VENT Finance Expands Crowdfunding Access With WingRiders General Pool Sale
June 14 2022 - 2:30PM
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WingRiders’ native $WRT token is up for grabs in what will be the
first General Pool Sale on the VENT Finance launchpad. 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
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