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The WRX Utility token is the backbone of the WazirX ecosystem, the fastest-growing crypto exchange in India. The token has been issued and is circulated over the Binance Chain, the native blockchain of the Binance crypto exchange. WRX tokens have a limited supply of 1 billion, 10% of which would be burned in the future to strengthen its dynamics. WRX was introduced to involve the WazirX community in helping to build the platform and get rewarded accordingly for contributing to the platform’s success. The founders intend to evolve the use-cases of the native coin to enhance its worth further and, consequently, benefit the WazirX trading community.
Using WRX tokens for trading cryptocurrencies, you earn discounts and add to the token’s utilities and its overall worth. Since the more a token is in circulation, the more is its worth.
WRX tokens come with their bagful of utilities and benefits that can help a trader earn direct returns from holding and trading in it, discount in fees, and various other utilities:
1. Pay in WRX to Earn Discounts
The most fundamental use case of WRX i.e. paying trading fees as and when you trade using the WazirX platform, brings you ample discount of up to 50% on the trading fees. If you are paying trading fees on the WazirX platform using the WRX token, you will get a 50% discount for the first year, 25% for the second, 12.50% for the third, and 6.25% discount for the fourth year.
WazirX currently charges 0.2% trading fees from its traders, which is the minimal fee of any exchange charges in India. If you use WRX tokens to pay the same, you get an additional 50% discount on trading fees. Thus, you are practically trading for free if you use WazirX tokens already reserved for trading fees.
2. Mine your Way to More WRX
Indian traders can mine, unlock and earn up to 10,000 WRX tokens daily by trading on WazirX to buy cryptocurrencies using USDT, BTC, and INR. As you trade more, the more WRX tokens you unlock. Based on your trading activity, the platform will decide what trading slab you have achieved. As you climb up the trading slabs, every consequent slab gives you a boost, and you are unable to unlock more WRX. WRX mining is currently the most rewarding way to earn WRX. Phase 1 of the WRX mining program ended on 12th December 2019.
Every trader has access to the mining tracker page built powerfully to give you real-time status of the trades and the WRX tokens you have unlocked, along with a complete daily history of the unlocked WRX tokens by you. The tracker page can be accessed on the web or the app at any time.
3. Gains via P2P Trading of WRX
WRX token being a listed token, can be bought, sold, and traded like any other altcoin or bitcoin. WazirX is the most trusted and go-to exchange for traders in India. WazirX, being a P2P platform, auto-matches the buyer to the seller to invoke a trade by acting as an escrow. Being the native token of the largest cryptocurrency exchange in India by volume, WRX token has a lot of potentials to grow in the near future. It currently stands strong at the #117 rank at $0.9. At one time, WRX gave a whopping 300% percent gains to the traders! By trading WRX tokens, you as a WRX community, add to the existing utilities of the token and the platform. The two-way model is beneficial to both the trader and the platform, which in turn benefits its members.
4. WRX as an Investment Avenue
As crypto adoption gains traction in India, the future of the trailblazers of the Indian crypto scene such as WazirX looks bright and that of exponential growth. If you are thinking of buying WRX tokens for the long term, it is not a bad idea, given the token’s sound ergonomics and the further developing use cases to which WRX is intended to be put to use in the future.
You mustn’t forget either that WRX tokens are in limited supply and 10% of the entire supply will be burned to boost their worth eventually. Every quarter WazirX burns WRX tokens based on the trading volume witnessed on their crypto-to-crypto platform.
5. From Dust to WRX
Many a time, owing to varied minimum trading limits for different cryptos on a platform, small amounts of crypto remain unspent in our wallets. Traders call it ‘crypto dust’ as the amounts lying in the wallets are of different cryptos and are practically untradeable. What to do with the dust then? WazirX has an answer in another exciting use case of WRX token.
You can convert your crypto dust into WRX tokens! How?
Simply, go to the funds’ section on the website and select convert to crypto. If you are using the WazirX app, visit the account settings and select the option convert to WRX. The USP of this use case lies in its multifunctionality. You may convert multiple coins at the same time or in case you want to keep aside some crypto, you may deselect it and carry on.
Once you click on the Convert to WRX option, the market price of the dust would be taken into consideration and the exact amount of WRX tokens would then reflect in your balance.
6. Use WRX to Buy NFTS
This feature of the native token is the most recent addition to its use-cases. WazirX recently launched an NFT marketplace on the Binance blockchain that will cater to the Indian as well as the South Asian art entrepreneurs, artists, and collectors. The collectors can purchase NFTs on the marketplace using WRX tokens. WazirX has also announced a bonus of 50,000 WRX tokens to be rewarded as giveaways to all those who engage on the NFT platform that is currently in its beta phase.
7. WRX Rewards from Airdrops
If a company agrees to provide tokens to WazirX users in return for listing on WazirX or if some company wants to incentivize the users as a way to be promoted to all WazirX users, airdrops take place. The platform distributes such airdrops to you, in case you are a WazirX member, based on the amount of WRX you hold.
Conclusion
As more Indians gain awareness about cryptos, more prominence will be granted to the WRX token being the native coin of the most trusted crypto exchange in India. Indian traders can benefit significantly by making WRX a part of their portfolio.
Frequently Asked Questions
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How to convert WRX to INR?
Various websites are available where you can check how much 1 WRX equals INR. However, you can check the current price of WRX in the INR market here.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is WRX a safe investment?
Yes, WazirX can be considered a good investment. Various Crypto-oriented websites show a bullish trend on WRX and believe it is a good investment. So, if you are considering investing in WRX, you can go ahead. You can also directly trade WRX here.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
