August 13, 2022

WingRiders’ native $WRT token is up for grabs in what would be the first Normal Pool Sale on the VENT Finance launchpad.

The GPS sale is designed to cut back the barrier to entry and encourage extra traders to take part within the WingRiders venture, which is trying to set up itself as a prime decentralized trade on the Cardano blockchain.

WingRiders is an automatic market maker-based DEX on Cardano that makes use of a singular prolonged unspent transaction mannequin that’s mentioned to supply a extra dependable and versatile surroundings for executing a number of transactions, with zero system failures. It was developed by VacuumLabs and presents full performance for DeFi traders, with token swaps, staking, liquidity offering and yield farming alternatives accessible on its platform.

The reception to WingRiders has been constructive. Since launching its mainnet earlier within the 12 months, it has emerged because the quantity three DEX on Cardano by way of whole worth locked. The recognition of WingRiders is because of its distinctive skill to help non-Cardano belongings corresponding to BTC and ETH, one thing that no different Cardano DEX at present presents. It additionally helps stablecoins corresponding to USDC and USDT, once more one thing that no different Cardano-based DEX can present. Different novelties on the WingRiders platform embrace help for ADA auto staking, and direct integration with {hardware} wallets corresponding to Trezor and Ledger.

WingRiders is partnering with VENT to lift $200,000 USDC by way of the GPS, along with a $300,000 increase through an IDO.

This would be the first time VENT has hosted a GPS sale on its platform. Beforehand, tasks on VENT had been launched completely through an IDO, however VENT mentioned it’s trying to allow anybody to take part, not solely $VENT token holders, in order to extend publicity for WingRiders.

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The concept is to spice up publicity and procure extra liquidity by interesting to non-VENT customers who don’t maintain $VENT tokens. With its IDOs, VENT requires a minimal pockets steadiness for all contributors however that isn’t the case with the GPS. As a substitute, the one factor traders need to do is full KYC/AML registration and pay a 20% tax on all bought $WRT tokens within the sale. VENT will then use a portion of the funds it raises from the sale to purchase again $VENT tokens to spice up the dynamics of its token worth.

The GPS sale isn’t a one-off, as VENT mentioned in a Medium put up the mannequin is right here to remain. For future tasks, it’s planning to make use of each fundraising fashions in order to attraction to $VENT holders and everybody else. Loyal customers will nonetheless get unique entry to new tasks by way of IDOs in addition to a assured allocation within the GPS, whereas those that don’t maintain $VENT tokens can be a part of within the enjoyable whereas nonetheless supporting the VENT ecosystem, VENT defined.


Picture supply: VENT Finance