A list of all proposal discussions (without comments) submitted as binding proposals and voted upon via Wingriders’ governance.
As you might have already noticed, the introduction of our DAO voting solution is near. That also means that the first binding proposal is coming to our DEX. And because we want to set the right example for the next proposal creators, we want to discuss it with you before it’s finalized.
We want the community to decide which one of the top three feature requests submitted to the Improvements portal should be implemented first. This way the community can get to know the whole process, UI, and every detail of our solution while voting on something raised by the community itself.
The current top three community requests are:
Pools historic statistics
Option to automatically send rewards to boost vault
Option to change the display currency to ADA instead of USD
We also want to use this first proposal to begin gauging the correct height of the Attention threshold for proposals. The initial amount will be set to 2% of the circulating supply. This does not mean the amount is hereby set in stone as it’s really difficult to estimate it just right. It is still subject to change based on discussion, feedback, and newly discovered circumstances.
Start Oct 18 at 10 UTC
End Oct 25 at 10 UTC
Now that First Riders FT utility was deployed, the royalty fees discussion became a hot topic. So I wanted to know what is the community opinion on this.
Right now, we have a 80% royalty fee set by the team, because its position was: we want this FT to stay in the hands of the OGs.
Context was given, so let’s go to the question: what do you, as a community member, think about this royalty fee? Should it be 80% or should we change it?
Give us what do you think should be done (stay at 80%, increase or decrease it) and why do you think it’s the most beneficial decision for the WingRiders DEX!
PS: If I missed something, just point it out that I’ll correct it
To deliver a top quality and highly secured product, we propose the following steps:
Before releasing the DEX in April 2022, a smart-contract audit of the code base of the platform was done by an audit company CertiK, a highly professional, skilled and well-renown auditor, and because of the positive experience it is proposed to have CertiK tasked again with conducting the audit of the Stableswap functionality. This would be paid from the project treasury funds raised from the token sale.
Community feedback incorporation
WingRiders as a DAO always welcome help from its community and while releasing such a major feature as a Stableswap, thorough testing is necessary. As a part of this proposal, it needs to be stressed that any critical bugs found and reported by the community in our Community Improvements Portal or Discord must be fixed and polished before the mainnet release.
If any of the stablecoins in WingRiders Stableswap pools fail (as a project, as tech or have currency problems), resulting in depegging of the coin, it is proposed that in pools exposed to those assets on WingRiders, all swapping will be automatically halted to safeguard the portion of the other asset locked in that pool for its owners (Liquidity providers). In the case of a 15% depegging of a stablecoin, the halting mechanism described will automatically occur on the transaction execution level (batcher). The withdrawal of Liquidity will always remain available.
Mainnet release timing
A key value of WingRiders DAO is to release only products that are well polished and secure. Therefore it is proposed to release the Stableswap to Cardano mainnet only after the audit is successfully conducted, its potential warnings heeded and any critical found bugs or improvements by the community are fixed. From the business perspective the aim is to have the mainnet release by the time of Djed mainnet launch and/or Multichain bridge launch on Cardano Mainnet or sooner.
Before submitting a proposal to finalize the DAO Rules, let’s first invest some more time into discussing the most difficult topic of the Rules - the proposal collateral. Other parts of the formal proposal in preparation are i) rewording of some paragraphs (with no system or parameters change) and ii) setting the threshold height for the Supermajority voting.
The collateral has been a difficult topic in the Community Improvements Portal and Discord, as it is uneasy to balance the collateral amount and mechanics just right to protect the platform and the DAO from malicious intent and exploitation - which is the singular purpose of the collateral system - while still allowing the community to take active part in the governance. With such a difficult topic, it is once again necessary to discuss it and arrive at a beneficial solution before including it in a formal proposal to finalize the DAO Rules.
- It is proposed that the collateral amount will be lowered to 5,000 WRT.
- Other than that, the mechanics are proposed to remain unchanged, as they’re proving to provide the desired protection from spam and malicious proposals.
- As it might have been unclear precisely what happens to the collateralized WRT, this is to clear up that the collateral is held in the DAO Treasury until it’s returned to the proposer when their proposal succeeds
(or if not returned, this way it may be reused for farming and other rewards, thus trickling back down to the community).
- If the proposal fails, the collateral will not go into the Treasury, it will instead be put into a vesting contract that will release it back to the proposer, linearly 1 unlock/month, for 5 total months.
- Some discussion threads around this topic arrived at the conclusion that even though the collateral amount might be too high for some individuals, it is a beneficial system to protect the platform, and there are already creative solutions on how to push well-written and discussed proposals past the collateral, as has happened with the FT Royalty Fees proposal.
EDIT: Added point 4., based on the discussion below.
One of the features to come with the release of the StableSwap is a mechanism to halt swaps on a pool containing a stablecoin that has de-pegged by 15% from its intended value. Details of this mechanism can be found in our Medium post on Stableswap.
This feature is intended to protect liquidity providers in case a stablecoin in question fails and de-pegs (price data will be provided by an official oracle provided by the project of origin), as swapping on such a pool would lead to massive loss of value for the liquidity providers; please bear in mind that removing liquidity from the pool in question will always remain possible. If the stablecoin remains de-pegged for a considerable period of time, there will be a DAO vote held on whether to keep swaps on that pool halted or not.
With the coming of this protective feature to our StableSwap pools, it is only logical to extend this feature also to ADA/Stablecoin pools. However, before casting a formal proposal to the DAO, it’s desirable to hear the community’s opinion on this topic to be aligned on what appears to be the most beneficial step forward.
Dear Riders! A new proposal will shortly be introduced to the DAO to add an advanced graph interface to the WingRiders platform’s UI. The aim of this proposal is to provide a better visual representation of market data to assist users in making informed decisions. This UI improvement will provide a method of evaluating data by analyzing statistics generated by market activity, such as past prices and volume, and by incorporating this, the platform aims to enhance the user experience and provide an additional tool for users to make better trading decisions.
As this improvement has already been proposed by the community, it is expected that this would be a great addition to the platform. However, your thoughts and opinions on this proposal are still highly valued.
The specified current goal of the SDK’s is to enable integrators to easily create swaps. That includes:
- Fetching the state of the liquidity pool for which the swap is being created
- Calculate the exchange rate from the liquidity pool state
- With regard to settings (slippage, deadline, optionally also a different beneficiary), create a swap request.
This post serves as a discussion opener about community’s opinions before submitting the formal proposal to release the SDK. Feel free to suggest features not mentioned above and other improvements that can be incorporated. These ideas will be aggregated and a sensible timeline for the individual development stages of the SDK will be created.
Riders! It has already been quite some time since all of the farms were upgraded from v1 to v2. Nevertheless, every epoch still to this day, rewards are distributed also to v1 farms - this is slow, costs unnecessary amounts of ADA and is ineffective.
As there has already been plenty of time - since June 2022 - for users to transfer to v2 farms, it is hereby proposed to end eligibility of v1 farms for farming rewards. This discontinuation of rewards distribution should take effect with epoch 403 (starting on March 31st at 21:45 UTC, ending on April 5th, 21:44 UTC), meaning this will be the last epoch in which rewards will be calculated and distributed for v1 farmers. After this v1 farms will no longer count towards effective liquidity.
Our data shows most users upgraded their farms to the new contracts. Currently, there are:
in the v1 farms:
- 473 deposits (6,54% of total farming deposits on WingRiders)
- 405 410 ADA value locked (1,3% of total value locked in farms)
in the v2 farms:
- 6760 deposits (93,46% of total farming deposits on WingRiders)
- 30 872 160 ADA value locked (98,7% of total value locked in farms)
The farm contracts were upgraded in June 2022. In comparison with v1 farms the upgrade reduced the contract size to half, user interaction with farms, such as harvesting, are 2-3x cheaper, and rewards distribution is approximately 10x cheaper.
The possibility for users to upgrade to v2 farms will still remain open. Those Riders who have been farming on WingRiders using the old v1 farms could either click on the “Upgrade” button in the UI or take any action in the app, such as deposit or withdraw LP tokens, harvest their rewards, participate in stake pool voting by voting for a stake pool or changing the voting power used for voting, and they will be automatically upgraded to the new version of the farming scripts. No other action is required.
Read more about the upgrade in our Double Yield Farming & Upgrade to Farming Scripts blogpost from June 2022.
As many of you noticed, based on an internal decision by the core WingRiders team, delegations made to the FULCRUM stake pool due to stale stake pool voting were changed back to their default stake pools. We did this believing actors behind the votes were doing this with malicious intent, moving liquidity from one liquidity pool to another and, in the process swaying votes in their favor while not remaining active liquidity providers.
That prompted us to think about the stake pool voting process and the fact that there was a way to change the vote in a stake pool’s favor, gaining a significant amount of ADA in delegations while not having “skin in the game.” That didn’t sit right with us, so we want to improve the stake pool voting process. To do that, first, we want to discuss this with you, our community, so we can land on an improvement that will be by all of us.
Our proposed change is to reset the choice of the stake pool to its default, once the voting threshold is no longer met. E.g., if in epochs 398-402, stake pool voting participation is above the threshold (25%), the winning stake pool is delegated to. When in epoch 403, the stake pool voting participation decreases below, we will reset it back to its default pool (e.g., NUFI). That was also the action we decided to take with the FULCRUM pool.
However, we are also open to your proposals for improving the system, so we look forward to your contributions and discussions. Let them come!
Proud to present a new and exciting proposal about development of WingRiders Launchpad. The launchpad WingRiders would like to build is a non-custodial smart-contract based launchpad that focuses on security, decentralization and user friendliness.
The primary objective of the launchpad is to help new projects and their tokens launch via means of price discovery, raising funds for themselves and with entry to the liquidity market, while giving regular users the option to be an early supporter of their favorite project and be among the first token holders.
The launchpad’s focus on security will mandate strict rules on what the project can do with the raised funds to help eliminate risk of rug pools, and all the funds by all parties will be handled on-chain by smart contracts to ensure fair participation and security of deposited funds. Furthermore the smart contracts shall be written with decentralization as a key aspect, so that the launchpad protocol could operate in the future autonomously.
This launchpad will aim to be an essential resource for the Cardano community and everyone is hereby encouraged to get involved in this discussion. Any ideas, suggestions, or feedback that will help develop a launchpad that best serves the needs of the community are welcome.
Hello, fellow Riders!
WingRiders has been using Sleekplan for our community portal for almost a year. Along the way, you, the community, raised concerns about the suitability of the current platform. One major one is the lack of ability to log in with Discord, which leads to lower participation in community discussions. With the upcoming end of WingRiders’s subscription to Sleekplan in the middle of August, it is the right time to improve things. Therefore a proposal to change the platform for our community portal is here.
The presented solution is to migrate to Discourse. It is open-source, intuitive, offers social logins with Discord included, and is also used by other projects in the space, so some of you might be already familiar with it. However, other suggestions are always welcome.
The migration would cover all the relevant content currently available on the community portal and would happen until the first week of August. The transition process would be communicated beforehand via Discord and Twitter to make it smooth and prevent any issues.
This proposal is about improving the connection with you, the WingRiders community, so let us know what you think, and let’s improve together!