WHAT IS WAZIRX?
WazirX is a cryptocurrency exchange with an advanced trading interface and features to buy, sell & trade cryptocurrencies. It is an exchange with a live open order book system that allows users to trade 80+ digital assets like Bitcoin, BNB, Bitcoin Cash, Litecoin, Dash & many more.
Users can deposit/withdraw cryptocurrencies and also cash in/cash out USDT via Peer-to-Peer (“P2P”) to Indian Rupees (“INR”) with ease and speed, as well as securely store their digital assets in the WazirX wallet.
WazirX’s aim is to bridge the global fiat-cryptocurrency gap with the world’s first auto-matching P2P engine - WazirX Peer-to-Peer. As of today, WazirX Peer-to-Peer is the go-to method to deposit and withdraw INR in India, and growing steadily.
WazirX’s native token, WRX, is the utility token forming the backbone of the WazirX ecosystem. The WRX token is built on Binance chain with future use cases including: trading fee discounts, WRX Trade Mining (unlock and earn WRX tokens by performing trades), paying for margin fees, and more.
What are WRX coins?
Just like Bitcoin, WRX is a digital asset. There will be a maximum of 1 Billion WRX coins ever created and over a period of time, we expect the value, utility, and liquidity of WRX to increase substantially.
By owning WRX coins through the WazirX signup and referral reward program, you become one of the early holders of the coin and we expect you to reap benefits with the rising utility & demand of the coin.
Binance Announces the Launch of WazirX (WRX) Token on Binance Launchpad
- Binance announces the launch of Indian based exchange token, WazirX (WRX) on Binance Launchpad.
- Over 100 million tokens are allocated to the lottery sale on Binance exchange
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In an announcement released on Tuesday, January 21, 2020, Binance welcomed WazirX (WRX), an Indian based cryptocurrency exchange token, to its Launchpad offering its initial exchange offering (IEO). According to the release, the public sale of the tokens will exclusively be completed using the exchange’s native token, Binance Coin (BNB) in a lottery format.
Starting 4th January 2020 till February 3rd 2020 00.00 UTC, Binance will record the balances of users and take snapshots at random times to select those eligible to participate in the IEO. The lottery system will select a total of 10,000 users with the highest daily average BNB balance. The report reads,
“The final BNB holding amount for each user will be determined as the average of the 30 days, but using the Daily Average BNB Balance calculation previously announced here.”
Of the 10,000 participants, each will receive 10,000 WRX tokens worth approximately $200 USD at the launch date. WRX will be issued as a BEP2 asset on Binance Chain.
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The Launchpad hard cap is set at $2 million USD with a total supply of 100 million WRX tokens up for sale. The total token supply is set at 1 billion WRX. The starting price of WRX is set at $0.02 USD per token.
According to the official WazirX website, the exchange plans to disburse over 150 million WRX tokens to early adopters of the project. Here is how you can earn and receive free WRX tokens.
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WRX Token Sale Details:
- Token Name: WazirX (WRX)
- Launchpad Hard Cap: 2,000,000 USD
- Total Token Supply: 1,000,000,000 WRX
- Total Tokens Allocated to Binance Launchpad: 100,000,000 WRX (10% of Total Token Supply)
- Public Sale Token Price: 1 WRX = 0.02 USD (price in BNB will be determined prior to the lottery draw date)
- Token Sale Format: Lottery
- Max Number of Winning Lottery Tickets: 10,000
- Allocation Per Winning Ticket: 200 USD (10,000 WRX)
- Supported Sessions: BNB only
- WRX will be issued as a BEP2 asset on Binance Chain.
Lottery Timeline:
- 2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 30-day period. Your final average daily BNB balance over these 30 days will determine the number of tickets that you will be able to claim.
- 2020/02/03 06:00 AM (UTC): Ticket claim will open at this time for all eligible users for a 24 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to completing the ticket claim. Please note that users will only be able to claim tickets once.
- 2020/02/04 06:00 AM (UTC): Ticket claim closes and the lottery draw begins.
- 2020/02/04 08:00 AM (UTC): Winning tickets are announced and the respective BNB will be deducted from each winning users’ accounts. Please ensure you have sufficient BNB in your spot exchange account to be deducted within 24 hours if you have a winning ticket. Please note that BNB in open orders, margin accounts, lending products, sub-accounts, futures accounts, or fiat accounts will not be eligible to be deducted.
Resources:
https://research.binance.com/projects/wazirx
https://coingape.com/binance-launch-wazirx-wrx-token-binance-launchpad/
https://support.wazirx.com/hc/en-us/articles/360000497354-WRX-Coin-Details-How-to-earn
