WazirX recently completed its quarterly WRX burnt event, and the successful event broke the record as the highest ever when it comes to token burn. A total of 3,333,333 WRX tokens were burnt in the second quarterly event and was completed in three parts.
However, in the third quarterly burnt event, the company retracted a total of 6,533,333 WRX, which is valued at about 5,08,96,885 INR (or approximately $648,367).
“We’re continuously working towards building more exciting features to enhance your experience on WazirX,” the company asserted.
New features and improvements
In addition to the reduction in token supply, the third quality burnt session brought some improvements to the token’s features.
These include education initiatives across Pan-IITs, WRX on Ethereum blockchain, dust to WRX connection feature, the launch of WRX market, the addition of 41 new trading pairs, and WRX giveaways worth over $90,000.
WarzirX initiating massive awareness
WazirX added that it uses initiatives such as WarzirX Education Partner Program and Wazir Warriors to encourage massive crypto adoption and educate people about the industry.
Accordingly, the number of WRX burnt every quarter will increase as the token grows. As a result, it will reduce the level of token supply, which can induce an increase in the value of the token, the company stated.
The company added that holders of the token will reap the most benefit as the periodical burning is observed since the value of the token will increase every time it is retracted.
The total supply of the WRX token stood at 995,833,334 WRX after the second quarterly burn event. However, the total supply of the tokens reduced even further to 989,300,001 after the third quarterly burnt event.
High expectations for the cryptocurrency
With the crypto market still moving in the bull direction, holders of the WRX coin are expecting a further rise in the value of the token, especially after the third quarterly burnt event. Generally, a token burnt event is carried out to reduce the number of the token in circulation, making it a bi scarce in the market. And as a general trend in the demand and supply chain, a scarce commodity can induce an upward shift in its price.
The third quarterly burnt session for WRX was done in four sections. The company burnt only 333 WRX tokens in the first phase, 3 million tokens in the second phase, 333,000 in the third phase, and 3.2 million tokens during the final phase.