Question 1

What is WXT?

Accepted Answer

The WXT Token, formerly known as the Wirex Token, is a versatile cryptocurrency that has evolved from its initial purpose as a loyalty token. As of 2022, WXT is supported on multiple blockchains including Ethereum, Avalanche, Polygon, and Stellar. This multi-chain support reflects WXT's commitment to further decentralization and expansion into the Web3 and DeFi ecosystems.

Question 2

X-tras Rewards Program

Accepted Answer

The X-tras rewards program remains a core utility of the WXT Token. Users can earn up to 4% back in WXT on purchases made using their Wirex cards. Additionally, WXT holders are eligible for a Savings Bonus of up to 12% per annum, depending on the plan they subscribe to within the Wirex ecosystem.

Question 3

Multi-Chain Functionality

Accepted Answer

WXT's support for multiple blockchains—Ethereum, Avalanche, Polygon, and Stellar—increases its utility manifold. It allows the token to integrate more deeply into various DeFi and Web3 applications, providing users with a range of options for transferring and using the token.

Question 4

Web3 and DeFi Integration

Accepted Answer

Wirex's partnership with Nereus and the token's multi-chain functionality mark important steps towards deeper integration into the Web3 and DeFi ecosystems. WXT's versatile nature allows it to be a cornerstone asset for various DeFi products and services.

Question 5

Why is WXT Important?

Accepted Answer

WXT serves as a key component in the growing Wirex ecosystem. Its multi-chain functionality makes it a robust asset with increased utility in both traditional and decentralized finance sectors. WXT facilitates a more inclusive and efficient financial system by bridging gaps between different blockchains and financial paradigms.

Question 6

Who Created WXT and When?

Accepted Answer

WXT was created by Wirex, a fintech company founded in 2014. Initially launched in June 2019 as a loyalty token, WXT has evolved to offer much more, including multi-chain support and increased utility in the DeFi space.

Question 7

Rebranding and Future Directions

Accepted Answer

The rebranding from "Wirex Token" to "WXT Token" in October 2022 reflects the token's growing scope and utility. The company aims to continue its foray into further decentralization and utility within the Web3 and DeFi ecosystems.

Question 8

Tokenomics

Accepted Answer

The tokenomics remain the same, with a total supply of 10 billion WXT. Nereus Protocol holds 50% of the total supply, while the remaining 50% is within the Wirex ecosystem.

Question 9

Official Bridge

Accepted Answer

WXT supports the Open Canonical Token Bridge standard, allowing it to be bridged across multiple blockchains, including Ethereum, Avalanche, and Polygon, within minutes and at minimal costs.