What is WazirX (WRX)? The Most Complete Information About WRX Coin and WazirX Exchange

WRX Coin will continue the series of articles on cryptocurrencies in the Crypto Market by tradafx. If the article on TKO coin introduced a project from Indonesia, then this one—with information such as what is WazirX, what is WRX coin, or a review of the WRX token—will serve as an introduction to a cryptocurrency project built and developed in the “billion-people country” of India.

1. WHAT IS WAZIRX?

WazirX is the name of a cryptocurrency exchange under the same project that allows users in India to buy, sell, and trade digital assets like BTC, ETH, Litecoin, etc. The WazirX exchange was developed and launched in March 2018. The name “Wazir” is inspired by the queen piece in chess, which is considered the most powerful piece due to its ability to move in any direction.

 

The name Wazir for the WRX coin project was chosen with the goal of developing the strongest “queen” in the cryptocurrency ecosystem and a product that features:

• World-class UX design
• Transparent communication and connectivity
• The most powerful crypto trading platform

Additionally, WazirX is also part of the Binance ecosystem. Binance and the WRX coin project launched the “Blockchain for India” fund worth approximately $50 million.

1.1. WazirX Coin Development Team

WazirX was developed by a team of professional traders with a strong passion for blockchain technology. Alongside their trading experience, they are seasoned entrepreneurs with over 15 years of experience building and scaling global applications. Apart from the WRX coin project, this team also created a social media platform called “Crowdfire” with more than 20 million users.

The Founder and CEO of WazirX is Nischal Shetty. Besides WRX, Nischal is a leading blockchain influencer in India with over 60,000 followers on Twitter. WazirX was co-founded by Sameer Mhatre and Siddharth Menon. Sameer currently serves as CTO, responsible for the project’s technical and design issues, while Siddharth operates as COO, proposing innovations for the P2P auto-matching exchange.

1.2. WazirX Exchange Development Roadmap

According to the WazirX whitepaper, the WRX coin project proposed two primary development phases:

• Phase 1: P2P to Binance Ecosystem
• Phase 2: Supporting more fiat currencies and expanding the partner network

With a population of over 1 billion, India’s crypto market is considered highly potential. It’s not only thanks to the P2P innovations by the WRX team, but also the influence and reputation of Binance in the global crypto and blockchain communities. Although acquired by Binance, WazirX remains an independent brand.

2. PRODUCTS OF THE WAZIRX PROJECT

The WRX coin project is not just known for its exchange platform but also for its P2P system and Smart Token Fund (STF). These products will be detailed below.

2.1. What is WazirX P2P?

Those familiar with the crypto market and other trading platforms are likely aware of P2P. Shortly after WazirX was introduced, the Reserve Bank of India imposed a ban on bank transactions with crypto exchanges. This caused many platforms to shut down.

WazirX P2P process:

• Buyer places a USDT purchase order, matched instantly with a seller
• Buyer pays the seller directly via bank
• Both parties confirm the transaction
• WazirX releases the USDT into the buyer’s wallet

WazirX is the next-gen P2P system that simplifies fiat transactions with an easy-to-use interface and experience similar to regular trading. Orders are matched and completed quickly and are available 24/7.

2.2. Smart Token Fund (STF)

The mission of the WRX team is to attract users to the blockchain revolution. WazirX continues to innovate and update its features to increase adoption.

STF serves users who are passionate about crypto but lack time or knowledge to trade. This concept is community-focused, allowing even novice users to grow their portfolio with the help of experienced traders.

Currently, STF operates with:

• Over 15 Smart Token Funds
• Over 1000 investors
• 25% profit-sharing commissions

Traders in STF can only trade their crypto; they cannot withdraw funds from the pool. There’s no token lock period—you can join or leave anytime. Professional traders use the capital and earn commission based on profits.

2.3. WazirX Exchange Platform

Mentioning WazirX or WRX inevitably leads to the WazirX exchange. To fulfill its vision, integrating a crypto exchange into the ecosystem is essential. The WazirX exchange is available globally.

Currently supporting 80+ cryptocurrencies, stablecoins, and fiat currencies including INR, the platform has high trading volume. Besides the website version, there’s a mobile app with 170,000+ downloads and a 4.5-star rating on Android and iOS. Fees include:

• Trading fees (Maker 0.1%, Taker 0.25%)
• Withdrawal fees
• P2P usage fees

More detailed fee info can be found HERE.

3. WHAT IS WRX COIN?

WRX is the native token of the WazirX project. With a max supply of 1 billion, the project expects WRX’s value to grow over time. It is considered the backbone of the WazirX ecosystem.

WRX token is built on Binance Chain. Holders enjoy several benefits like discounted trading fees and access to future features and projects.

3.1. Uses of WRX Token

Used to pay trading fees with discounts over 4 years:

• Year 1: 50% fee discount
• Year 2: 25%
• Year 3: 12.5%
• Year 4: 6.5%

Users can participate in WRX mining and earn rewards through P2P trades.

Developers wishing to list their tokens on WazirX must pay in WRX. Some projects also offer airdrops to WazirX ecosystem users.

Besides fee payments, WRX can be used for voting on features and listings. Voting power depends on the amount of WRX held.

3.2. Basic Info About WRX Token

Key details for traders and investors:

• Symbol: WRX
• Blockchain: Binance Chain
• Token type: Utility
• Current price: $0.2495
• Max supply: 1 billion
• Circulating supply: 381,856,864 WRX
• Market cap: $95,193,523.16
• Smart contract addresses:
  • BEP-2: WRX-ED1
  • Polygon: 0x72d6066F486bd0052eefB9114B66ae40e0A6031a
  • BEP-20: 0x8e17ed70334c87ece574c9d537bc153d8609e2a3

These details are also available on WRX Coingecko and CoinMarketCap.

3.3. WRX Token Allocation

WRX token distribution is as follows:

%	WRX Token	Purpose
10%	100,000,000	IEO Public Sale
5%	50,000,000	Private Sale
30%	300,000,000	Foundation
20%	200,000,000	Promotions
20%	200,000,000	Ecosystem & Partners
11.1%	111,000,000	WRX Airdrop
3.9%	39,000,000	WRX Mining

The WRX IEO was hosted on Binance Launchpad at the end of 2019 with a price of $0.02/token.

3.4. WRX Coin Burn Mechanism

WazirX plans to burn coins quarterly. The burn amount depends on exchange volume until 10% of total supply is burned.

4. WRX TOKEN REVIEW

WRX coin is not among the top 100 by market cap, currently ranked 282 according to CoinMarketCap.

As seen in the TradingView chart, WRX has been trading sideways after a significant decline. From an ATH of $5.94 in April 2021, it has dropped over 95%. However, it remains a core part of the WazirX ecosystem. If the project expands globally, WRX may still have growth potential.

5. CONCLUSION

As with other articles in this series, tradafx does not recommend or provide a direct answer on whether to invest in WRX coin. Instead, we aim to present essential information such as what WRX is, its benefits, and the project roadmap. This helps save time in your research before making an investment decision.