WingRiders shows that even in a crypto winter it is possible to succeed with blockchain

Numerous startups in the blockchain industry have been dealing with some important topics for years – the scalability and sustainability of Ethereum. Slow transaction speeds, significant energy requirements, and high fees mean that working with ETH can be at odds with the principles of many blockchain-powered companies and founders.

Cardano (ADA) is a solution that aims to solve the issues related to Ethereum’s scalability, interoperability and sustainability. Instead of a proof-of-work model, it uses a newer consensus mechanism called Proof of Stake (PoS). Ethereum 2.0, designed to solve the problems of the original Ethereum, uses PoS, as do Tezos and other newer cryptocurrencies, and while Ethereum 2.0 is on the way, progress has been slow.

While many of the well-known cryptocurrencies and hundreds of “altcoins” have seen sharp falls in value recently (leading many to dub the current period on the blockchain as “crypto winter”), Cardano has bucked the trend – even more so towards the end of the month . The token saw a price increase towards the end of May 2022.

WingRiders is an automated Market Maker (AMM) Decentralized Exchange (DEX) platform for Cardano that helps make ADA accessible to investors. And after the first month of its launch on the mainnet, it has reached a total liquidity of 62.5 million ADA.

This milestone follows an oversubscribed seed and private funding round and a partnership with the Milkomeda Foundation to bring the USDC/USDT stablecoins, as well as both BTC and ETH, to the Cardano mainnet ecosystem.

It’s not the first time WingRiders has made the headlines. It surpassed $60 million in Total Value Locked (TVL) six days after going live on April 12, 2022. And in a first for the ADA ecosystem, WingRiders offer a double yield farming feature, where liquidity providers can earn rewards from automated staking of the ADA-containing pools and the well-known yield farming of platform-native tokens. These profits are on top of the regular swap fees charged in the pools. WingRiders’ DEX platform is the only one to date that integrates Ledger hardware wallets and enables secure interactions directly, even directly on Android devices.

WingRiders is taking advantage of Cardano to fix the problems plaguing DEXs on Ethereum. It avoids the obstacles that are slowing down both Ethereum-based DEXs and new entrants in the Cardano space, such as: B. high gas fees and failed transactions.

It only requires its users to connect a lightweight non-custodial NuFi wallet to buy and trade tokens, meaning the entire exchange can be run in one browser. Traders on WingRiders can also earn interest on crypto holdings by staking.

“We are more than pleased with our progress and look to continue the momentum as we execute on our roadmap,” said Kaaran Kalantari, a spokesman for WingRiders. “We have some major milestones ahead of us, including the integration of additional wallets and features, as well as our public token sale, and we anticipate further achievements as we solidify as a key part of the Cardano infrastructure.”

Stewart Rogers is Senior Editor at Grit Daily and has over 25 years of sales, marketing, management and mentoring experience in the technology space. He is a journalist, author and speaker on AI, AR/VR, blockchain and other emerging technology industries. A former VentureBeat Analyst-at-Large, Rogers delivers keynote speeches on mental health in the tech industry around the world. Prior to VentureBeat, Rogers ran a number of successful software companies and held global sales and marketing positions for companies in the US, Canada, Australia and the UK. A homeless digital nomad, Rogers moderates major tech events online and around the globe, and is co-founder of Badass Empire, a startup that helps digital professionals tap into their inner villain, and is also Editor-in-Chief of Dataconomy, a publication and community focused on Data science, AI, machine learning and other related topics.

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