WazirX price is $0.02918494
| Market Rank | #1377 |
|---|---|
| Market Cap | $ 13.3M |
| Volume 24h | $ 0.1M |
| Circ. Supply | 456.5M |
| Total Supply | 1000.0M |
| Max Supply | ? |
As of the latest update, the price of WazirX (WRX) is $ 0.02918494. Keep in mind that cryptocurrency prices are highly volatile, and the value can change significantly in a short period of time.
WazirX is not just a cryptocurrency, but it primarily represents the native utility token of the WazirX exchange. The WazirX exchange is a platform designed to facilitate the trading of cryptocurrencies. It features an advanced trading interface that accommodates the buying, selling, and trading of over 80 digital assets, including popular ones like Bitcoin, BNB, and Litecoin. Additionally, users can deposit and withdraw cryptocurrencies, exchange USDT for Indian Rupees via a Peer-to-Peer (P2P) system, and securely store their digital assets in the provided WazirX wallet.
WazirX was founded to create a bridge between fiat currency and cryptocurrencies. Although the name of the individual founder(s) is not stated, the exchange was established with the intention of solving the Fiat-to-Cryptocurrency conversion challenge, particularly in the Indian market.
WazirX operates using a live open order book system that allows users to place buy or sell orders for a variety of cryptocurrencies. The exchange’s standout feature is its WazirX Peer-to-Peer (P2P) engine, which they claim is the world's first auto-matching P2P engine. This system enables users to quickly and easily convert USDT to Indian Rupees and vice versa, providing a practical solution for depositing and withdrawing INR in India.
The cornerstone of WazirX’s uniqueness is its P2P engine. This facilitates the exchange of USDT, which acts as an intermediary currency, with Indian Rupees, making transactions swift and efficient in a market with complex regulations. Additionally, the native WRX token offers various uses within the platform, such as trading fee discounts and the ability to earn tokens through a trade mining process.
The WRX token is the backbone of the WazirX ecosystem. It's built on the Binance chain and plays a significant role within the platform. WRX holders can enjoy benefits like reduced trading fees, and they can also earn WRX by participating in trade mining, paying margin fees, among other activities. The token incentivizes active participation on the WazirX exchange and aims to foster a robust community.
Details on the specific security mechanisms employed by WazirX for the WRX token are not provided, but being built on the Binance chain suggests that it benefits from the blockchain's security protocols. Binance chain is known for its robust security features, which are likely adopted to secure WRX tokens.
The WRX token is designed to be multifunctional within the WazirX ecosystem. Use cases include but are not limited to obtaining trading fee discounts, participating in WRX Trade Mining, and paying margin fees. These use cases are meant to provide more value to WazirX users and increase the utility of the token within the exchange.
To determine the current circulating supply of WRX, please refer to the latest metrics, which indicate that there are 456.5M WRX tokens in circulation out of its total supply.
WazirX aims to play a critical role in bridging the gap between fiat currencies and cryptocurrencies, particularly within the Indian market. It is designed to facilitate a smoother transactional experience for users looking to convert INR to cryptocurrencies and vice versa, hence contributing significantly to the accessibility and usability of crypto assets in a rapidly developing economy.
WazirX (WRX) can be purchased on several cryptocurrency exchanges. To find out the current platforms where WRX is available for trading, check the latest list of KuCoin, Gate.io, BitMart, Hotbit.
Keeping your WRX tokens safe primarily involves storing them in a secure wallet. Consider using hardware wallets for the highest level of security, especially if you are holding a significant amount of WRX. Moreover, always ensure to follow best practices for digital security, which include using strong, unique passwords, enabling two-factor authentication (2FA), and being vigilant against phishing attempts and scams.
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