WRT Utility and Governance
Greetings Riders!
Hope everyone is surviving the vicious bears out there in the market. There’s definitely blood on the streets. We hope that you all managed to lock in some of your gains. Today, we’d like to talk a little bit about the WRT token, its utility and the overall objective of decentralization for the WIngRiders platform. We posted a lot of token related information over on our website during the week, you can check out the full details here. www.wingriders.com/wrt. This blog will be a TLDR version, with some additional thoughts about the path toward true decentralization.
Just for those of you who are new to WingRiders, a (brief) primer on who we are. We are a Top #3 DEX on Cardano in terms of TVL. Our codebase was bootstrapped by VacuumLabs, one of the most respected development houses in the ecosystem. We’ve achieved a number of “firsts”
1st DEX with ADA auto staking, now stakepool voting
WingRiders launched with ADA auto staking where the ADA of liquidity pools was automatically staked, and rewards returned to the pool for the liquidity providers. Now liquidity providers can vote on where the pool(s) that they have their liquidity in will stake their ADA.
NOTE: We consider autostaking and stakepool voting as critical steps on the path to a truly decentralized platform. There are a number of milestones to go, with one of the obvious ones being the opportunity for anyone to become an “Agent” (batching transactions on the platform.)
From the beginning, we have stated our desire to be one of the rare projects that Underpromise and Overdeliver. Our platform is live and those who have used it can see our team working hard to improve functionality. We wanted the platform live before we distributed the token, so you can see what you are supporting.
1st DEX with direct hardware wallet integrations
WingRiders were the first to provide direct integration with their app with Ledger & Trezor directly, the two leading hardware wallets.
1st DEX to support hardware wallet on Android
Wingriders enables the use of the platform directly on Android via Ledger and a usb-c cable.
1st EVM Stablecoins on Cardano
The presence of stablecoins in an ecosystem provides a safe haven to lock in gains and prevent losses. WingRiders facilitated the arrival of the two largest stablecoins USDC and USDT to Cardano.
1st to bring ETH, BTC tokens
Diversification is key in any strategy and to gain exposure to non-Cardano assets like ETH, BTC and ERC20 tokens opens a world of opportunities.This provides a massive opportunity to further integrate the two largest and most popular cryptocurrencies into the Cardano ecosystem.
Now that we’ve covered that, let’s talk about WRT.
WRT Token
metadata of the token
policyId: c0ee29a85b13209423b10447d3c2e6a50641a15c57770e27cb9d5073
assetName: WingRiders or 57696e67526964657273
assetFingerprint: asset18v68f0vgv2nc3at8cuuem7f3fztwqcq2usgjyp
ticker: WRT
Full name: WingRiders Governance Token
description: WingRiders is a decentralized exchange protocol on Cardano. WRT provides access to DAO voting and other DEX related functions.
Decimals: 6
Complete metadata: https://github.com/WingRiders/cardano-token-registry/blob/master/mappings/c0ee29a85b13209423b10447d3c2e6a50641a15c57770e27cb9d507357696e67526964657273.json
WRT — the WingRiders’ Governance utility token
WRT token holders shape the future of WingRiders through voting rights in the Decentralized Autonomous Organization (DAO). WingRiders’ vision has always been to become a full-fledged DAO, governed by the community to benefit the community.
WRT Token Utility/Benefits
A deflationary token
WRT token has a fixed supply so it is by its very nature deflationary. Scarcity by itself creates a demand for the token.
Influence the future of WingRiders
As a WRT holder you can participate in the voting process regarding key decisions for the project’s development. Top 5 governance features for WRT:
- protocol parameters of the platform,
- which features will get added next,
- upgrading modular smart contracts,
- fee parameters of the platform,
- selecting what farms will be enabled, including their reward allocation.
WRT is farmable
The WRT token itself will be farmable. It will have its own dedicated farm allowing you to maximize your gains from interaction on the platform.
Holding WRT impacts yields
By holding WRT tokens you will be able to farm higher yields.
Holding WRT makes you a stronger Rider
By holding a substantial amount of WRT you will be prioritized in customer support and DAO voting discussions and improvement suggestions.
Holding WRT impacts “gain” probability
Higher likelihood of airdrops during various marketing campaigns for the community.
Holding WRT gives you access to important information
Access to advanced platform statistics.
WRT as collateral for Agents
When decentralization of the Agent comes to the platform their collateral will be collected in WRT tokens. Without WRT you will not be able to become an agent. Agents are batching transactions and earning on the fees.
WRT an asset of preference
You will be able to buy selected NFT and FTs with lower price tag when paying in WRTs.
Get better prices
Promotional discount on project related merchandise.
Be part of a clan
Interesting community initiatives available solely to WRT token holders.
The WRT token can be acquired through four methods:
- By participation in the upcoming WingRiders Token Generation Event (“TGE”) and its sales cycles.
- As farming rewards for providing liquidity to the platform.
- Potentially through community development claim drops or other activities TBD.
- Trading for the token post TGE on a number of CEXes and DEXes.
Listing on a centralized exchange platform is being explored. WRT is also bridged to Milkomeda and BNB chain through the Milkomeda bridge and Celer.
Token Distribution & Tokenomics
The following chart outlines the token’s distribution and tokenomics.
Explanation of terms
1st day tokens — tokens freely available on day one of token entering the public market (on TGE)
Lock-up — period during which the token distribution is locked and no tokens are distributed
Vesting — linear vesting or monthly release schedule for remaining tokens besides 1st day tokens
Initial Round Example: 5% on 1st day, 3 months lock-up, 24 months overall vesting period
- 5% of the tokens will be unlocked and distributed on the 1st day ( after TGE);
- Three (3) months lock-up, meaning that the proportion from 95% of tokens for first 3 months (3.96% x 3 = 11.88%) is distributed three months (90 days) after the TGE date;
- Rest of the token amount is vested linearly across twenty-one (21) months (3.96% of tokens each month); meaning that 100% of the allocation shall be distributed in twenty four (24) months after the TGE date;
- 1st day tokens are delivered via Airdrops, vesting is done via smart contract claims.
Private Round Example: 10% on 1st day, 3 months lock-up, 24 months overall vesting period
- 10% of the tokens will be unlocked and distributed on the 1st day ( after TGE);
- Three (3) months lock-up, meaning that the proportion from 90% of tokens for first 3 months (3.75% x 3 = 11.25%) is distributed three months (90 days) after the TGE date;
- Rest of the token amount is vested linearly across twenty-one (21) months (3.75% of tokens each month); meaning that 100% of the allocation shall be distributed in twenty four (24) months after the TGE date;
- 1st day tokens are delivered via Airdrops, vesting is done via smart contract claims.
Public Round Example: 15% on 1st day, 2 months lock-up, 12 months overall vesting period
- 15% of the tokens will be unlocked and distributed on the 1st day ( after TGE);
- Two (2) months lock-up, meaning that the proportion from 85% of tokens for first 2 months (7.08% x 2 = 14.16%) is distributed two months (60 days) after the TGE date;
- 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).
In comparison with other DEX projects on Cardano, WRT total number of tokens is 100,000,000 (100 million), or approximately 1/20 to 1/50 of the total token pool of other Cardano DEXes. This influences relative price point, and has the added benefit of providing a lower threshold for a clear influence stake in the future of the project.
WRT Token vesting: gradual release schedule
WingRiders token vesting schedule for token unlocks can be found below.
Sale Details
Registration: Wed. 8th June 2022 12 PM UTC to Tues. 14th June 2022 8 PM UTC
Snapshot Period: Tue. 14th June 2022 to Tue 21st June 2022
BGA Release: Wed. 22nd June 2022 to Fri. 24th June 2022
Holding Period Tue. 14th June 2022 to Fri. 24th June 2022
IDO Sale: Fri 24th June 2022
a. Round 1: 7 AM to 2:00 PM UTC (8 hours)
b. Break: 3:00 PM to 3:15 PM UTC (15mins)
c. Round 2: 3:15 PM to 5:00 PM UTC (1Hours 45 mins)
Public Pool- Key Dates:
- Registration: Wed, 08-Jun-2022 12PM UTC to Sun, 19-Jun-2022 8PM UTC
- Whitelist Release: Wed, 22-Jun-2022
- Public Pool Sale: Thu, 27-Jun-2022
a. Round 1: 7:00 AM to 3:00 PM UTC (8 hours)
b. Break: 3:00 PM to 3:15 PM UTC (15 mins)
c. Round 2: 3:15 PM to 5:00 PM UTC (1 hour 45 mins)
Listing: TBA (tentative: within a 2 weeks range following the sale)
Start: 28th June 2022 10:00 UTC
Finish: 29th June 2022 10:00 UTC
Who’s talking about us?
Yat Siu, co-founder and executive chairman of Animoca Brands, “As the crypto space advances, it is important to support projects that have a bold vision and that add value to the infrastructure that makes the open metaverse interoperable. WingRiders is developing a platform with the goal to support the growth of the Cardano ecosystem by providing a safe and secure channel for the swap of tokens on the Cardano chain.”
Emma Cui, CEO and Founding Partner of LongHash Ventures “At LongHash Ventures, we believe that decentralized exchanges represent a more open, efficient, and permissionless form of value exchange. When we met the team at Wingriders, we had full confidence that they’d be able to execute this Web 3 vision on Cardano.”
Dan Yan, Founding Partner and COO of Matrixport, “WingRiders is building a robust and high-performing DEX that aims to address a white space in the Cardano ecosystem. We are excited to partner with a team that has deep roots in the underlying technologies and a strong commitment to the community. We can expect further innovation that will make meaningful contributions towards the growth of the wider Cardano ecosystem.”
cFund (via Wave Financial)
Dave Roebuck, Wave Financial’s Principal “We felt that it was a great fit for cFund and would add to the furtherment of the Cardano DeFi ecosystem”.
We are looking forward to a bright and successful future not only for Wingriders but for Cardano as a whole,” he said.
Kelvin Koh, Spartan Group’s co-founder and CIO, added the company sees WingRiders as one of the strongest early players in the Cardano DeFi ecosystem.
“The team has a very strong technical background and we are excited to be supporting them in their vision to build out a core DeFi infrastructure primitive on Cardano,” he said.
We hope this blog helps answer your questions on WRT and its uses. Check out our two earlier blogs for “How to” guides for buying on Vent Finance or OccamRazer.
Peace.
The WingRiders Team
