Different cryptocurrencies keep getting a utility function. For example, WAZIR X is the native token of the Indian Wazir X exchange. According to the CEOs the most trusted Bitcoin and crypto platform in India. Through these utility tokens, users of the platform get various benefits in the ecosystem through additional discount and additional strike proceeds. Discover everything about the exchange of WazirX and the native token WRX here.
- 1 What is Wazir X (WRX)?
- 2 Wazir Exchange
- 3 Binance collaboration
- 4 $WRX tokenomics
- 5 Binance Launchpad
- 6 Smart Token Fund (STF)
- 7 Roadmap
- 8 Team
- 9 WazirX (WRX) Chart
- 10 Conclusion
What is Wazir X (WRX)?
WazirX is an originally Indian exchange platform that was founded in 2018. The name Wazir is a reference to the queen of chess. It is the most powerful player and can make any move. This is also the mission and vision of WazirX, to be a rock-solid exchange that can implement any improvements without any problems. The platform was originally launched only for the Indian population, to offer them access to the ecosystem of the crypto world through this rock-solid pawn.
They emphasize the fact that only a very small percentage of the world’s population has turned to crypto. WazirX is therefore convinced that this is partly due to the unnecessary complexity that this access to the ecosystem entails. Especially if we look at the Indian population, where a part of the population still has no access to the internet and where the country more often falls prey to inflation and banking regulations.
Many of these problems are in converting fiat money, any currency, to crypto. This way we can easily convert euros to crypto, but that is not obvious for every currency. They also refer to the withdrawal costs and transaction costs, but also the time during which a transaction from fiat money to crypto is made is often unnecessarily long. The adoption of the wider public will therefore only come if these problems can be minimized according to WazirX. The solution? An auto-matching peer-to-peer network (P2P).
WazirX P2P – 2.0
A traditional peer-to-peer network, as we know it by default at an exchange, depends on several factors. Have you ever placed a limit order that you had to wait unnecessarily long for? The peer-to-peer 2.0, also seen as an automatic peer-to-peer network, works on the basis of an auto matching that has many advantages over a regular peer-to-peer exchange:
- A buyer places a buy order in USDT and is automatically linked to a seller immediately
- The transaction takes place directly to the seller’s account
- Both parties approve the transaction
- WazirX takes care of the transfer from seller to buyer
With this upgrade, limit orders and buy orders take place right away at a record pace. This innovation has been a true game-changer in the Indian crypto ecosystem, according to WazirX. Figures have shown that the Indian population had a clear preference for this P2P 2.0 network with no less than 90% of the trades verified within 10 minutes. According to them, WazirX P2P is the cheapest, fastest and easiest way in India to convert your fiat money to cryptocurrency.
What initially started as a national launch soon took shape in the international market. The crypto exchange platform is available worldwide where anyone can trade over 80 digital currencies with healthy volume. Currently it is possible to use 4 different currencies with a total of 100+ trading pairs:
- USDT Trading Pair
- BTC trading pair
- INR Trading Pair (Rupee, National Currency of India)
- WRX Trading Pair (Native Token of the Platform)
Unfortunately, several exchanges have fallen prey to hackers in the past. To put safety first at all times, WazirX uses several additional measures. For example, they store a large part of the digital currency in cold storage, but they also use a multi-signature wallet . You have to verify yourself several times with every transaction you make, this can be done by means of two-step verification. This reduces the risk that someone will gain external access to your personal account and/or wallet.
Like all central exchanges, WazirX uses a KYC procedure. This is a know-your-customer where a person must identify himself on the basis of an ID card or passport. Finally, they also perform audits on a regular basis with a focus on network security.
A distinction is always made between the different types of costs on an exchange platform. On the one hand you have the effective trading costs and on the other hand you have the deposit and withdrawal costs. There are no additional costs to activate your account and both the maker fee and the taker fee are 0.2%.
Until recently, it was still possible to hold your digital currency on the exchange in exchange for strike proceeds, but since October 1, 2020 it is no longer possible to earn interest on your assets through the WazirX platform. However, the rationale for this decision is unclear, but the fact that most of the liquidity resides on Binance ‘s platform could be a possible answer.
A leading exchange worldwide is still Binance. Just under two years after the launch of WazirX, the team has succeeded in entering into a partnership with Binance. They share the same vision of creating global financial freedom for all. Binance generally has good trading volume, which is beneficial for WazirX’s native token. At the time of writing, we also see that as much as 90% of the volume is located on Binance.
Each exchange uses a native token. This token is built on the Binance blockchain and continues to be a foundation of the entire WazirX exchange.
An exchange’s native token typically has a utility function. This means that holding these tokens offers you advantages on the exchange itself. A major stumbling block in the crypto world right now are the fees and trading costs. After all, nobody wants to pay unnecessary transaction fees when they can buy the same tokens elsewhere at a better rate? Holders of the WRX token have a whopping 50% discount when trading, only if these trading fees are paid with WRX tokens.
- First year: 50% discount on trading fees
- Second year: 25% discount on trading fees
- Third year: 12.5% discount on trading fees
- Fourth year: 7.5% discount on trading fees
Burning of tokens occurs quarterly up to a maximum of 10% of the total supply of WRX tokens. With a total supply of 1 billion, this means burning up to 100 million WRX tokens. The amount of this burn is determined by the trading volume on the WazirX exchange at that time.
The maximum amount of 1 billion tokens was distributed according to the following distribution key:
- Launch pad: 10%
- Private sale: 5%
- Foundations: 30%
- Product and marketing: 20%
- Partner and investments in ecosystem: 20%
- Mining Rewards: 3.9%
- Community Airdrop: 11.1%
In February of 2020, WazirX was still listed with Binance Launchpad. This is Binance’s launch platform where you get tokens from the new project by staking coins. A whopping 100 million tokens were made available with an initial sale price of 0.001 BNB . Just under 21,000 investors have participated in this launchpad.
Smart Token Fund (STF)
The platform uses Smart Token Funds. This is a way to connect investors with experienced traders and help them make the right trades. They buy a Smart Token, as it were, and thus hand over their portfolio to experts. Who are these tokens for? For inexperienced traders or for investors who do not have enough time to deal with crypto trading. The mission of WazirX is therefore to involve everyone in the blockchain revolution to create this new financial world together.
Currently there are only 15 STF tokens available with over 1000 investors in total. On the exchange you will find an overview of all available STFs with the experts revealing more information about their strategy, the allocation of their portfolio and their performance. These experts then earn 25% of the profits they make.
We must not forget that WazirX is originally an Indian platform with a very different economic composition. The country has a global population of no less than 1.36 billion people, so making crypto accessible to the Indian population is a major challenge. The team sees it as a challenge and therefore sees India as a ‘sleeping giant’, despite WazirX already being the market leader in crypto ecosystem in India.
An important first step was the partnership with the Binance exchange. Hereby, the Indian population had the option to deposit and withdraw Rupee (INR) directly via Binance and withdraw on the exchange. Previously, depositing INR was not yet possible on Binance and trading on a large scale was much more difficult.
To make a project a success, it is always good to join forces with different partners who can add value. In this partnership, they emphasize that there are already several crypto wallets, exchanges and dApps that do not have a fiat on-ramp. By this they mean the lack of the ability to directly charge fiat money on these wallets and exchanges.
For example, if we look at MetaMask or TrustWallet, it is not yet possible to directly load fiat money on these wallets. With the implementation of WazirX, the team hopes to bridge the gap in the future to easily realize fiat implementations in this peer-to-peer network. They emphasize the importance of their native WRX token in this regard.
The team consists of 3 co-founders who were all also involved in the creation of Crowdfire, a social media tool used to drive engagement. They also have knowledge and experience in computer software.
Nischal is the founder and also CEO of WazirX and is also seen as India’s top Blockchain influencer with more than 221,000 followers on Twitter. Here he shares the latest news about Bitcoin and crypto in general but also India’s involvement in this and what the potential future is for India.
Sameer is the CTO of WazirX, which stands for Chief Technology Officer. He is therefore a more seasoned developer who does not shy away from any challenge. He is busy with coding day and night and likes to apply the latest technology to keep WazirX always sharp.
As Chief Operating Offer (COO), Siddharth has an important role to play in the team. He is therefore busy optimizing the world’s first auto order matching P2P, which is the unique selling point for the exchange and the protocol of WazirX.
WazirX (WRX) Chart
The blockchain technology makes it possible to be connected worldwide through the internet and easy-to-use mobile applications or exchanges. But while we in the West have easy access to use these platforms, we sometimes forget that it is often a bit more difficult worldwide. Every country has its own currency and cannot just convert fiat money to crypto at any exchange.
An important part of trading crypto is a trading pair with a currency that is trusted, be it the euro or the dollar. But that you can trade on WazirX with the rupee as a trading pair is special. Depositing and withdrawing funds in their native currency is an easy process with the hope that more and more people will find access to these platforms.
They are making a point of promoting the auto-matchmaking P2P feature in order to diversify from other exchanges. However, the question is to what extent this is important on a global level and how many people actually see an added value of it and then move their digital currency to an exchange platform from India. By contrast, the trading volume is the largest on Binance, providing great exposure and also allowing traders easy and secure access to the native WRX tokens.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com