WingRiders’ native $WRT token is up for grabs in what will be the first General Pool Sale on the VENT Finance launchpad.
GPS is being sold to decrease the barriers to entry, and increase investor participation in WingRiders’ project. WingRiders is looking to be a major decentralized platform on 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. VacuumLabs developed it and provides full functionality to DeFi investors. It offers token swaps, liquidity providing, yield farming, and liquidity providing.
WingRiders received a positive reception. The number 3 DEX cardano has seen its mainnet launch in early 2018. It is now the largest in total value locked. WingRiders has a unique capability to offer non-Cardano assets, such as BTC/ETH. No other Cardano DEX offers this. Stablecoins like USDC or USDT are also supported, something no other Cardano DEX offers. WingRiders’ platform also features ADA auto staking support and direct integration to hardware wallets, such as Trezor (and Ledger).
WingRiders and VENT have partnered to raise $200,000 USDC using the GPS. They also raised $300,000.00 via an IDO.
It will mark the first time that VENT hosts a GPS sales 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. The only requirements for investors are to complete KYC/AML registration, and then pay 20% tax on any $WRT tokens purchased during the sale. VENT will use a portion the proceeds from the sale for the purchase of $VENT tokens in order to increase its token price.
The GPS sale will not be a temporary event. VENT posted in Medium that they intend to keep the model around. Future projects will be funded using both of the fundraising methods, so $VENT holders as well as everyone else can participate. 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