WPAY Explained – All You Need to Know About the Wirex Pay’s Native Token
Wirex Pay, a platform known for facilitating decentralized payments, recently decentralized its governance system through its native token, WPAY. This has allowed users to participate in key decision-making processes that shape the future of the payment protocol. Keep reading this guide to learn more about WPAY.
Understanding the WPAY Token
WPAY is Wire Pay’s native governance token, which gives holders the power to vote on major proposals. Furthermore, these holders, who must stake their tokens to participate in the voting process, earn staking rewards for their contribution.
By decentralizing its governance system, Wirex Pay intends to become a community-led crypto project, ensuring that all parties involved have a say in how the protocol should operate.
Wirex Pay vs. Wirex: What is the Difference?
One can easily mistake Wirex Pay for Wirex. However, the two operate differently. While Wirex Pay only offers decentralized payment solutions on the blockchain, Wirex, on the other hand, provides crypto debit cards and facilitates fiat-to-crypto exchanges. Additionally, the two platforms have their own native tokens: Wirex is powered by the WXT crypto, while Wirex Pay utilizes WPAY.
The WPAY Tokenomics
The Wirex Pay team has designed WPAY’s tokenomics in a way that keeps the protocol healthy and sustainable while rewarding every participant. WPAY’s total token supply is capped at 10 billion. Here is a breakdown of the allocation of this supply.
Node Operators’ Allocation
Node operators are essential in any network as they ensure transactions are processed securely. According to WPAY’s tokenomics, these parties will receive two billion tokens (20% of the total supply) to be released gradually in the next five years. So, instead of receiving a one-time payout, node operators will get rewarded regularly for their contribution in an effort to retain them for a long period.
Team Allocation
Like node operators, the Wirex Pay team has been allocated two billion WPAY tokens. However, it has yet to access them since they were locked up for 12 months. Once the lock-up period elapses, the team will receive the tokens gradually over three years.
Airdrop Allocation
Wirex Pay plans to distribute free WPAY tokens to its customers in the near future. For this reason, the team behind the project has set aside 500 million tokens (5% of the total supply), which will be airdropped after the 3-month lock-up period ends. Note that the WPAY tokens will be distributed in phases over nine months.
Staking Rewards
As mentioned, WPAY stakers will receive rewards. The Wirex Pay team has set aside 1.28 billion tokens to reward stakers over a period of five years. As of October 2024, the tokens meant for rewards are still locked up, with the lock-up period expected to end in the next six months.
Market-making and Liquidity
To ensure WPAY’s trading pairs have enough liquidity, thus preventing massive price swings, Wirex Pay has allocated 400 million tokens to exchanges. These tokens will be released over two years after the 7-month lock-up period expires.
Treasury Allocation
According to WPAY’s tokenomics, the Wirex Pay DAO Treasury is the largest holder, allocated 3.8 billion tokens with no lock-up period.
The Wirex Pay Roadmap
Wirex Pay launched its payment network on August 28th, 2024. Since then, the project has attained numerous milestones, including the introduction of the WPAY governance token. Here is what the team behind the protocol intends to achieve in the coming months;
Partnership Expansions: Wirex Pay plans to collaborate with various decentralized apps to expand WPAY’s utility.
More Features: The Wirex Pay team has announced plans to add more DeFi features to enable users to explore investment opportunities.
New Staking Options: Wirex Pay will soon introduce flexible staking periods suitable for both long- and short-term WPAY holders.
Where to Buy WPAY
The WPAY token is currently listed on one centralized exchange, Gate.io. If you wish to buy it, we advise using the money you can afford to lose since it carries several risks.
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