On Tuesday (January 21), Binance announced that WazirX (WRX), the native token of Indian crypto exchange WazirX (which Binance acquired on 21 November 2019), is the next token to be offered for public sale on the Binance Launchpad platform.
According to Binance Research, WRX, which is "the utility token forming the backbone of the WazirX ecosystem," is built as a BEP2 asset on Binance Chain. Three examples of WRX use cases are getting trading fee discounts on WazirX, WRX Trade Mining (i.e. performing trades) to earn WRX, and paying margin fees.
The WRX token sale will be following a lottery format; the recording of users' BNB balances started at 00:00 (UTC) on 4 January 2020. User BNB balances will be recorded between 00:00 (UTC) on 4 January 2020 and 00:00 (UTC) on 3 February 2020. The average balance during these 30 days will be used to determine the "final BNB holding amount " for each user.
Here are some of the main details of the WazirX (WRX) token sale:
- Launchpad Hard cap: $2 million
- Total Token Supply: 1 billion WRX (10% of this has been allocated to Binance Launchpad)
- Public Sale Token Price: 1 WRX will cost $0.02 (the BNB price will be specified before the lottery draw)
- Maximum Number of Winning Tickets: 10,000
- Allocation Per Winning Ticket: 10,000 WRX ($200)
- Supported Sessions: BNB
Featured Image Courtesy of Binance