India’s most popular cryptocurrency exchange WazirX has burned 14,453,332 WRX to date (roughly over $55 Million USD), wherein the 4th Quarterly Burn event, a total of 3,753,333 WRX equivalent to Rs 112 Crore of $14 Million were removed from supply on 15th April 2021.
The burn event was done in 5 parts, with the following transaction ID’s
This burn event has removed a total of $14 Million USD worth of WRX from current circulation which is almost 2060% more than the last quarterly burn event. You can find more details about the event on the WazirX blog.
The amount burnt this quarter was tied to WazirX exchange volume and its growth. In the past quarter, WazirX crossed over $6.1 Billion in USD trading volume which is the highest across any Indian Exchange so far.
Also, the WazirX team introduced a bunch of new features and announcements to keep the community engaged.
- India’s first-ever weekly crypto show presented by WazirX and CNBC-TV18 was announced last quarter.
- Twitter Giveaways and prizes over Rs 70.9 Lakh INR
- 33 New Trading Pairs
- WRX price rallied from Rs 30 to Rs 400 and above.
Let me quickly explain what is a burn event and why is it beneficial for token holders. The burning of tokens leads to a reduction in token supply and with each quarterly burn the supply will further keep reducing. As more and more use-cases of the token start to come up, people will be keen to invest more in the project which is a good thing for long-term believers of the project.
We have made a video on the same event in our youtube channel which you should definitely check (it’s in Hindi) and drop your comment as a feedback.
I hope this article was helpful to readers 🙌🏻