WazirX

WazirX (WRX) is the native utility token of the WazirX ecosystem, designed to be the platform's backbone. WRX is built on the Binance blockchain and is used within the WazirX exchange, a cryptocurrency exchange that claims to be India’s fastest-growing with a focus on peer-to-peer (P2P) trading. The token is used to avail discounts on trading fees, pay for listing fees, participate in voting for token listings, and pay fees on margin trades. WRX can be earned through activities such as mining, P2P trading, and airdrops.

• Total Supply:

• The total supply of WRX tokens is capped at 1 billion tokens.

• Utility:

• WRX tokens can be used for various purposes on the WazirX platform, including paying for trading fees, listing fees, and margin trade fees.

• Trading Fee Discounts:

• Users can leverage WRX to avail discounts on trading fees, which follow a halving model over four years:

• Year 1: 50% discount

• Year 2: 25% discount

• Year 3: 12.5% discount

• Year 4 and onwards: The discount rate is not specified.

• Earning WRX:

• Users can earn WRX through activities such as mining, participating in P2P trading, and receiving airdrops.

• Referral Program:

• Previously, users could receive WRX by referring new users, although this scheme was inactive as of January 28, 2020. It’s unclear if this has resumed since.

• Blockchain:

• The WRX token is based on the Binance blockchain.

• Rewards for Token Holders

• : Token holders are rewarded with various benefits on the trading exchange, like trading fee discounts, WRX trade mining, token airdrops, margin fees, and more.

As of today #{today’s date}, the price of WazirX is ₹11.51 INR or 0.1316 USD, with a 24-hour trading volume of 1396608.09 USD. The market capitalisation for WazirX is 50003647.63USD. The circulating supply is 381856872.34 WazirX, with the total supply also being 962646668.99 WazirX.

Pros:

• Discounts on Fees:

• WRX token holders can benefit from significant discounts on trading fees, which decrease over time in a halving model similar to Bitcoin.

• Utility within Ecosystem:

• The token has multiple uses within the WazirX ecosystem, including fee payments and voting rights.

• Earning Potential:

• Users can earn WRX through mining, trading, and participating in airdrops.

• Part of Binance Ecosystem:

• WazirX’s acquisition by Binance adds credibility and potential for integration with the larger Binance ecosystem.

• Community Support:

• The token is backed by a community and a team with over a decade of experience in building and scaling products.

Cons:

• Market Volatility:

• As with all cryptocurrencies, WRX is subject to market volatility, which can lead to price fluctuations.

• Regulatory Risks:

• Being an India-based exchange, WazirX may face regulatory challenges as the Indian government formulates its stance on cryptocurrency.

• Competition:

• There is stiff competition from other exchanges and tokens, which could affect WRX’s adoption and value.

• Dependence on Platform Success:

• The value of WRX is closely tied to the success and adoption of the WazirX platform.

• Limited Use Case Outside WazirX:

• The utility of WRX is primarily within the WazirX ecosystem, which may limit its broader appeal.

• Discounts and Rewards:

• Investing in WRX could yield trading fee discounts and other rewards within the WazirX ecosystem.

• Growth Potential:

• As the Indian cryptocurrency market grows, WazirX and WRX may see increased adoption and value appreciation.

• Binance Acquisition:

• The acquisition by Binance provides a level of security and potential for integration that could benefit investors.

• Earning Opportunities:

• The ability to earn WRX through trading and other activities on the platform can be an attractive incentive.

• Community and Team:

• The experienced team and community support behind WazirX could drive innovation and long-term success.

• Auto-Matching P2P Engine:

• WazirX features the world’s first auto-matching P2P engine, which is a unique selling point for users in regions with banking restrictions on crypto.

• Integration with Binance:

• As part of the Binance ecosystem, WRX benefits from high liquidity and the potential for greater adoption.

• Focused on the Indian Market:

• WazirX is specifically tailored to meet the needs of the Indian market, which is a large and growing economy with increasing interest in cryptocurrencies.

WazirX and its WRX token aim to bridge the gap between fiat and cryptocurrency, particularly in the Indian market. The platform’s P2P engine is designed to facilitate easy and speedy deposit and withdrawal of Indian Rupees (INR), making cryptocurrency more accessible to users in India.

WazirX, founded by Nischal Shetty and Siddarth Menon, is a centralized exchange designed for the Indian cryptocurrency market. It mainly offers efficient peer-to-peer trading using Indian rupees.

• ICO Price:

• The initial offering price for WRX during the IEO was $0.02.

• Listing Date:

• The IEO occurred from 3rd February to 4th February 2020.

• Regulatory Uncertainty:

• The Indian government’s unclear stance on cryptocurrency regulation could pose risks to WazirX and WRX.

• Market Competition:

• The crowded cryptocurrency exchange market means WRX faces stiff competition, which could impact its growth.

• Platform Dependence:

• The value of WRX heavily depends on the WazirX platform's success.

• Volatility:

• Cryptocurrency markets are notoriously volatile, and WRX is no exception.

• Limited Global Appeal:

• While WRX has a strong focus on the Indian market, this may limit its appeal and utility on a global scale.

The WazirX whitepaper outlines the creation and purpose of the WRX token within the WazirX ecosystem. WRX is the native utility token of the WazirX platform, a cryptocurrency exchange that provides a comprehensive trading experience for both novice and professional traders. The token is designed to serve as the platform's backbone, with a total supply of 1 billion tokens.

The whitepaper details the tokenomics of WRX, including its distribution and utility. The token offers a variety of uses, such as availing discounts on trading fees, paying for listing fees, participating in voting for token listings, and covering fees on margin trades. The discounts on trading fees follow a halving model over four years, starting at a 50% discount in the first year and halving each subsequent year.

Users can earn WRX through various activities on the platform, including mining, P2P trading, and airdrops. The whitepaper also mentions a referral program where users could earn WRX by referring new users to the platform, although this scheme was inactive as of January 28, 2020.

The whitepaper emphasizes the importance of WRX in the WazirX ecosystem, particularly as the platform expands its fiat on-ramps to more countries. The team behind WazirX is highlighted for their experience in building and scaling products, and the user interface of the WazirX app is praised for its simplicity and ease of use.

A significant aspect of the WRX token is the planned token burn, where the team commits to destroying 10% of the total WRX supply, amounting to 100 million tokens. This is intended to reduce the overall supply and potentially increase the token’s value.

The whitepaper also touches on the future of the WRX token, suggesting a bright outlook due to the success of the WazirX exchange and the growing popularity of cryptocurrencies in India. However, it acknowledges the challenges, such as regulatory uncertainty and market competition, which could impact the growth and adoption of WRX.

In terms of investment, the whitepaper suggests that WRX could be a good investment for both long and short-term investors, citing the token’s excellent use case, well-designed tokenomics, active community, and strong team support. However, it also notes that no investment can be guaranteed, and past performance is not indicative of future results.

Overall, the WazirX whitepaper presents WRX as a utility token with multiple benefits for users of the WazirX exchange, focusing on the Indian market and a commitment to reducing the token supply through strategic burns.