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Month in Review — October, 2018

By November 2, 2018March 9th, 20245 minute read

Namaste Tribe! October swept past pretty fast, and now 2 more months of 2018 left. We’ve some great plans laid ahead for these 2 months, for you!

[Ongoing] WRX milestone 1

Reach 50 BTC consistent daily trade volume

Well, what do you know! We did cross 50 BTC a few times this month! That’s good news but as you all know, we’ll consider milestone 1 complete when we are consistently at 50 BTC daily volumes.

I wanted to add a few thoughts around WRX with regards to listing as well as the price of WRX. Every once a while someone or the other asks me about this and I think it’s fair to talk a bit about it here.

If you’ve been following the WazirX journey closely, you’ll realize we’ve been consistently delivering everything we promise. Be rest assured, it’ll be the same with WRX. However, we do not believe now is the right time for listing WRX. There is quite a lot of product development work on WazirX exchange as well as in P2P that is more important for all of us right now. Besides, without hitting milestone 1, it would be a disaster to even think of listing WRX. As an exchange, the most important metric for us is daily trading volume and this metric will directly affect the price of an exchange token such as WRX. Focusing on increasing our daily trading volume should be our number 1 priority and we look forward to you helping us achieve that.

I understand some of you may be impatient but WRX is not a get-rich-quick token. It’s a token built with long-term use cases in mind and it’s being distributed to everyone who wants to stick with us for the long term. As we grow, the benefits of owning WRX will far exceed the long hodling you’ll be doing with it. But I believe that’s the right way forward for WRX as a crypto asset.

Have patience and with time we’ll ensure the HODL was well worth it 💪

What happened last month

[Done] NPXS Airdrop credit: In line with the new method, we successfully credited the NPXS tokens unlocked in September to all the eligible holders. WazirX is an official Pundi X exchange partner, and has the highest liquidity of NPXS in India! Read more about the new airdrop method here.

[Done] New Markets in USDT: In October, we added 6 coins to our high-volume USDT market! Now you can trade DASH, NCASH, ZIL, QKC, ZRX, and BAT in the USDT Market.

[Done] WazirX Desktop Apps: Say hello to our our brand new desktop apps for Mac and Windows! What also come with the desktop apps are more security, and ease-of-use due to the native experience. Now you can trade securely anywhere, anytime on WazirX mobile apps, website, and desktop apps! This was the surprise feature we had announced in our last update and we delivered it to you.

[Done] WRX Mining revision: We’d launched WRX Mining rewards to reward the early traders on WazirX! It’s been a huge success, and we’re happy to share that our early adopters have mined and unlocked Lakhs of WRX so far! Now we’ve raised mining difficulty of WRX with effect from 12 AM on 18th October. You can view the revised WRX trading slabs & rewards here.

[Done] INR representation in the USDT & BTC markets: We understand how important it is for you to think in INR while viewing order-book, and placing orders, so we introduced this brilliant feature to surprise you! Now, within BTC or USDT markets, you can view orders and set prices in INR value but WazirX will automagically ensure that your orders are placed in equivalent BTC or USDT values! Read more about it here.

[Done] ICX MainNet swap: It was long due, but it’s finally done! ICX fans, be happy, we’ve completed the ICX MainNet swap!

What we’re building

[Ongoing] EOS MainNet upgrade: Our team has picked up the task of upgrading the EOS MainNet, and is working super hard to ship it to you! Stay tuned!

[Ongoing] 2FA: We’re leaving no stone unturned in making trading on WazirX the most secure experience for you! We’re working on bringing in Two-factor authentication system, and will announce as soon as it’s live!

[Ongoing] Surprise feature for Whales on WazirX P2P: We know you love surprises, and if you love trading in huge volumes on P2P, you’re going to love this one even more! We can’t reveal much about it, but we’ll launch it soon!

[Ongoing] Under the hood improvements: Besides working on bomb features for you, our team is continuing to work on adding improvements to WazirX app to make you love us even more. The improvements are tough to explain, but when you use WazirX, you’ll know the difference.

Some highlights:

  1. WazirX app crossed 50,000+ installs on Android! Thank you for all the love and support, tribe! 💛
  2. We introduced WazirX Referral program on 19th September. As of today, we’ve paid out over ₹2,50,000 in referral rewards! We’re so happy to see so many micro-entrepreneurs in the making!
  3. We received some great reviews like these:

Something to add

The crypto matter finally came up for hearing in the Supreme Court this month. While we wait for the crypto committee set up by our government to file an affidavit in the Supreme Court, another FUD has gripped the industry!

My thoughts here are not to worry about all the news. We need to believe in our courts and in our government. Millions of youth in India are into crypto trading now. Crypto is an asset class of the future and there’s no stopping it. I’m sure if all of us are vocal about the advantages of crypto and talk about it online as much as we can, our voices will be heard. I’ve started the first step in this direction with this tweet:

This is our once-in-a-lifetime chance of participating in the future of digital assets, and we should keep educating everyone — including our ministers in power — and ensure that we’re heard. Even if there’s a 0.01% chance that our Finance Minister and Prime Minister will hear us, I say we take it!

I look forward to support from all of you on Twitter and just about any online forum. It’s not going to be about tweeting one day and forgetting the next day. We’ll need to tweet and retweet and share and talk about crypto while tagging our ministers so that they see our side of the story. I’m sure once they read what we have to say, they’ll understand our point of view about crypto and help us by bringing positive crypto regulations in India.

Let’s win together!

Jai Hind!

Nischal Shetty, CEO — WazirX. On a mission to involve every Indian in the blockchain revolution! Follow me on Twitter
*Above content is migrated from medium to wazirx blog
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.
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