Status icon Copied
  • WazirX WazirX WRX
  • ( -2.62 % )
  • Rank #1588
  • Coins

₹2.39

₹2.39

Contracts : BNB Beacon Chain (BEP2) : WRX-E...WRX-ED1   

  • Rank #1588
  • Coins

Market Cap

₹1.04 B -4.2295%

Circulating Supply

456517000

Max Supply

--

Volume

₹19.33 M

All Time High :

₹431.65

All Time Low :

₹1.34

Price change in 24H :

₹-1.340506

24H High :

₹2.43

24H Low :

₹2.08

Allocation

Token distribution

Created with Raphaël 2.1.0Foundation30%
  • WRX Airdrop
  • Partnership & Ecosystem
  • Foundation
  • Private Sale
  • WRX Trade Mining
  • Product & Marketing
  • Binance Launchpad
  • 11.1%
  • 20%
  • 30%
  • 5%
  • 3.9%
  • 20%
  • 10%

   WazirX ( WRX ) Price Live Chart


WazirX Price Live Data

As of Dec 30, 2024, today’s global cryptocurrency market cap is $3.3T with a - 0.93% change in the last 24 hours. Today's price of BabyDoge is $0.02746, with a 24-hour trading volume of $447.21K. Besides, today’s market cap of BabyDoge $10.44M, with a circulating supply of 381.85M, a fully diluted value is $26.33M BabyDoge. It has an all-time high of $5.94 (-99.54%) recorded on Apr 05, 2021, and an all-time low of $0.0145 (+90.08%) recorded on Dec 25, 2024. Easily buy and trade BABYDOGE/INR tokens on SunCrypto, India's most secure and user-friendly cryptocurrency exchange, trusted by millions for their crypto trading needs! 

WazirX Token (WRX) is the utility token of WazirX, one of India’s largest and most popular cryptocurrency exchanges. Designed to power the WazirX ecosystem, WRX offers users numerous benefits, including trading fee discounts, staking opportunities, and participation in the platform’s governance. This article provides a detailed overview of WRX, including its creation, founders, tokenomics, challenges, blockchain interface, use cases, and price history.

Who are the founders of WazirX?

WazirX was founded in 2017 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon to simplify cryptocurrency trading for Indian users. The WazirX Token (WRX) was launched in early 2020 as part of the exchange’s ecosystem to incentivize users and provide additional functionality within the platform.

Key Milestones:

  1. 2018: WazirX Exchange launched, quickly gaining traction in the Indian market.

  2. 2020: WRX token launched on Binance Smart Chain (BSC) after Binance acquired WazirX in late 2019.

  3. 2021: Rapid adoption of WRX during the cryptocurrency boom, driven by the rising popularity of WazirX in India.

What is the Tokenomics of WazirX Token?

WRX was designed with a capped supply and strategic distribution model to ensure long-term sustainability and user adoption.

  1. Token Supply:

    1. Maximum Supply: 1 billion WRX tokens.

    2. Circulating Supply: Approximately 380 million WRX (as of late 2024).

  2. Distribution:

    1. Launchpad Sale (Initial Coin Offering - ICO): 10% of tokens.

    2. Team Allocation: 30% reserved for the founders and team members (vested over time).

    3. Ecosystem Incentives: 20% allocated for platform rewards and staking.

    4. Burning Mechanism: Periodic token burns reduce the circulating supply, enhancing scarcity and long-term value.

Utility within the Ecosystem:

WRX is primarily used for:

  1. Trading Fee Discounts: Users holding WRX can avail discounts on trading fees on the WazirX exchange.

  2. Staking Rewards: WRX can be staked for rewards on the platform.

  3. Token Burns: The platform regularly burns WRX tokens based on trading volumes to maintain scarcity.

What is the Blockchain Interface of WazirX?

Initially, WRX was launched as an ERC-20 token on the Ethereum blockchain but later migrated to the Binance Smart Chain (BSC), leveraging BSC's scalability and lower transaction fees.

Benefits of Binance Smart Chain Integration:

  • Reduced Transaction Costs: Significantly lower gas fees compared to Ethereum.

  • Faster Transactions: BSC enables high-speed transactions, enhancing the user experience.

  • Cross-Chain Compatibility: WRX supports both BSC and Ethereum, providing users with flexibility in transactions.

What are the Use Cases of WazirX?

WRX's use cases extend beyond trading fee discounts, making it a versatile utility token:

  1. Trading Fee Discounts: Users can save up to 50% on trading fees by using WRX to pay fees on the WazirX platform.

  2. Staking Rewards: Holders can stake WRX tokens to earn rewards, promoting long-term holding and ecosystem participation.

  3. NFT Marketplace: WRX is the primary currency for transacting on WazirX’s NFT marketplace, where creators can sell digital art and collectibles.

  4. Platform Governance: Token holders can participate in platform decisions, such as voting on new token listings and features.

  5. Cross-Border Transfers: WRX facilitates fast and cost-effective international transactions via the exchange.

Price History of WazirX and Key Developments 

WRX has experienced significant price fluctuations, influenced by market trends, regulatory news, and ecosystem developments.

  1. Launch Phase (2020):

    1. Price: Approximately $0.10 during its ICO.

    2. Event: WazirX launched WRX as its native token, gaining initial traction from its growing user base in India.

    3. Development Highlights: Binance's acquisition of WazirX boosted confidence in the token, though it remained under the radar globally.

  2. Bull Market Surge (2021):

    1. Price: Reached an all-time high of $5.88 in April 2021.

    2. Events:

      1. Crypto Boom in India: A surge in crypto trading activity during the 2021 bull market significantly increased WRX’s trading volume.

      2. NFT Marketplace Launch: The introduction of WazirX’s NFT marketplace fueled interest in WRX as the primary currency for NFT transactions.

  3. Market Correction (2022):

    1. Price: Declined to around $0.60 by mid-2022 amid a broader crypto market downturn.

    2. Events:

      1. Regulatory uncertainties in India and increased scrutiny of cryptocurrency platforms created negative sentiment.

      2. Global crypto market corrections due to macroeconomic factors, including rising inflation and interest rates, contributed to the decline.

  4. Stabilization and Recovery (2023–2024):

    1. Price: Trades between $0.80 and $1.50 as of late 2024.

    2. Events:

      1. Token Burns: Continued token burns reduced supply and improved scarcity.

      2. Ecosystem Expansion: Increased adoption of WRX for staking, governance, and NFT transactions supported price stability.

      3. Shifting Regulatory Landscape: Positive developments in India’s crypto regulations boosted investor confidence.

What are the major Challenges of WazirX?

Despite its success, WRX faces several challenges:

  1. Regulatory Uncertainty in India: The Indian government’s evolving stance on cryptocurrency continues to impact WRX’s adoption and user sentiment.

  2. Competition: WRX competes with other exchange tokens like Binance Coin (BNB) and FTX Token (FTT), which offer similar benefits.

  3. Market Volatility: Like all cryptocurrencies, WRX is subject to high volatility, which can deter risk-averse investors.

  4. Over-Reliance on WazirX: The token’s value is heavily tied to the performance and reputation of the WazirX exchange. Any issues with the platform can negatively impact WRX.

  5. Global Adoption: Expanding beyond the Indian market remains a challenge due to stiff competition and the need for stronger international marketing.

What is Future Outlook of WazirX Token? 

As WazirX continues to expand its ecosystem and adapt to regulatory frameworks, WRX could see sustained growth in both value and utility. For investors and crypto enthusiasts, WRX represents an intriguing opportunity within the ever-evolving world of digital assets.

And finally…

WazirX Token (WRX) has grown from a simple utility token to a key player in India’s cryptocurrency ecosystem. Its integration with Binance Smart Chain, diverse use cases, and strategic tokenomics have positioned it as a strong contender among exchange tokens. However, challenges such as regulatory uncertainty and market volatility require careful navigation.

To learn more about cryptocurrencies like WazirX Token, visit SunCrypto Coin Analysis.


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