Summarised Discussion on WRX Token | Utilities, Market Cap, Total Supply & more
Before starting out this article, let me introduce you to one of the videos which I made today, If you understand Hindi, then do watch this video for a better understanding of this article.
Let’s start by first introducing you all to WRX token and why it’s rising in price. WRX is the utility token of WazirX Exchange. It’s based on the Binance Blockchain and its total supply is 1 billion. However, out of the total supply of 1 billion tokens, three burn events have occurred in the last 3 quarters where 833,333 WRX, 3,333,333 WRX, and 6,533,333 WRX were removed from the existing supply.
WRX has a current market cap of over $40,401,463 and ranks 416 in CoinMarketCap. WazirX exchange was launched back in 2018 and now it’s a part of the Binance Ecosystem. The app has an average rating of over 4.5 stars in Play Store and App Store and it’s one of the fastest-growing applications in the cryptocurrency space. Talking about numbers, in Jan 2021, the exchange reported over $1 billion in trading volume which is massive considering the fact that it is an Indian Exchange. We got this tweet from the COO and Co-Founder of WazirX in one of the tweets.
Another upcoming announcement from WazirX India is the AMM launch which was announced back in August 2020. What is an AMM? Well, it’s another part of Decentralized Finance of Defi where users don’t have to place a buy/sell order. Instead, the AMM will use an algorithmic approach kind of like Uniswap by creating a liquidity pool to trade instead of order books.
WRX will play a huge role in the upcoming AMM launch. It will be used as a governance token for the AMM Protocol. It means that the direction of the WazirX AMM Protocol including decisions like features, fees, etc will be decided by WRX holders. The AMM will be launched on Matic Network as its ethereum layer 2 provides high security and decentralization along with high scalability.
As we said in an earlier video of ours, the high gas costs on Ethereum make it unviable for any meaningful DEX to be used by a large-scale userbase. Matic offers low gas cost fees.
Here’s a video which we made last year on the same,
Well that was all from our side for this time. If you have any suggestions or feedback, do make a comment so that we can get back to you.
Thanks for reading.