Wingriders’ native $WRT token is set to participate in the first general pool sale on the Vent Finance launchpad.
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 a top decentralized exchange on the Cardano blockchain.
Wingriders is an automated market maker-based DEX on Cardano that utilizes a unique extended-spend transaction model that is said to provide a more reliable and versatile environment for executing multiple transactions with zero system failures. It was developed by VacuumLabs and provides full functionality for DeFi investors, with token swaps, staking, providing liquidity and yield farming opportunities available on its platform.
The reception to Wingriders has been positive. Since launching its mainnet earlier this year, it has emerged as the number three DEX on Cardano in terms of total value locked. The popularity of Wingriders is due to its unique ability to support non-Cardano assets such as BTC and ETH, which no other Cardano DEX currently offers. It also supports stablecoins such as USDC and USDT, again something that no other Cardano-based DEX can provide. Other innovations on the Wingriders platform include support for ADA auto staking, and direct integration with hardware wallets such as Trezor and Ledger.
Wingriders is partnering with VENT to raise $200,000 USDC via GPS, in addition to raising $300,000 through IDO.
This will be the first time that VENT has hosted a GPS cell on its platform. Previously, projects on VENT were launched exclusively through an IDO, but VENT said it wanted to enable anyone to participate, not just $VENT token holders, in order to provide exposure to Wingriders. be extended.
The idea is to boost hype and gain 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 this is not the case with GPS. Instead, investors only have to complete KYC/AML registration and pay 20% tax on all $WRT tokens purchased in the sale. VENT will then use a portion of the funds raised from the sale to buy back the $VENT token to fuel the movement of its token price.
The GPS sale isn’t a one-off, as VENT said in a Medium post that the model is here to stay. For future projects, it plans to use both a fundraising model to appeal to $VENT holders and everyone else. Loyal users will still have exclusive access to new projects via IDO as well as a guaranteed allocation in GPS, while those who do not have $VENT tokens can still join in the fun while supporting the VENT ecosystem. Yes, VENT explained.
Image Source : Vent Finance