WingRiders’ native $WRT token is up for grabs in what will be the first general fund sale on the VENT Finance launch pad.
The GPS sale is designed to lower the barrier to entry and encourage more investors to participate in the WingRiders project, which seeks to establish itself as one of the leading decentralized exchanges on the Cardano blockchain.
WingRiders is a DEX based on an automated market maker on Cardano that uses a unique unspent extended transaction model that is said to provide a more reliable and versatile environment for executing multiple transactions, without system crashes. It was developed by VacuumLabs and offers full functionality for DeFi investors, with token swaps, staking, liquidity provision, and yield farming opportunities available on its platform.
Reception to WingRiders has been positive. Since the launch of its mainnet earlier in the year, it has become the number three DEX on Cardano in terms of total value locked. The popularity of WingRiders stems from its unique ability to support non-Cardano assets such as BTC and ETH, something no other Cardano DEX currently offers. It also supports stablecoins like USDC and USDT, again something no other Cardano-based DEX can provide. Other new features on the WingRiders platform include support for ADA automatic staking and direct integration with hardware wallets like Trezor and Ledger.
WingRiders partners with VENT to raise $200,000 USDC through GPS, plus a $300,000 raise through an IDO.
This will be the first time that VENT has organized a GPS sale on its platform. Previously, projects on VENT were launched exclusively through an IDO, but VENT said it is looking to allow anyone to participate, not just $VENT token holders, to increase WingRiders’ exposure.
The idea is to increase publicity and get more liquidity by appealing to non-VENT users who do not have $VENT tokens. With its IDOs, VENT requires a minimum wallet balance for all participants, but that’s not the case with GPS. Instead, all investors need to do is complete KYC/AML registration and pay a 20% tax on all $WRT tokens purchased in the sale. VENT will then use a portion of the funds it raises from the sale to buy back $VENT tokens to boost its token value dynamics.
The GPS sale is not unique, as VENT said in a Medium post, the model is here to stay. For future projects, he plans to use both fundraising models to attract $VENT holders and everyone else. Loyal users will still get exclusive access to new projects through IDO, as well as a guaranteed mapping on GPS, while those without $VENT tokens can join in the fun while still supporting the VENT ecosystem, VENT explained.
Image Source: VENT Finance