WazirX
WRX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WRX exhibits severely deteriorated fundamentals across all evaluated dimensions. Active development has stalled completely (1.0/10), with no recent shipping activity or protocol upgrades identified. Community support is weak (2.0/10), characterized by a lack of decentralized governance or measurable engagement. Tokenomics (3.8/10) suffer from heavy insider concentration (~70% allocated to foundation, team, and partners) and decaying utility tied entirely to the exchange platform. Market metrics (3.0/10) reflect severe liquidity constraints with sub-$30K daily volume following formal creditor restructuring. Governance is entirely centralized (2.5/10), and the project's security record (2.0/10) is marred by a massive security incident: 'On July 18, 2024, one of WazirX's multisig wallets was drained in a cyber attack with losses reported around $230M to $235M, utilizing a Gnosis Safe multisig with six signatories and exploiting a discrepancy between the Liminal interface and the actual on-chain payload.' While custody upgrades and partial remediation have occurred, the overall profile represents an exceptionally high-risk asset.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About WazirX (WRX)
WRX is the native utility token of the Indian cryptocurrency exchange WazirX, which was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, and launched via an initial coin offering in February 2020 following a Binance-related business acquisition. The token was issued natively on Binance Chain, with wrapped representations on BNB Smart Chain, Polygon PoS, and Energi. WRX operates with a hard-capped fixed total supply of 1 billion tokens and is designed to provide utility within the exchange ecosystem, including trading fee discounts (subject to a four-year halving schedule), trade-to-earn incentives, dust-to-WRX conversions, and a planned quarterly burning mechanism.
The project's tokenomics and governance exhibit high centralization, lacking a decentralized autonomous organization (DAO) or formal community voting mechanisms. Token distribution is heavily insider-weighted, with approximately 70% of the total supply allocated to the foundation, core team, and ecosystem partners, compared to roughly 15% distributed to public sale participants. In addition, development on the project has stalled, with no recent shipping activity, changelogs, or verified smart contract audits available for the token contract.
WazirX has experienced significant operational and financial disruptions stemming from a catastrophic security incident. On July 18, 2024, a multisig wallet belonging to the exchange was drained of approximately $230 million to $235 million due to a discrepancy between the Liminal interface and the on-chain Gnosis Safe multisig payload. Following the exploit, withdrawals were halted, WRX fell roughly 21% in a single day, and user balances on certain assets traded at steep haircuts. The platform engaged India's Cyber Crimes Unit, entered a formal creditor restructuring process involving a scheme of arrangement and recovery tokens, and later adopted Fireblocks custody in January 2026 as part of its remediation efforts.