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WingRiders Decentralized Exchange Launches on Cardano Mainnet, Bringing USDT and USDC On Cardano

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WingRiders Decentralized Exchange (DEX) Launches on Cardano Mainnet.



WingRiders is the latest decentralized exchange that has made its official debut on the Cardano mainnet. The WingRiders team made the announcement today on popular microblogging platform Twitter. 

Psssst …. Have you heard [of it]? We are LIVE on [Cardano] Mainnet,” WingRiders disclosed in a tweet. 

 

Information About WingRiders 

The DEX launch has been widely anticipated by the Cardano community, including Charles Hoskinson, the CEO of Input Output Global (IOG), who noted in a tweet in January that he is looking forward to WingRiders launch. 

“Really looking forward to this DEX on Cardano. There are so many coming online soon,” IOG CEO said. 

WingRiders is an Automated Market Maker (AMM) decentralized exchange developed on Cardano that uses the famous eUTxO model on the network’s main chain. 

Described as the DEX on Cardano, WingRiders allows its users to perform three basic functions such as swap, earn, and fly. 

“WingRiders’ objective is to be an infrastructure element for the whole Cardano ecosystem, with simple integration into any wallet or dApp. Accessible via many platforms, supporting connectors and Hardware wallets such as Ledger or Trezor,” the DEX noted in its lightpaper. 

The Cardano-based decentralized exchange was developed by Slovakian fintech software development firm VacuumLabs. 

It is worth noting that the development of WingRiders is not the first time WingRiders will be building on the Cardano blockchain. The software company first got involved with Cardano in 2018 when it commenced the development of Adalite, a popular Cardano web wallet that has been widely adopted by the Cardano community. 

Meanwhile, Bittrue announced that it has made an undisclosed amount of investment in WingRiders. 

WingRiders TVL Soars 

The exchange noted that it will be fully decentralized and will support swaps between all Cardano-based assets. 

Despite launching on the Cardano mainnet a few hours ago, WingRiders has total liquidity of 36.04 million ADA and it is currently the third most valuable DEX on the Cardano network with a total value locked (TVL) of $33.54 million. 

WingRiders Brings Two Stablecoins

According to a blog post published by WingRiders, the team has partnered with Flint Wallet and Milkomeda and their implementation of the Ethereum Virtual Machine (EVM) capability. 

Following the partnership, WingRiders noted that it would be bringing two ERC-20 stablecoins, USDC and USDT, to the Cardano network. 

“Wingriders is one of the most exciting DEXes to launch on Cardano and now they are bringing stablecoins!,” Hoskinson tweeted

 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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