What is WRX Token ? Simple Explanation

Written by Sushanth Kumar Reddy Kura | Published 2 years ago | 4 min read

   


WRX is the utility token backed by Wazirx cryptocurrency exchange. It is basically the backbone of Wazirx ecosystem. WRX token is based on Binance Blockchain. Its total supply is 1 Billion. 


Allocation of WRX tokens:


rewards



Benefits of holding WRX coins


1 Trading fee Discount :


You can get up to 50 % discount on trading fees if you pay the trading fee using the WRX token. The trading fee discount changes every year.

Year 1: 50% trading fee discount

Year 2: 25% trading fee discount

Year 3: 12.5% trading fee discount

Year 4: 6.25% trading fee discount


2 WRX Mining


Users in different countries can mine, unlock, and earn WRX coins by doing P2P trades.


3 Token airdrop


When different cryptocurrency companies agree to provide tokens to the WRX holders for getting listing on the Wazirx Exchange, based on the amount of WRX coins users hold the tokens will be credited to their accounts.


4 Voting Power


The token holders will also have the right to vote in coin listings and also give suggestions on  what kind of features needs to be added in the Exchange.


How will burning help in growth of WRX token value?


Every quarter some WRX coins will be burned (destroyed) based on the trading volume of the exchange. This process will be continued until 10% of the tokens are burned i.e. 1,00,00,000 tokens. This process will reduce the supply of the WRX and leads to the increase in demand.


price chart wrx


WRX token price chart since launch


WRX has seen some phenomenal growth since launch.  It gave a whooping 300 % gains to the investors.  It is currently hovering around 0.14 USDT and the future of WRX looks very bright as the adoption of crypto is growing exponentially around the  world.


My personal overview on WRX coin future


India is second place when it comes to world’s most populated countries.  Awareness about Bitcoin and Cryptocurrencies is growing exponentially these days.

WazirX being the go to exchange in India, I think WRX has a lot of potential to grow in the coming years.

With a supply of 1 billion coins in which 30%  is locked by foundation and 10% will be burned in coming years, I think the demand for WRX will increase a lot.

Also the team will be working on many use cases which will make the users hold WRX Tokens to earn those extra benefits just like Binance is doing with BNB. 

So, Keeping all these factors in mind I will be just holding my WRX coins for next few years.


​Wazirx Quick Summary


summary

Related blogs