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.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.