FAQs- WXT joins Ethereum blockchain

What is WXT (Wirex token)?

The Wirex Token (WXT) is a unique multi-blockchain cryptocurrency that powers the X-tras rewards programme. WXT is built on both the Stellar Network and Ethereum blockchain for maximum speed, efficiency and flexibility. WXT is designed to both help reward Wirex customers for their loyalty and integrate the platform with the new generation of decentralised finance (DeFi) ecosystems. Wirex customers can earn up to 4% back in WXT every time they use their Wirex cards in-store or online, or up to 12% annually on the balance of their WXT accounts with the Savings Bonus feature.

Why is Wirex moving WXT to the Ethereum platform? / What are the benefits of this move?

At Wirex, we’ve always had a mission of making crypto accessible to everyone, and now we want to offer the same for decentralised finance (DeFi). Once WXT is on the Ethereum network it can be used in various DeFi app and use cases, such as:

  1. Users can exchange WXT into a multitude of other ERC-20 (Ethereum-based) tokens via DEX (decentralised exchanges)
  2. Users can provide liquidity (deposit WXT) to DEX such as Uniswap and generate revenue from exchange fees
  3. You can use WXT as a collateral for a loan on DeFi apps like AAVE
  4. You can buy NFTs for WXT since some NFTs are based on Ethereum

These are just a few ways to use WXT in the DeFi space at the moment, but the move will present a huge range of benefits to holders of WXT and will give them more power, efficiency and flexibility

What is WXT’s link to DeFi specifically?

The majority of DeFi apps are on the Ethereum network, and in order to participate in various DeFi use case, the token has to be on a platform that is within the DeFi space, such as Ethereum. Making WXT DeFi-compatible is an important part of Wirex’s plan of bringing the benefits of DeFi benefits to a mainstream audience. Moving some WXT onto the Ethereum network is just the first step in achieving this goal, such as:

  1. Working with leading DeFi players and adding more tokens onto the Wirex platform, including MKR and LINK, as well as many more which will be announced in the coming months
  2. Launching X-Accounts, which is an easy and user-friendly way to earn a passive income from crypto on pots of money set aside in-app

The Ethereum network is often referred to as the most common DeFi network, but isn’t Stellar DeFi?

There are many different use cases when discussing the various platforms in the DeFi space. Stellar has optimised itself to focus more on cross-border payments from one person to another, particularly in developing economies. Essentially, it is an open-source network on the blockchain that connects financial entities with low-cost, near-instant payments. With blockchain technology having much broader applications than just payments, the decision was made to widen access to various aspects of DeFi and allow customers to get more out of the Wirex platform.

Nevertheless, as a crypto-friendly business, we don’t advocate any one platform or currency, rather the ability to choose the best financial products that match the needs of our customers.

When is Wirex moving WXT to Ethereum?

20% of the total supply of WXT will be moved onto the Ethereum network on 6th May.

From this date, you can only buy Ethereum-based WXT from 1inch. However, the list of DEX supporting WXT is expected to grow. We will undoubtedly share all announcements at the appropriate times, when applicable.

Stellar-based WXT is currently available on the following exchanges: gate.io, okex.com, exmo.me and huobi.com.

How does Stellar-based WXT and Ethereum-based WXT differ?

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same, but each has its benefits. Both networks can be used to transfer WXT. Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

Will Wirex move all tokens to the Ethereum platform?

No. Wirex is migrating 20% (2 billion WXT) of the total WXT supply from the Stellar to Ethereum network.

What does this mean for customers who hold WXT?

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same, but each has its benefits. Both networks can be used to transfer WXT, but they can be viewed as different transport methods for the same token, much like SWIFT, SEPA and Faster Payments are different types of bank transfers.

Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

Will there be different wallets within the app?

There will not be different wallets within the app, but the official WXT addresses for the Stellar and Ethereum blockchains will differ:

WXT Ethereum smart contract address:
-WirexToken | 0xa02120696c7B8fE16C09C749E4598819b2B0E915

The Wirex Stellar address is:
-StellarExpert | Stellar XLM block explorer and analytics platform.

Therefore, when you receive WXT from Cryptoback™ into your X-tras account, you can choose whether you wish to send it via the ETH or Stellar blockchain to transfer it out.

How will this affect the Cryptoback™ rewards scheme?

This will not affect the Cryptoback™ programme.

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same and have the same value and functionality, but each has its benefits.

Both networks can be used to transfer WXT, but they can be viewed as different transport methods for the same token, much like SWIFT, SEPA and Faster Payments are different types of bank transfers. Therefore, when you receive WXT from Cryptoback™ into your X-tras account, you can choose whether you wish to send it via the ETH or Stellar blockchain.

Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

What is Wirex Ethereum smart contract address?

The Wirex Ethereum address is:
-WirexToken | 0xa02120696c7B8fE16C09C749E4598819b2B0E915

What is Wirex Stellar asset address?

The Wirex Stellar address is:
-StellarExpert | Stellar XLM block explorer and analytics platform.

Can you explain the token migration process?

On the 6th of May, 20% of the total supply of WXT (2 billion WXT) that was previously on the Stellar network will be burn on Stellar StellarExpert | Stellar XLM block explorer and analytics platform. . At the same time, the same amount of WXT will be minted on Ethereum (Ethereum Transaction Hash (Txhash) Details | Etherscan).

The total supply of WXT will remain the same and equals 10 billion WXT.

What’s the supply breakdown between blockchains?

Total supply of WXT = 10 billion WXT (no change)
Stellar supply of WXT = 8 billion WXT (6 billion locked + 2 billion circulating)
Ethereum supply of WXT = 2 billion WXT

Will ETH-based WXT and Stellar-based WXT always have the same value?

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same and have the same value and functionality, but each has its benefits. Both networks can be used to transfer WXT, but they can be viewed as different transport methods for the same token, much like SWIFT, SEPA and Faster Payments are different types of bank transfers.

Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

Will my X-accounts and Cryptoback™ be in ETH WXT or can I choose?

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same and have the same value and functionality, but each has its benefits.

Both networks can be used to transfer WXT, but they can be viewed as different transport methods for the same token, much like SWIFT, SEPA and Faster Payments are different types of bank transfers. Therefore, when you receive WXT from Cryptoback™ into your X-tras account, you can choose whether you wish to send it via the ETH or Stellar blockchain.

Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

Are there different fees attached to ETH-based WXT, and if so, what and how will I be charged them?

Since WXT is a multi-blockchain cryptocurrency, there will be different blockchain fees if a customer sends WXT outside of the Wirex platform, however, transaction costs are significantly lower on the Stellar network.

All transfers of WXT within the Wirex network are free and instant.

Will future promotions that are paid out in WXT be affected by this news/change?

WXT is a multi-blockchain cryptocurrency, meaning that Stellar-based and Ethereum-based WXT are the same and have the same value and functionality, but each has its benefits. Both networks can be used to transfer WXT, but they can be viewed as different transport methods for the same token, much like SWIFT, SEPA and Faster Payments are different types of bank transfers.

Whilst transaction costs are significantly lower on the Stellar network, Ethereum provides access to DeFi, a huge range of Dapps, and can be exchanged on DEX for other ERC-20 tokens.

If I already have Stellar-based WXT, how can I exchange them to ETH-based WXT? Will I need to or will it be automatic based on the network I am using?

Please see the answer to “What does this mean for customers who hold WXT?” above

Where can I buy WXT (ERC-20)?

We recommend using 1inch.

1inch is a DEX aggregator that works out the best crypto prices across decentralised exchanges and reroutes trades between them.

1inch will be the only option for the Ethereum version of WXT (ERC-20). We also will expand the list and it will be available in Wirex app for which we will let all users know at the appropriate time.

Buy now on 1inch
Buy_WXT_now_2

If you wish to buy Stellar-based WXT, you can buy it on the following exchanges now:

Huobi
Okex
Gate
Exmo

2 Likes

…interesting… :thinking:

How to send out Eth-wxt? I had only stellar addressing @Ali_Wirex

Hi,
i have never bought cryptocurrencies anywhere other than through a Wirex card.
Now I’m a little confused why buy WXT based on Etherium via 1inch … and WXT (based on stars) via
Huobi,
Okex,
Gate and
Exmo

Can I buy available currencies WXT just by using a Wirex card?

I’m learning slowly…:blush:
Have a nice day everyone :four_leaf_clover::wave:

1 Like

Hi @BCS75LOVEnija2021 :wave:

Of course you can! :smiley:

1 Like

It gives WXT more flexibility.
You can convert your WXT into other ETH based crypto now…or vice versa.

…just ETH fees are :exploding_head:

1 Like

Hi @Oleg_Levchuk we will give more how-to’s when it becomes available in the app. For now you can get WXT (Ethereum-based) on 1inch. Link is above in the FAQs.

Thank you

1 Like