Token burn is a common event nowadays. Many projects often decide to burn a certain amount of tokens from the circulating supply for various reasons. Basically, a certain amount of tokens are removed from the circulating supply permanently in the burning event. Reduction of supply increases the demands of the token. The move is obviously deflationary in nature. Burning is quite unique to cryptocurrency as fiat currencies never get burnt. Burning helps to boost the price of the token in the short run. Periodical burning helps in the price stability of the token. The price stability motivates the investors to hold the token for a long term and often they get incentive due to the price appreciation.
Google trend analysis with the keyword ‘WazirX coin’ in India for the last 1 year - Numbers represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.
Second WRX burn
”Every quarter, we’ll burn WRX tokens based on the trading volume on our crypto-to-crypto platform until we destroy 10% of WRX. We’ll eventually burn 100M WRX tokens. As we launch fiat on-ramps to more countries, WRX tokens will have an integral role to play in the same.” - WRX whitepaper
https://twitter.com/WazirXIndia/status/1311312388298244096?s=19
- WazirXIndia
WRX is the exchange utility token of WazirX, India’s biggest cryptocurrency exchange. As per the WRX whitepaper, they’ll burn WRX tokens based on the trading volume on their crypto-to-crypto platform every quarter. The aim is to keep on burning WRX till the time 100 Million or 10% of WRX supply gets burnt. The first WRX burn event took place on 5th July, 2020. WazirX team burnt 833,333 WRX equivalent to $120,000 USD for the quarter of April to June. It was a big moment for India’s cryptocurrency community. Now the second WRX burn event for the quarter of July to September is going to take place within a few days as per the sources. WRX presently has 237,150,290 tokens in circulation and its total supply is almost 1 Billion.
Exchange normalized trade volume of WazirX in last 1 year – from Coingecko
WRX, built on Binance chain, was the first cryptocurrency backed by an Indian exchange. The journey of WRX had been really amazing since the announcement of WRX giveaway in 2018, IEO on Binance Launchpad and its Binance listing. WRX holders get various benefits like trade fee discount, token airdrop, margin fee, voting power in new listing and many more things. WazirX is working with its goal to make cryptocurrency accessible to everyone in India. WRX’s 2020 IEO price on Binance Launchpad was $0.02. The all-time high for WRX was $0.22. Yes, that was 10X price of the IEO price. Presently WRX is trading in the price range of $0.09 -$0.10. Being an exchange token, WRX is already listed on several big exchanges all over the world and it is ranked within 250 as per market capitalization. The future of WazirX seems to be bright. They launched the world’s first auto-matching P2P engine in India when the central bank of India banned all banks from dealing with the domestic cryptocurrency exchanges and all the local exchanges exited from the country. The world honours the brave. WazirX and WRX success story reminds us that.
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Cheers!
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