The GPS sale is designed to reduce the barrier to entry and encourage more investors to participate in the WingRiders project, which is looking 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 unspent transaction model that’s said to provide a more reliable and versatile environment for executing multiple transactions, with zero system failures. It was developed by VacuumLabs and offers full functionality for DeFi investors, with token swaps, staking, liquidity providing and yield farming opportunities available on its platform.
The reception to WingRiders has been positive. Since launching its mainnet earlier in the 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, something that 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 novelties 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 through the GPS, in addition to a $300,000 raise via an IDO.
This will be the first time VENT has hosted a GPS sale on its platform. Previously, projects on VENT were launched exclusively via an IDO, but VENT said it’s looking to enable anyone to participate, not only $VENT token holders, so as to increase exposure for WingRiders.
The idea is to boost publicity and obtain more liquidity by appealing to non-VENT users who don’t hold $VENT tokens. With its IDOs, VENT requires a minimum wallet balance for all participants but that isn’t the case with the GPS. Instead, the only thing investors have to do is complete KYC/AML registration and pay a 20% tax on all purchased $WRT tokens in the sale. VENT will then use a portion of the funds it raises from the sale to buy back $VENT tokens to boost the dynamics of its token value.
The GPS sale is not a one-off, as VENT said in a Medium post the model is here to stay. For future projects, it is planning to use both fundraising models so as to appeal to $VENT holders and everyone else. Loyal users will still get exclusive access to new projects through IDOs as well as a guaranteed allocation in the GPS, while those who don’t hold $VENT tokens can join in the fun while still supporting the VENT ecosystem, VENT explained.
Image source: VENT Finance