Largest DEX On Cardano To Launch Its Own Token
- Largest decentralized exchange on Cardano, WingRiders, will launch its own token
- The token will be called WRT and will debut in the market on July 14
The largest decentralized exchange on the Cardano (ADA) blockchain, WingRiders, will launch its own governance token on July 14, 2022, and it will be called the WRT token. The DEX has also confirmed that the Token Generation Event (TGE) will start on the 14th of July at 10 a.m. UTC.
The DEX also revealed a number of additional details associated with the TGE and the launch of the WRT token in its roadmap. Overall, the holders of the token will be provided with a key advantage as per the website of the platform. This advantage will be the voting power.
The holders of the WRT token will be able to vote and participate in important events and decisions and hence, play a crucial role in the development and future of the DEX on the Cardano blockchain. Hence, the more tokens you accumulate, the better you will be able to participate in the operation of WingRiders exchange.
DAO members will have the power to influence platform protocol parameters and determine commission sizes and also vote on the features that need to be added to the DEX on Cardano. Furthermore, holding the WRT token will give users the access to exclusive airdrops, increased returns, along with access to important information and membership in the WingRiders clan.
The British Virgin Islands-based exchange platform aims to expand and grow its consumer base despite the recent crash in the prices of the all the major cryptocurrencies. Launching a token in a bearish market might harm the DEX’s economy but we can’t be sure.
BitMEX postpones launch
As per a previous report from BitcoinWisdom, a major crypto exchange and derivative trading platform registered in the Seychelles, BitMEX confirmed that it will postpone the launch of its governance token BMEX which was supposed to be launch this year.
The decision was taken because of “non ideal” market conditions and the firm now plans to launch the BMEX token in an environment that offers the best chance to reward the holders.
On the other hand, the conditions in the market remain bearish as Bitcoin and Ethereum continue to drop to their current support zones, $19K and $1K.