Numerous startups in the blockchain industry have been grappling with a couple of significant issues for years now – the scalability and sustainability of Ethereum. Slow transaction speeds, considerable energy requirements, and high fees mean that working with ETH can be at odds with the principles of many blockchain-powered businesses and founders.
Cardano (ADA) is one solution that aims to solve the problems related to Ethereum’s scalability, interoperability, and sustainability. Rather than a proof of work model, it uses a newer consensus mechanism called proof of stake (PoS). Ethereum 2.0, designed to solve the original Ethereum’s issues, utilizes PoS, as do Tezos and other more recent cryptocurrencies, and while Ethereum 2.0 is on the way, progress is slow.
While many of the well-known cryptocurrencies and hundreds of “altcoins” recorded a sharp decrease in value recently (leading many to dub the current period in blockchain as a “crypto winter”), Cardano bucked the trend – more so towards the end of the month. The token recorded a price increase towards the end of May 2022.
WingRiders is an automated market maker (AMM) decentralized exchange (DEX) platform for Cardano, helping to make ADA accessible for investors. And after the first month following its launch on mainnet, it has achieved 62.5 million ADA in total liquidity.
This milestone follows an oversubscribed seed and private-funding round and a partnership with the Milkomeda Foundation to bring the USDC/USDT stablecoins, plus both BTC and ETH, to the Cardano mainnet ecosystem.
It’s not the first time WingRiders has made the news. 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 gain rewards from the automated staking in the ADA containing pools and the commonly known yield farming of platform-native tokens. These gains come on top of the regular swapping fee collected in the pools. WingRiders’s DEX platform is the only one, so far, that integrates ledger hardware wallets, directly enabling safe interactions, even directly on Android devices.
WingRiders leverages Cardano’s benefits to correct the issues plaguing DEXs on Ethereum. It avoids the obstacles that slow down both Ethereum-based DEXs and recent entrants into the Cardano space, such as high gas fees and failed transactions.
It only requires its users to connect a lightweight non-custodial NuFi wallet to buy and trade tokens, which means the entire exchange can run within a browser. Traders on WingRiders can also earn interest on crypto holdings through staking.
“We are more than pleased with our progress and look to continue the momentum as we deliver on our roadmap,” Kaaran Kalantari, a spokesperson for WingRiders, said. “We have some big milestones ahead, including the integration of additional wallets and features as well as our public token sale, and we are expecting further successes as we solidify ourselves as an instrumental piece of the Cardano infrastructure.”