WingRiders Testnet Tutorial

WingRiders is an Automated Market Maker (AMM) decentralized exchange (DEX). At the time of writing, the test-net is already running. The launch of DEX on the Cardano main-net is planned for Q1 2022. In the case of the test-net, WingRiders DEX is integrated directly into the NuFi wallet. However the project plans exceed the accessibility only via NuFi, a direct swapping web-based platform is in the plans. In this tutorial, we'll look at how you can swap test-net tokens from the NuFi wallet and provide tokens of the liquidity pool.  

Chapters

• Create a new NuFi wallet

• Exploring the NuFi Wallet

• Retrieving test-net tokens via WingRiders interface

• Swapping test-net tokens

• Providing liquidity

• Conclusion

Create a new NuFi wallet

The WingRiders test-net can be accessed from the official website by clicking on the TEST NOW button. The link will redirect you to the test-net version of the NuFi wallet.

Official WingRiders website: https://www.wingriders.com/

WingRiders test-net: https://wallet-testnet.nu.fi/

You will see the following screen.

NuFi will prompt you to create or restore your wallet. There are no surprises. The procedures are standard and similar to what you probably already know. We'll show you how to create a new wallet. Click the Create New Wallet button.

You must first confirm that you agree to the terms of use. Then you have the option to connect your wallet to Trezor or Ledger, a cold storage hardware wallet. Suppose we don't have a HW wallet. We will therefore create a SW wallet. Click on the No, I don’t have a hardware wallet button.

Now there are three steps: 

1. Choose a wallet name, 

2. choose a spending password, 

3. and carefully copy your recovery passphrase. 

Choose your wallet name and click the Continue button. We have chosen the name Testnet.

On the next screen, just set your spending password and click on the Continue button.

On the next screen, you will see a passphrase, or 15 words, which you should write down carefully, ideally on paper or in some other safe way. Do not show the passphrase to anyone. Once you have made a copy, click on the I have written it down button. 

The next screen will ask you to check the passphrase. Fill in the missing words in the list and click the Confirm button. 

You have now created a new wallet.

Click on Go to Wallet to explore the possibilities of the wallet.

Exploring the NuFi Wallet

NuFi will be a multi-asset wallet and at the time of writing the Cardano and Solana networks are supported. At the top right, you will see a notification that you are on the test-net version of the wallet. 

Click the Portfolio icon in the left menu to see your portfolio. In this tutorial, we have created a new wallet so your portfolio is zero. In the next chapter, we will guide you in how to receive test-net tokens.

Click on the Staking icon in the left menu to see staking possibilities. The NuFi wallet can be used for staking ADA and SOL coins. Later, support for other blockchains will be added. 

Click on the NFT button in the left menu to see your NFTs. 

Click on the Settings button in the left menu to see and change the settings of the NuFi wallet.

Retrieving test-net tokens via WingRiders interface

You can use WingRiders DEX directly from the NuFi wallet by clicking on the WingRiders icon in the left menu. This is very user-friendly. 

You need to confirm the terms of use via the checkbox, then click on the Continue button.

Since you're on test-net, you need to get some test-net tokens. NuFi wallet will make this process easier. Follow the instructions.

Copy the wallet address to your clipboard and go to the Testnet Faucet page via the green link. Paste your wallet address in the Address field, confirm you are not a robot and click the Request funds button. 

Alternatively, you can use the following link:

https://testnets.cardano.org/en/testnets/cardano/tools/faucet/

You will receive 1000 tADA (test-net ADA) in a little while. Please refresh the page to verify that the tADA coins have been received. 

Once you have tADA, you need to proceed with step 2, creating collateral that allows you to work with smart contracts. Click the CREATE COLLATERAL button.

Insert the spending password and click the Confirm button. A new transaction will be submitted. You should see a confirmation pop-up window soon after the submission of the transaction.

Once you have created the collateral, continue with step 3 and mint new test-net tokens. Click the MINT TEST TOKENS button.

On the next screen, you will see which test-net tokens you will receive. Insert the spending password and click the Continue button. A new transaction will be submitted. You should see a confirmation pop-up window soon after the submission of the transaction.

You can go to the Portfolio screen by clicking on the icon in the left menu. You will see your test-net tokens.

Swapping test-net tokens

Go to the WingRiders Dex by clicking the WingRiders icon in the left column menu. Then, click the Swap item in the horizontal menu.

You need to select the tokens you want to swap. In the box labeled From, enter the token you want to sell and in the box next to it labeled Amount, enter the amount. In the box labeled To the token, you want to get. The current exchange rate will automatically recalculate the number of coins you can get with the swap. 

In our example, we want to sell 10 ADA coins to get wBTC. We are likely to receive 0,837 of wBTC. Click the Advanced button to see the details of the swap. You can change the setting of the swap, namely Slippage tolerance and Deadline. 

Slippage is the tolerance you are able to accept within the swap. A Slippage set to the default value of 5% means that you can get 5% more or less wBTC. 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. 

In the transaction details, you can see that the expected number of wBTC received is 0.837 and that the minimum you will receive is 0.795.

Deadline is the amount of time you are willing to wait for the swap. The default value is 60 minutes. 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.

If you are satisfied with the settings you see for the swap, click the Submit button. In the next screen, insert your spending password and click the Confirm button. A new transaction (the swap request) will be submitted. 

You should see a confirmation pop-up window soon after the submission of the transaction.

Notice that you can see the result of the submission in the external explorer or in the application. Also notice that you can see active and expired swaps in the list on the right-hand side.

Providing liquidity

WingRiders is an AMM DEX. It means that you can provide your tokens to a liquidity pool and be rewarded. You can see existing liquidity pools by clicking the Pool item in the horizontal menu. A Liquidity pool consists of a pair of tokens. You can check how many tokens are currently locked in every pool.

Let’s provide liquidity. Click the Portfolio item in the horizontal menu. Then, click the Add liquidity button.

You need to provide a pair of tokens. Select the type of tokens you want to provide in both boxes labeled as Asset. Then set the number of tokens you wish to provide into the box labeled as Amount. The needed amount of the other asset will be automatically calculated.

In our example, we decided to provide ADA and wLUNA coins. Further, we decided to provide 100 ADA coins. It was calculated that 16,151 of wLUNA tokens will be used. 

Similarly to swapping, you can click the Advanced options button to set Slippage tolerance and Timeout preferences. If you are fine with the settings, click the SUBMIT button. 

Insert your spending password and click the Confirm button. A new transaction (the liquidity provision request) will be submitted. You should see the confirmation pop-up screen shortly after. 

You can see a list with the liquidity positions on the bottom part of the WingRiders’ Portfolio screen. 

If you wish to withdraw the tokens from the liquidity pool, click the Withdraw button. Then set the percentage of the total amount you wish to withdraw. If you set 100, you will withdraw all tokens. 

You can wish to withdraw only 50% of tokens. Set 50 into the box labeled Amount to withdraw. Under the box, you can see the number of tokens that will be withdrawn. Then click the SUBMIT button. A new transaction will be submitted. Shortly after, you will see the confirmation pop-up window. 

Notice that the numbers of provided tokens have been updated in the list with liquidity positions.

Conclusion

The NuFi wallet and WingRiders integrated exchange has a visually pleasing and intuitive user interface. Note that the interface includes help. This allows users to make sure they understand the steps correctly. 

The test-net is very useful for the team and the users. Users can get a feel for the functionality of the DEX and its features, in a risk-free environment. Once WingRiders is launched on the Cardano main-net, users will know how to use the exchange. For the team, it is advantageous that the application is tested by independent external users who can provide feedback. If you want to let the team know how you like NuFi or WingRiders, you can do so via Discord. If you encounter a bug, feel free to contact the team, again via Discord. 

We definitely recommend you check out the WingRiders exchange. 

Source: WingRiders Testnet Tutorial