Hello Riders! We’re pleased to announce that, as indicated, we’ve completed our “farming” feature; From day one, you can farm and get rewards on the WingRiders mainnet platform.
How will it work?
WingRiders will use 1.6% of its total token supply (equivalent to 1,600,000 WRT) for the first month of yield farming. During this first month, if the total TVL exceeds $125 million for at least 3 consecutive days, an additional amount of up to 0.5% (equivalent to 500,000 WR tokens) can be allocated as a farming reward.
How can you get these rewards? Well, it has several phases:
Inception Farming Epoch (IFE)
- This manual period begins on the first day of the platform going live and ends on Wednesday 20 April 2022 at 21:45 UTC.
- During this period, 350,000 WRT will be allocated to liquidity providers who provide liquidity and escrow their liquidity pool tokens (LPT). Depositing LPTs is done in the UI part of the app in the Farming section in one of the available farms. The allocation algorithm will be announced after the end of the IFE and we reserve the right to exclude participants who attempt to play the algorithm.
- Anyone who provides at least 1000 ADA worth of liquidity is eligible for the bonus. The details of the form of the bonus will be announced after the end of the IFE.
- During this period, the platform takes multiple snapshots of the deposited LPTs and then determines the average amount of liquidity the user provided during the IFE to create a baseline for the user’s reward eligibility and share.
Regular farming epochs (RFE)
- This period lasts from Wednesday, April 20, 2022, 21:46 UTC to May 15, 2022, 21:45 UTC.
It will be divided into 5 epochs, each lasting 5 days, reflecting Cardano’s regular staking epochs. - During this 5 Epoch period, 1,250,000 WRT will be allocated pro rata (250,000 WRT every 5 days) to anyone providing liquidity and holding their LPTs deposited in any of the available farms. Depositing LPTs is done in the UI part of the app that covers farming. During this first month, if the total TVL exceeds $100 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 premiums are calculated solely based on the proportion of the pools’ liquidity held by each liquidity provider, as represented by the LPTs tied to the holder’s wallet.
- To ensure rewards are allocated fairly (and to prevent anyone from “gambling” the system), only the minimum amount of LPTs deposited by a liquidity provider over the course of a 5-day epoch will be the basis for the calculation of their rewards.
(Example: John provides 5,000 ADA 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 his 2,000 ADA worth of LPTs from the farm and then removes 2,000 ADA value of his liquidity The next day he realizes that he doesn’t need the money and pays the liquidity back into the pool and also the LPTs into the farm This means that for this third epoch he is only rewarded with 3,000 liquidity in the ADA value as this was its 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 WingRiders’ promise for future delivery of the governance token, but we are in intensive discussions with many partners about possible rewards, so keep your farm in Eye and announcements on our Discord server and on Twitter.
How do I see my rewards?
If the farm yields rewards other than WRT, the assigned reward will appear in the UI shortly after the end of the RFE epoch (it may take several days for the very first epoch). For farms that yield WingRiders tokens, this can be delayed even longer. The condition there is that WingRiders complete the development of the Governance Token Vesting Contracts and test them for security.
How do I claim rewards?
WRT will be locked for now and 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, they should be available to claim right after they appear in the WR UI.
What liquidity pools are eligible for Farming Rewards?
All farms that you see in the Farming section of the UI are eligible for farming rewards. If no farm is listed, there is no farming reward for that particular liquidity pool.
What liquidity pools are eligible for WingRiders token rewards?
All farms are eligible for WingRiders token rewards. Should farms be added in the future that only reward liquidity providers with 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 must have deposited your LPTs before the 5-day epoch begins in order to have a logged minimum for the rewards to be received. Later in the epoch, if you withdraw your farm’s LPTs and/or withdraw liquidity, you will decrease your minimum deposit amount for that epoch, and this lower amount will be used as the basis for the reward calculation.
There was neither TGE nor a public sale; How do I get the WingRiders token?
Your wallet address will be saved and you will have access to a claim drop to unlock the tokens after the TGE (as this could affect liquidity on day one on the market, we reserve the right to delay this for a short period of time ).
Why is some of the aggregated data not shown in the UI?
Some of the aggregated data is not shown immediately (e.g. the total size of escrowed LPTs in a farm). Any missing data will be activated in the coming weeks.
How do I maximize my WRT earnings rewards from the platform?
They come after launch in the first few days until April 20, 2022 21:45 UTC. Providing liquidity to one of the liquidity pools promoted by a farm. Deposit your LPTs in one of these farms. Stay with the platform until the end of the epoch, which ends on May 15, 2022 21:45 UTC.
Why can’t I see the price or monetary value of the WingRiders token?
Since the platform governance token is not in real market traffic, no real price can be communicated. Any math experiments on napkins you want to do from our TVL, total tokens relative to our competitor and other parameters to derive a number that we cannot comment or validate.
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