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HomeCrypto NewsMarketCardano-based DEX WingRiders Hits $44 Million TVL Within 24 hours of Launch

Cardano-based DEX WingRiders Hits $44 Million TVL Within 24 hours of Launch

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Cardano-based DEXs are receiving a warm welcome.

New decentralized exchange (DEX) WingRiders recorded tremendous growth following its launch yesterday. Data shows that the Cardano-based DEX reached a total value locked (TVL) of $44 million just 24 hours after its launch. 

WingRiders made its official debut on the Cardano mainnet yesterday after a long wait by the Cardano community for its launch. Powered by Vaccumlabs, WingRiders came to the Cardano blockchain with two stablecoins, USDC and USDT. Vacuumlabs has been involved with Cardano since the network was created, and WingRiders is expected to ride on the wings of the relationship.

Users of the DEX can swap tokens using supported pairs and earn crypto through staking and “fly to the moon.” The team expects the next few months to be fast-paced for the DEX as it plans to increase and take the DeFi ecosystem by storm.

WingRiders growing fast

Only a few hours following its launch yesterday, WingRiders became the third most valuable DEX on Cardano with a TVL of $33.54 million. This has increased to $44 million within 24 hours, and the DEX is the second most valuable on Cardano today.

The rapid growth of WingRiders may be attributed to the two stablecoins it brought to the platform, which are the two most used stablecoins, USDT and USDC. This increases the potential of the DEX to grow fast as more people use stablecoins to swap tokens.

Last month, the project raised $4.5 million in a seed round supported by investors such as cFund, Spartan Group, and Longhash. Blockchain security firm Certik has also audited the Dex prior to its launch, which gives it more credibility than Vacuumlabs’ existing reputation with the Cardano community.

DeFi growing on Cardano 

Decentralized finance (DeFi) on Cardano is receiving a significant boost. The first DEX on the blockchain, SundaeSwap, was launched in January. Since then, many others have come on board with WingRiders as the latest and one with much potential.

Because of Cardano’s efforts toward adding value to the services that competing networks already offer, the DeFi ecosystem on the network is expected to multiply, especially now that WringRiders is here. 

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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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