WingRiders is the newest decentralized exchange (DEX) to have made its official debut on Cardano. The WingRiders team announced the official launch via the social network Twitter. But what does the project propose?
Indeed, WingRiders announced in parallel a partnership with Milkomeda and Flint Wallet. As well as EVM compatibility (Ethereum VirtualMachine) within the Milkomeda side chain protocol. It will work on wADA from mainnet launch.
Milkomeda offers deployment technologies to major first-tier ecosystems through Solidity, the smart contract language used on Ethereum. This project will improve the interoperability between protocols as well as the user experience. Flint Wallet is a specialized wallet for decentralized finance (DeFi) and NFT use cases.
This is a project side chain initiated on the Cardano blockchain allowing fees to be paid by wADA. That is, through stablecoins ERC20, including USDC and USDT. Payment of fees in bitcoin and ether should be available soon.
Indeed, the user can migrate their Ethereum-based ERC20 assets to the Milkomeda sidechain through the bridge Nomad using Metamask. Milkomeda is a compatible EVM sidechain of the Cardano blockchain that can support user-stored ERC20 tokens.
A gateway locks the tokens to then issue their native Cardano equivalents (wADA) on the Cardano blockchain. The Flint Wallet can perform the operation. When the chips reach the bridge Milkomeda, they are locked into a smart contract within the Cardano blockchain. Subsequently, tokens representing ERC20 tokens locked in smart contracts can use the Milkomeda gateway to the wallet Flint. As this is supported by WingRiders DEX, they offer the opportunity for the user to use them to add or exchange liquidity according to their needs.
What does this mean for Cardano?
The adoption of stablecoins is one of the things that drove Ethereum adoption in 2018 and 2019.
They produce value in two ways:
- The stablecoins become a sort of non-volatile “vault” for users on the DEX and across the entire Cardano blockchain. This is thanks to their stability, the USDC for example, which is pegged to the US dollar.
- These stablecoins also act as a powerful “liquidity accelerator” for the entire cryptocurrency ecosystem. These offer a simple way to enter the market. When Tether (USDT) was launched, the capitalization rapidly increased, first approaching one million dollars and then reaching a few billion dollars in total value.
WingRiders aims to complete the journey of ERC20 tokens to the Cardano mainnet. Thanks to the collaboration between Milkomeda and Flint, this feature will be available from the launch of the mainnet of WingRiders DEX. Which means that it will be easier in the future to integrate ERC20 token pairs with native tokens from the Cardano environment within the WingRiders platform.
Although the latter has been launched on Cardano for a short time, it already has a total liquidity of 36.04 million ADA. WingRiders is currently the third largest DEX on the Cardano network, with a TVL, or total value locked, of $33.54 million.
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Cryptocurrency: Cardano (ADA) hosts the DEX WingRiders
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