WazirX Completes 1st Quarterly WRX Burn

By July 6, 20202 Comments

Namaste Tribe! Yesterday, 5th July 2020, we completed the first WRX burn for the the quarter of April to June.

We burned 833,333 WRX, equivalent to ₹92.2 Lakhs INR ($120,000 USD)! You can view the TXID here, here and here.

The amount of WRX burned is based on the trading volume on our crypto exchange. This event has permanently removed $120,000 USD worth WRX from circulation! It’s a big moment for the WazirX community. Looking back, we have worked really hard to bring some amazing things to you, like:

  • Favourite option
  • Lowest withdrawal fee starting zero
  • TradingView charts
  • 16 token listings and contests

Moreover, in these 3 months, WazirX monthly trading volume has grown by an average rate of 66%. WRX has also listed on prominent exchanges like Poloniex, and FTX. We’re working with more exchange partners to make WRX accessible to everyone.

How will token burn help?

The process of token burn is a deflationary measure to reduce the circulating supply of a token. Every quarter, when a token supply continues reducing, it causes the value of the token to increase. As we continue burning WRX periodically and its value keeps increasing, the early holders of WRX will benefit the most from it 🙌

As the trading volume on WazirX increases, the amount of WRX burned every quarter will increase as well. We’re working on adding more amazing features to make your trading experience better than before on WazirX! Make sure to invite your friends to WazirX and earn 50% referral commission on their trading fees.

The quarter was very stressful for the world due to the CoronaVirus pandemic. Many people have lost their lives or livelihood in these times. At WazirX, we’ve kept our head down and been BUIDLing to make crypto accessible to everyone! This also reflects in our volume or user sign up growth every month. Again, thank you for always supporting us.

Jai Hind 🇮🇳

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