WingRiders Yield Farming Will Be Live from Day One of Mainnet Launch
Hello Riders! We are delighted to announce that — as hinted — we finalized our “Farming” functionality; from day one, you will be able to farm and gain rewards on the WingRiders mainnet platform.
How will it work?
WingRiders will allocate 1.6% of its total token supply (equal to 1,600,000 WRT) towards the first month of yield farming. If during this first month, the overall TVL exceeds $125 million for at least 3 consecutive days, an additional amount of up to 0.5% (equal to 500,000 WR tokens) may be allocated as farming rewards.
How can you get these rewards? Well, it has multiple stages:
Inception Farming Epoch (IFE)
- This manual period begins on day 1 of the platform being live and ends Wednesday 20th April 2022 at 21:45 UTC.
- During this period, 350,000 WRT will be allocated to liquidity providers who provide liquidity and keep their Liquidity Pool Tokens (LPT) deposited. Depositing of LPTs is done in the UI part of the app, in the “Farming” section in any of the available farms. The allocation algorithm will be announced after the IFE ends and we reserve the right to exclude participants who attempt to game the algorithm.
- Everybody who provides at least 1000 ADA equivalent worth of liquidity in average in all snapshots to a pool with a farm will be eligible for a bonus. The details of the form of the bonus will be announced after the IFE ends.
- During this period, the platform will take multiple snapshots of the deposited LPTs, then determine the average amount of liquidity the user provided during the IFE to create a baseline for the user’s reward eligibility and proportion.
Regular Farming Epochs (RFE)
- This period will last from Wednesday 20nd of April 2022 21:46 UTC till 15th of May 2022 21:45 UTC.
It will be divided into 5 epochs, each lasting 5 days and mirroring Cardano’s regular staking epochs.
- During this 5-epoch period, 1,250,000 WRT will be allocated proportionally (250,000 WRT every 5 days) to everyone who provides liquidity and keeps their LPTs deposited in any of the available Farms. Depositing of LPTs is done in the UI part of the app covering Farming. If during this first month, the overall TVL exceeds $125 million for at least 3 consecutive days, an additional amount of up to 500,000 WR tokens will be allocated in the consecutive epochs.
- These rewards will be calculated solely on the proportion of the liquidity of the pools the particular Liquidity provider holds, as represented by the LPTs bound to the holder’s wallet.
- To ensure that rewards are allocated fairly (and to prevent anyone from ‘gaming the system’), only the minimum amount of LPTs deposited by a liquidity provider over the course of a 5-day epoch will be the baseline for calculating their rewards.
(Example: John provides 5,000ADA worth of liquidity before the start of the third Farming Epoch and deposits his LPTs in a Farm. On the second day of the third Epoch, he Withdraws 2,000 ADA worth of his LPTs from the Farm and subsequently removes 2,000 ADA worth of his liquidity. The next day, he realizes he doesn’t need the funds and deposits the liquidity back in the pool and also deposits the LPTs in the Farm. This means that for this third Epoch he will be rewarded only for 3,000 ADA worth of liquidity as this was his minimum during that epoch.)
Are there other rewards?
Currently, we cannot commit to any special rewards in the form of other project tokens or NFTs on top of the WingRiders promise of future delivery of the governance token but we are in intense discussions with many partners on potential rewards so keep an eye on your Farm and announcements in our Discord server and on Twitter.
How do I see my rewards?
If the farm yields rewards other than WRT, the allocated reward will appear shortly after the end of the RFE epoch in the user interface (it may take several days for the very first epoch). For farms yielding WingRiders tokens, this may be delayed even longer. There the condition is that WingRiders finalize the development of the governance token vesting contracts and test them for their security.
How do I claim rewards?
WRT will be locked for the time being and they will be unlocked shortly after WR TGE (Token Generation Event) and the first-days of market trading. TGE is currently scheduled for Q2 2022. If the farm also yields other rewards, these should be available to claim right after they appear in the WR user interface.
Which liquidity pools are eligible for farming rewards?
All farms that you see in the “Farming” section of the interface are eligible for farming rewards. If there is no farm listed there is no farming reward for that particular Liquidity pool.
Which liquidity pools are eligible for WingRiders token rewards?
All farms are eligible for WingRiders token rewards. If, in the future, there are farms added that reward liquidity providers with only something other than WRT, these will be clearly marked.
So what if I come in the middle of a 5-day epoch … will I get some rewards?
No — you have to have your LPTs deposited before the 5-day epoch starts in order to have a logged minimum for the rewards to be received. If you withdraw your farm’s LPTs and/ or withdraw liquidity later in the epoch, you will lower your minimum amount deposited for that epoch, and this lower amount will be used as the basis for reward calculation.
There was no TGE nor a public sale; how will I receive the WingRiders token?
Your wallet address will be stored and you will receive access to a claim-drop unlocking the tokens after the TGE (as this might impact the first-day liquidity on the market we reserve the right to delay this by a short period of time).
Why is some of the aggregated data not displayed in the UI?
Some of the aggregate data is not displayed right away (for example, the total size of deposited LPTs in a farm). All missing data will be enabled in the coming weeks.
How do I maximize my WRT yield rewards from the platform?
You come after launch in the first days till 20th of April 2022 21:45 UTC. Provide liquidity to one of the Liquidity Pools that are incentivized by a farm. Deposit your LPTs in one of those farms. Stay with the platform till the end of epoch ending on 15th of May 2022 21:45 UTC.
Why can I not see the price or monetary value of WingRiders token?
As the platform governance token is not in real market circulation there cannot be a real price communicated. Any napkin math experiments you want to do from our TVL, total number of tokens in reference to our competitor, and other parameters to derive a number we cannot comment on, or validate.
No direct or future profits nor any rights to any funds or financial compensations are incorporated into WingRider tokens by design. Purchasing or selling tokens from or to other individuals involves significant risks and potential for financial losses. The WingRiders tokens will not be investment or financial instruments, nor do they constitute any form of electronic money or payment service.