming is quite fluid but we would love to have it working from day one of the mainnet launch.
