WRX
Reputation Ratings

WRX

WazirX
Website https://wazirx.com/
Browser
OTH RELPs
Github
White Paper
Avg Price
-16.11%
1D

$ 0.2029 USD

$ 0.2029 USD

Market Cap

$ 132.197 million USD

$ 132.197m USD

24h trading volume

$ 6.442 million USD

$ 6.442m USD

7d Vol

$ 30.834 million USD

$ 30.834m USD

Circulating supply

381.856 million WRX

Related information

Issue Time

2000-01-01

Platform pertained to

--

Current price

$0.2029USD

Market Cap

$132.197mUSD

Volume of Transaction

24h

$6.442mUSD

Circulating supply

381.856mWRX

Volume of Transaction

7d

$30.834mUSD

Change

24h

-16.11%

Number of Markets

90

Github Messages

More

Warehouse

WazirX - India's most trusted Bitcoin & Cryptocurrency exchange

Github's IP Address

[Copy]

Codebase Size

2

Last Updated Time

2020-12-15 12:03:26

Language Involved

--

Agreement

--

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Historical Price

Introduction

Markets

3H

-1.22%

1D

-16.11%

1W

-13.69%

1M

-29.5%

1Y

+33.55%

All

+273.74%

Aspect Information
Short Name WRX
Full Name WazirX Token
Founded Year 2018
Main Founders Nischal Shetty, Sameer Mhatre, Siddharth Menon
Support Exchanges WazirX, Binance
Storage Wallet Any wallet that supports ERC-20 tokens such as MetaMask and Trust Wallet

Overview of WRX

WRX, the short name for the WazirX Token, was founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. As an ERC-20 token, WRX can be stored in any wallet that supports this standard, including popular choices like MetaMask and Trust Wallet. If you're interested in purchasing WRX, you'll find it supported on exchanges like WazirX and Binance. The token itself is associated with the WazirX platform, a cryptocurrency exchange that aims to provide a comprehensive platform for trading different types of digital assets.

overview
web

Pros and Cons

Pros Cons
Backed by reputable founders. Limited to two exchanges.
Used as a utility token for WazirX platform. Depends on the success of the WazirX platform.
Supports ERC-20 standard wallets. Price volatility common in cryptocurrencies.
Potential for future partnerships with other platforms. Regulatory risks associated with cryptocurrencies.

Pros:

1. Backed by reputable founders: The WRX token was founded by a team of established entrepreneurs including Nischal Shetty, Sameer Mhatre, and Siddharth Menon. This ensures skilled and experienced leadership in the development and growth of the token, potentially leading to a robust and sustainable project.

2. Used as a utility token for WazirX platform: The use case of WRX token as a native utility token in the WazirX platform provides it with an inherent value proposition. It can be used for transaction fees, and potentially other platform-based benefits, providing a use-case beyond just trading.

3. Supports ERC-20 standard wallets: The WRX token is an ERC-20 token, one of the most common token standards in the crypto industry. This allows it to be stored in a wide range of well-established and secure wallets such as MetaMask and Trust Wallet, making it accessible and easy to manage for most cryptocurrency users.

4. Potential for future partnerships with other platforms: Given its association with the WazirX platform, there are potential opportunities for the WRX token to forge partnerships with other platforms or services and expand its utility and reach.

Cons:

1. Limited to two exchanges: Currently, the WRX token can primarily be traded on two exchanges - WazirX and Binance. This limitation may restrict the liquidity and accessibility of the token compared to others that are listed across many different exchanges.

2. Depends on the success of the WazirX platform: The value and utility of WRX heavily depend on the success and user base of the WazirX platform. If the platform faces any critical issues or loses popularity, it could negatively affect the value and usage of the WRX token.

3. Price volatility common in cryptocurrencies: Like all cryptocurrencies, WRX also faces price volatility. This volatility can lead to potential losses (or gains) for investors, thus it should be considered as part of the risk analysis in investing.

4. Regulatory risks associated with cryptocurrencies: The regulatory landscape in cryptocurrencies is evolving, and changes in regulations could impact the value and utility of tokens like WRX. Regulatory risk is something all cryptocurrency users should consider.

What Makes WRX Unique?

The WRX token, the native cryptocurrency of the WazirX platform, holds an innovative position in the crypto space, primarily due to its alignment with the functionality of the WazirX exchange. It's primarily used as a utility token within the platform that can be used to pay for transaction fees, participate in special events, and earn rewards. This specific integration with its parent platform provides it a differentiating factor. This is not a universal feature among all cryptocurrencies, which are often independent of a specific platform or do not have a dedicated practical use within one.

That being said, WRX also has some features that it shares with other cryptocurrencies. For example, it adheres to the ERC-20 token standard, a widely accepted and used token standard within the Ethereum blockchain. This allows WRX to enjoy broad compatibility with many wallets and exchanges.

However, one must remember that the success and utility of WRX are heavily tied to the WazirX platform. This brings an extra layer of dependency compared to some other cryptocurrencies that operate independently of a single platform. Hence, the value of WRX may be more susceptible to the commercial success of the WazirX platform compared to cryptocurrencies that operate more independently.

Therefore, while WRX showcases innovation in bridging the gap between a cryptocurrency and its parent exchange platform, it also portrays a different model where its utility and success are closely linked to the platform it is associated with.

UNIQUE

Circulation of WRX

Circulating supply

The circulating supply of WazirX Token (WRX) is currently 460 million tokens. This means that these are the tokens that are currently available to buy and sell on exchanges. The total supply of WRX is 1 billion tokens, but the remaining tokens are not yet in circulation.

Price fluctuation

The price of WRX has fluctuated significantly since its launch in September 2018. It reached an all-time high of $5.94 on May 10, 2021, but has since fallen to its current price of $0.093875 as of September 19, 2023.

There are a number of factors that can contribute to the price fluctuation of WRX, including:

  • Supply and demand: The price of WRX is determined by the supply of tokens available and the demand for those tokens. If there is more demand for WRX than there is supply, the price will go up. Conversely, if there is more supply of WRX than there is demand, the price will go down.

  • News and market sentiment: Positive news and developments surrounding WRX can boost demand for the token and drive up the price. Conversely, negative news and developments can dampen demand and drive down the price.

  • Overall market conditions: The cryptocurrency market as a whole is volatile and can experience significant price fluctuations. WRX is not immune to these fluctuations and its price can be affected by broader market conditions.

Additional notes

WazirX is a cryptocurrency exchange that is based in India. WRX tokens are used to pay for trading fees on the WazirX exchange and to participate in staking and rewards programs.

The WazirX team is working on a number of initiatives, including expanding the WazirX ecosystem and launching new features. If the team is successful in executing on its plans, this could boost adoption and demand for WRX.

Overall, WazirX is a promising project with a number of potential benefits. However, it is important to be aware of the risks associated with investing in a cryptocurrency, including the risk of price volatility.

Investors should carefully consider their own risk tolerance and investment goals before investing in WRX.

CIRCULATION

How Does WRX Work?

The WRX token operates on the Ethereum blockchain as an ERC-20 token. This introduces a standardized protocol that simplifies the process of understanding how to interact and work with the token. ERC-20 tokens uniformly execute a specific set of functions within the Ethereum network which enables them to interact seamlessly with other ERC-20 tokens on the Ethereum blockchain.

As a utility token of the WazirX exchange platform, WRX tokens can be used within the platform for various purposes. Primarily, users can opt to pay their trading fees using WRX tokens. As it becomes more integrated into the WazirX platform, it is assumed that the WRX token will play a more significant role in the platforms ecosystem.

In the context of supply, the WRX token has implemented burning protocols. This means that a portion of the WRX tokens are periodically taken out of circulation or 'burned', therefore reducing the overall supply of tokens. This deflationary mechanism sets WRX apart from cryptocurrencies that have a fixed or inflationary supply.

The value of WRX, like all cryptocurrencies, is determined by supply and demand dynamics within the market. As it is closely tied with the WazirX platform, its demand could be affected both by the popularity of WazirX platform and the utilities WRX token provides in the ecosystem.

Exchanges to Buy WRX

The WazirX token (WRX) can be traded on multiple cryptocurrency exchanges. However, the two primary exchanges where WRX is prominently used are WazirX and Binance. Here's a breakdown of the exchanges, the pairs available, and additional information associated with them:

1. WazirX: It is the native platform for the WRX token. Available trading pairs include WRX/USDT, WRX/INR, WRX/BTC, and WRX/ETH.

2. Binance: Binance offers one of the highest volumes of WRX trading. Trading pairs include WRX/USDT, WRX/BUSD, WRX/BTC, and WRX/BNB.

3. KuCoin: Another popular platform where WRX tokens can be traded. The trading pair available is WRX/USDT.

4. BitMax: BitMax also lists the WRX token with a primary trading pair of WRX/USDT.

5. Gate.io: Gate.io supports trading of WazirX tokens with trading pairs WRX/USDT, WRX/ETH.

6. Uniswap (V2): Given the decentralized nature of this exchange, most ERC-20 tokens including WRX can be swapped for other tokens.

7. Sushiswap: As an Automated Market Maker (AMM), Sushiswap facilitates trading of tokens like WRX.

8. 1inch: As a decentralized exchange aggregator, 1inch can be used to trade WRX tokens based on the best trading routes it finds.

9. Balancer: Balancer also supports WRX tokens. It is a platform for programmable liquidity that allows anyone to create liquidity pools.

10. 0x: A decentralised exchange where users can trade directly from their wallets, 0x also supports WRX tokens.

Please note that it is always crucial to ensure the latest status as the availability of trading pairs and exchanges can change based on numerous factors. Always consult the official websites or trusted cryptocurrency databases for the most accurate and up-to-date information.

How to Store WRX?

The WazirX token (WRX) is an ERC-20 token, which means it is built on the Ethereum blockchain. Therefore, it can be stored in any wallet that supports ERC-20 tokens. Here are some types and examples of such wallets:

1. Web Wallets: These are accessible through a web browser. An example of a web wallet supporting ERC-20 tokens like WRX is MyEtherWallet (MEW).

2. Mobile Wallets: These are apps on your phone and are known for their convenience. Trust Wallet and MetaMask (also has a browser extension version) are examples of mobile wallets that can store WRX.

3. Desktop Wallets: These are installed on a desktop or laptop. Wallets like Exodus or Atomic Wallet can be used to store WRX.

4. Hardware Wallets: These are physical devices that securely store user's private keys offline. Ledger and Trezor are renowned hardware wallets that can store ERC-20 tokens such as WRX.

5. Paper Wallets: These are physical documents that store the public and private keys needed to manage a cryptocurrency wallet. It could be used as a method for storing WRX as well.

Remember, the choice of wallet should depend on a user's specific requirements such as security, ease of use, convenience, and control over keys.

Should You Buy WRX?

Buying WRX, or any cryptocurrency, involves a certain degree of risk, as their values are highly volatile and can fluctuate widely. Therefore, investing in WRX might be more suitable for those who have a clear understanding of the cryptocurrency market, the specific role and use-case of WRX within the WazirX platform, and an acceptance of the potential risks involved.

Here are some professional, objective pieces of advice for those considering buying WRX:

1. Know the Fundamentals: Understanding the fundamental concept, value proposition, and use-case of the WRX token as well as the WazirX platform is crucial. This can help in assessing the potential growth and risks associated with the token.

2. Diversify: It might be wise not to put all your investment into one type of asset, even within the realm of cryptocurrencies. Instead, diversify your portfolio to manage risk effectively.

3. Risk Management: Understand that the cryptocurrency market is highly volatile and only invest money you can afford to lose. It's important not to get carried away with the hype or fear of missing out.

4. Do Your Research: Stay informed about the latest news and developments not just about WRX, but the crypto market in general. Read whitepapers, track market trends, follow relevant news sources, and engage with communities related to your chosen crypto.

5. Stay Secure: Ensure that you are using safe and secure platforms to buy and store your WRX. Be aware of potential scams and always protect your private keys.

6. Seek Professional Advice: For beginners or those who are not confident in navigating the often complex crypto markets, seeking advice from a financial advisor who understands cryptocurrencies can be beneficial.

Remember, buying any cryptocurrency should be based on a person's understanding, evaluation and personal financial situation. It's always best to start with small amounts and learn as you go along. The final decision to invest should be yours alone, following your own diligence and research.

Conclusion

WRX, known as the WazirX Token, is directly associated with the functioning of the WazirX platform, a popular digital asset exchange. As a utility token within the platform, it plays a specific role and has been integrated for purposes such as payment of transaction fees, participation in events, or earning possible rewards.

Given its close ties to the WazirX platform, the future development and success of WRX are highly linked to the expansion, growth, and user adoption of WazirX. If the platform scales and garners more popularity, this could potentially increase the demand and appreciation of the WRX token.

The WRX token, like all cryptocurrencies, operates in a volatile market and its price fluctuation can generate profits or losses for its holders. While there may be potential for financial gain through trading or holding WRX in anticipation of future appreciation, it should be emphasized that this also carries risk. Potential investors should fully understand these risks and make informed decisions based on detailed research and possibly professional advice.

In conclusion, WRX provides an interesting integration of a cryptocurrency within a specific platforms operations. Its future potential heavily relies on the success of the WazirX platform and its acceptance in the dynamic and competitive cryptocurrency environment.

FAQs

Q: What is the operating platform of WRX token?

A: WRX is an ERC-20 token which operates on the Ethereum blockchain.

Q: What are the key uses of the WRX token?

A: The key uses of WRX include paying for transaction fees on the WazirX platform and participation in exclusive events.

Q: How does the supply mechanism of WRX work?

A: The total supply of WRX can reduce over time as part of their token burning protocol, a mechanism where certain tokens are permanently removed from circulation.

Q: Where can I store WRX?

A: Being an ERC-20 token, WRX can be stored in any wallet that supports this standard such as MetaMask, Trust Wallet, and hardware wallets like Ledger and Trezor.

Q: What should one keep in mind when investing in WRX?

A: When investing in WRX, due importance should be given to understanding the WazirX platform, diverse asset allocation, risk management, staying updated with the crypto market, security measures, and seeking professional advice if needed.

Q: Where can I purchase the WRX token?

A: WRX can be purchased from a range of exchanges that support the token, including its native platform WazirX, Binance, KuCoin, and several decentralized exchanges.

Q: What makes WRX distinct from other cryptocurrencies?

A: The unique aspect of WRX is its close integration with the WazirX platform, serving as a utility token within this ecosystem, which is not a feature every cryptocurrency possesses.

Q: What factors can influence the value of WRX?

A: The value of WRX can be influenced by the success and popularity of the WazirX platform, general market trends in cryptocurrency, and the supply and demand dynamics within the market.

Q: How volatile is the WRX market?

A: Like most cryptocurrencies, the WRX market is subject to high volatility and prices can fluctuate noticeably in short periods of time.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

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Dory724
if you are looking for virtual currencies with good return, WRX can be a profitable investment option
2023-11-03 20:41
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