WXT, introduced in 2019, is designed to support several use cases specific to Wirex users. In its initial launch stage, WXT was predominantly a reward token used to incentivise activities within the Wirex ecosystem. Holding set amounts of WXT entitled users to various benefits such as fee-free crypto exchange. Created on the Stellar blockchain, WXT was used to fuel in-house P2P payments, allowing users to instantly share and transfer WXT in-app with no fees. WXT use cases have evolved in line with the launch of new Wirex features – in 2021 X-tras was launched, greatly increasing the role of WXT within the ecosystem. X-tras has three tiers of benefits which can be subscribed to with payment in WXT, Cryptoback™ rewards are paid out in WXT and WXT balances are eligible to receive a savings bonus of up to 12%, depending on the user’s price plan.
Bringing the best of DeFi to a CeFi environment, Wirex launched X-Accounts with WXT integral to the reward mechanism of the product. X-Accounts brings DeFi to the mainstream with low barriers to usage and minimal / no fees for participation. Users can earn interest on a range of crypto & fiat deposits – when paid in WXT, an additional bonus of 4% is added to the interest rate. WXT payments are an attractive incentive to use Wirex products, as well as being useful for retaining users who deposit a variety of funds, in turn increasing liquidity. Wirex’s commercial roadmap will continue to evolve and improve these propositions, including enhanced Cryptoback™ rewards, higher savings bonuses, and preferential X-Account rates for Premium & Elite users. Wirex will also incentivise locked funds with significant pay-outs linked to the value of funds locked and length of time deposited within the ecosystem.
The Wirex app provides a CeFi experience to users, while the Wirex Wallet will evolve more rapidly into direct DeFi protocols for more experienced users seeking autonomy over their funds. Protocols such as AAVE, Compound and Nereus will be central to the Wirex roadmap by building additional use cases which will reward WXT holders, both within the Wirex ecosystem and on various exchange platforms.