WazirX now plans to make it easy for billions to participate in the DeFi ecosystem with the launch of an Automated Market Maker (AMM) protocol in partnership with Matic Network. Among the more innovative applications of DeFi, AMM’s have transformed the process of exchanging tokens without order book. Here, you don’t have to place a buy or sell order. Instead, AMM enables a decentralised exchange of tokens.
According to Siddharth Menon, Co-founder and COO, WazirX, the company is confident of seeing an uptick of 6X volume in DeFi space in the coming months, with 5.6 billion USD already locked.
WRX will be used as a governance token of WazirX AMM Protocol, which means that the direction of WazirX AMM Protocol including decisions like feature, fees, etc. will be determined by WRX holders.
Today, WRX has a total valuation of over $38 Million with tens of thousands of WRX holders. Collectively, DeFi is valued at over $9.7 Billion as of now! We strongly believe that this will provide huge exposure to WRX, and push India further into the DeFi movement.
WazirX is aiming to launch a testnet in September.