The WEEX Exchange released its token, the WEEX Token(WXT), on April 23, 2024.

This token operates under the ERC-20 standard on the Ethereum blockchain to create a better environment for users and the exchange in the trading platform. And here’s how it does it.

By releasing its token, the WEEX Exchange has created a reward-based system where users can be appreciated based on either referral bonuses or the completion of social tasks. These tokens earned can later be used for trading fees instead of the user using fiat currency to carry out transactions.

Another benefit this token brings to both the user and the exchange is creating a more stable market. By introducing its token, WEEX attempts to reduce the volatility of cryptocurrencies offering traders a reliable medium of exchange.

For instance, the BUSD. The BUSD released by Binance has a dollar exchange ratio of 1:1, meaning that 1 BUSD has the same value as 1 Dollar. This reduces the risk of volatility characteristic of cryptocurrencies in the Binance ecosystem.

And the WEEX exchange aims to do exactly just that.

WXT’s Security, License, and Backing

Tokens are usually backed up by fiat currencies held in the bank and the same goes for the WXT too, presently, 1 WXT equals 0.008 USD giving it much credibility.

WEEX Exchange, having obtained its regulatory licenses from the United States Money Services Business(USB), the Canadian USB, and the Saint Vincent and Grenadines Financial Services Authority(SVGFSA) shows full commitment to the proper handling and management of its tokens and exchange system.

The exchange also has a reserve fund of 1,000 BTC to ensure enough liquidity to fulfill customers’ withdrawals, especially during periods of high demand. This protects against the risks brought by the ever-volatile crypto market.

What’s in Store for WXT Holders?

Holding the WXT brings lots of exclusive benefits and here are some of them:

Holding up to 500,000 WXTs equal to approximately $5,000 gives you a 100% discount on any transaction.

A cashback reward of 8% is given exclusively to WXT holders with the Wirex card, meaning that they get back 8% of any transaction made using the card.

Access to the X-tras loyalty program

The X-tras loyalty program allows you to earn and accumulate more WXTs as you carry out transactions and engage in social activities on the WEEX Exchange

These benefits aim to create a warm environment for users and the exchange.

Supply and Distribution

The WXT token like the BUSD has a fixed maximum supply, this scarcity helps fight against inflation, building up the demand for the token.

There is a total of 10 billion WXTs available on the WEEX exchange, however, there are only 3.9 billion WXT tokens in circulation. As demand and usage of the token arise, more tokens may enter circulation but the supply is capped at 10 billion.

Getting the WEEX WXT

The WXT token is scheduled for release this summer. Upon its release, users can acquire it on the WEEX platform.

The WEEX WXT token has a total supply of 10 billion, with an initial circulation of 3.9 billion. And there is a distribution plan for the 3.9 billion tokens;

1.5 billion WXT will be reserved to compensate users for non-fault losses

There will be an allocation of 1.5 billion WXT to support project incubations and Web3 innovation.

500 million WXT will be locked for one year, and gradually released to reward exchange partners.

Holding Incentives

There will be a gradual release over five years to reward investors and miners.

The remaining 5 billion WXT will be used to support the WEEX exchange ecosystem development.

Final Thoughts

WEEX Exchange aims to create a vibrant, secure, and rewarding environment for users by launching its token. And as the WXT tokens grow in influence largely, the benefits and shifts it would bring to the cryptocurrency ecosystem will be dynamic.