Price: $0.551
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Slot: 177039
Date: 15-08-2022

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How to use WingRiders on Cardano Main-net

WingRiders is an Automated Market Maker (AMM) decentralized exchange (DEX). The exchange has been launched on the Cardano main-net on 12 April 2022. In this article, we will show you all the important steps to help you use the exchange.

Cardanians.io 14-04-2022, 12:14 · 19 mins read
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Content

  • How AMM exchange works

  • Connecting your wallet

  • Swapping assets

  • Provision of liquidity

  • Automatic staking of provided liquidity

  • Farming

  • Conclusion

 How AMM exchange works

WingRiders is based on the AMM model so it provides automated trading of assets through decentralized execution of smart contracts. User swap requests are executed completely automatically and there is no need to rely on a trusted third party. The AMM model employs so-called liquidity pools. You can think of a liquidity pool as a collection of two kinds of assets. For example, a collection of tokens A and another collection of tokens B make one liquidity pool. WingRiders does not require matching of buyers' and sellers' orders. Instead of that, users can simply exchange their assets using liquidity pools. Thus, swap requests can be fulfilled basically immediately.

To allow users to execute trades on the WingRiders exchange, it is necessary to have enough tokens in the pools. In other words, pools need to have sufficient liquidity. Token holders can provide this liquidity to the pools and thus become so-called liquidity providers (LPs). Liquidity providers deposit both types of tokens for a given pool. This means, for example, a liquidity provider needs to deposit ADA coins worth $100 and USDC tokens also worth $100 for a pool with the pair ADA/USDC. Liquidity providers are rewarded for providing assets. The reward is proportional to the liquidity provided and is taken from the fees for executed trades.

WingRiders exchange is non-custodial. Users remain in control of their assets by receiving LP tokens in return for providing tokens like ADA and others to the liquidity pools. The liquidity pools are managed by code and they are not controlled by humans. LP tokens represent the right to a share of the assets in a given liquidity pool. Holding LP tokens allow users complete control over when they can withdraw assets back from the pool. No middleman is required to do this. Users return LP tokens for which they get their deposit back.

Connecting your wallet

The WingRiders exchange on the Cardano main-net can be accessed from the official website by clicking on the ENTER TO APP button. You can also use the link below to get directly to the WingRiders exchange. 

Attaching the wallet is a straightforward operation. Click the CONNECT WALLET button on the top right. 

 

Pick your favorite wallet from the list. WingRiders supports all popular wallets. 

 

The wallet UI will open and prompt you to confirm your connection to the WingRiders exchange. Check the URL. It has to be “https://app.wingriders.com”. If the URL is correct, confirm the connection. 

 After a short while, the wallet will connect, which you should see on the top right. You will see your wallet icon and part of your blockchain address.

 


Go into your wallet settings and make sure you have set up collateral. Collateral is required to use smart contracts in Cardano. It is a UTXO entry that contains only ADA coins. You need to temporarily lock in 5 ADAs to use smart contracts. If the collateral is not set, set it. Your wallet will guide you.

Swapping assets

Make sure your wallet is connected. Click the SWAP item in the top menu to swap assets.

You can then choose which assets you want to swap. You might want to swap 100 ADA for stable coin madUSDC. USDC tokens are available on WingRiders exchange through the Milkomeda bridge project. 

The first item in the list is the token you have in your wallet. Select ADA. Notice that there is a balance indication on the left side. Clicking on MAX would select all the ADA coins you have. You can manually enter 100 ADA. For the second entry, select madUSDC. After the automatic calculation, you see that you get approximately 89 madUSDC tokens. 

You can click on the Total fees arrow to see details of the swap including the fee details. 

In the transaction details, you can see that the expected number of madUSDC you can receive is 93.323. On the line Receive (at least) you can see that the minimum you can receive is 92.393.

 

You need to have 4.5 ADA to make the swap. 0,35 ADA is a swap fee, 0,18 ADA is a transaction fee, and 2 ADA is an agent fee. Notice that you need to have an additional 2 ADA for ‘Oil’.

A small amount of ADA has to be bundled with all token transfers on the Cardano blockchain. It is called "Oil ADA" and it is always returned to the owner when the request gets fulfilled. If the request expires and the funds are reclaimed, the Oil ADA is returned as well.

You can change the setting of the swap, namely Slippage tolerance and Deadline, by clicking on the cogwheel icon at the top right. 

Slippage is the tolerance you are able to accept within the swap. A Slippage set to the default value of 1% means that you can get 1% more or less madUSDC. If the tolerance is too high for you, you can lower it. Reducing the slippage may mean that the swap will take longer and may not go through if the exchange rate moves significantly after placing your order.

Deadline is the amount of time you are willing to wait for the swap. The default value is 6 hours. If the swap does not take place within this time, it will expire. The funds are still in the swap request until you reclaim the expired request, not in your wallet.

Click the CONFIRM button to confirm any changes to the swap settings and return to the main page. 

If you are satisfied with the swap settings, click the SWAP button. A dialog with swap details and confirmation will appear. You can click on the Additional details arrow to see the details once again. 

If you are fine with the swap configuration, click the CONFIRM button. 

Once the request is accepted by WingRiders Exchange, the transaction must be signed by the wallet. A wallet window will appear to confirm the transaction. Confirm it to submit the transaction to the blockchain.

After a short while, the information that the transaction has been confirmed in the Cardano blockchain will appear.

 

In the top right, you can find a transaction list. If you click on TRANSACTIONS, you will see the status of pending, expired, and completed transactions. 

 

 

The swap will initially be present in the PENDING list with the Confirming status. It means that the transaction must be confirmed by the network. Later, it will change to the Batching status. It means that the swap is in progress and must be processed by the agent. It may take a while for the swap to take place. Once the swap appears in the COMPLETED list with Done status it is finished. You can go to your wallet and check that you received the expected number of madUSDC tokens.

 

Provision of liquidity

Make sure your wallet is connected. Click the POOL item in the top menu to provide liquidity. You will see existing liquidity pools. Each pool is made up of a pair of assets. 

 

 

Click on the arrow to see the pool detail. You will see the number of issued LP tokens, ADA value, and MADUSDC value.

 

 

Click on the ADD LIQUIDITY button to provide liquidity to the pool with the pair ADA/madUSDC. In order to provide liquidity, you need to have both tokens at a mutually equivalent value.

Type in one of the fields the number of the assets you want to insert and the second asset will be automatically calculated. Type 1000 into the madUSDC item. WingRiders calculates that it is needed to provide 1125 ADA coins. In total, you need to provide 1000 madUSDC tokens and 1125 ADA coins into the liquidity pool.

WingRiders calculates that you get 1,060,398,043 LP tokens for providing liquidity.

 

Similarly to swapping tokens, you can change the setting of the swap, namely Slippage tolerance and Deadline, by clicking on the cogwheel icon at the top right. 

If you are satisfied with the parameters, click on the ADD LIQUIDITY button to see a confirmation dialog. Similarly to swapping, you can click on the Addition details arrow to see more details. 

 

 

Click on the CONFIRM button to continue. 

Once the request is accepted by the WingRiders exchange, the transaction must be signed by the wallet. A wallet window will appear to confirm the transaction. Confirm it. After the confirmation, the transaction will be submitted to the blockchain.  

After a short while, the information that the transaction has been confirmed in the Cardano blockchain will appear.

You can find the transaction in the transaction list. Click on the TRANSACTIONS button in the top right. 

 

The transaction will initially be present in the PENDING list with the Confirming status. It means that the transaction must be confirmed by the network. Later, it will change to the Batching status. It means that the swap is in progress and must be processed by the agent. It may take a while for the transaction to take place. Once it appears in the COMPLETED list it is finished. You can go to your wallet and check that you received the expected number of LP tokens. 

 

 

Click on the PORTFOLIO item to find all liquidity provisions.

 

 

You can manage the provided liquidity by clicking on the MANAGE button. You can remove the liquidity and choose whether you want the remove all liquidity or just a part of it. 

 



Automatic staking of provided liquidity

In the previous chapter, we described how you can provide ADA coins to the liquidity pool together with other assets. WingRiders will automatically stake ADA coins that are used in the liquidity pools. You get rewarded for providing liquidity and at the same time you do not miss out on staking rewards.  

Click on the STAKING item to make sure the ADA coins are staked. As you can see in the Current pool item, ADA coins are staked on the pool NuFI & AdaLite 5. The selected stake pool may not be visible immediately after liquidity is provided. 

You can vote on to which pool the ADA coins will be delegated by clicking on the MANAGE VOTE button. 

You can see details related to the pool and vote for one of them. 

 

 

NOTE: At the moment of writing the article, voting was not enabled. 

Farming

If you provide liquidity to the WingRiders exchange, you will hold LP tokens in your wallet. You can deposit LP tokens into Farms. It gives you the ability to gain additional rewards. Your rewards accumulate over time and you have access to them via Harvest.

Make sure your wallet is connected. Click the FARMING item in the top menu to farm LP tokens.

 

 

As you can see, you can manage the token pair ADA/madUSDC by clicking on the MANAGE button. 

You can decide how many LP tokens you want to deposit. We decided to deposit 100% of LP tokens. Click on the DEPOSIT LP TOKENS button to continue with depositing. 

 

You will see a confirmation dialog with details related to the depositing of LP tokens. Click on the CONFIRM button to continue. 

 

 

Once the request is accepted by WingRiders Exchange, the transaction must be signed by the wallet. A wallet window will appear to confirm the transaction. Confirm it.

After a short while, the information that the transaction has been confirmed in the Cardano blockchain will appear.

 

Similarly to swapping and providing liquidity, you will find the pending transaction in the transaction list. 

 

 

Once you find the transaction in the COMPLETED list, the deposit is complete. 

 

You can go to the FARM section again to see the amount of liquidity you have provided. See the My liquidity item. In this case, it is ~$2 092,61. In the Next epoch rewards item, you can see how many WRT tokens will be divided between all farmers for the next epoch. In this case, it is 40 000 WRT.

 

 

Conclusion

WingRiders exchange has a very straightforward user interface. We believe that you will have no difficulty using it. WingRiders has been created by a professional team that has years of experience with the Cardano ecosystem. The final impression corresponds to this. Despite the fact that the Cardano network might be heavily used, all the actions were fast and successful on the first try. 

Cardano is created to provide financial services. The adoption of these services is extremely important and we are all pioneers of a decentralized future. Do not hesitate to use DeFi services. Definitely check out WingRiders.

Source: How to use WingRiders on Cardano Main-net

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