What is WPAY? Learn more about Wirex Pay’s native token

As the centerpiece of Wirex’s foray into decentralized payments, WPAY will facilitate governance, rewards, and more. While the Wirex lending platform already utilizes the native WXT token, WPAY plays a unique role and is a must-read for anyone interested in the future of digital payments. Here’s what you need to know about the WPAY token and its place within the expanding Wirex Pay ecosystem in 2024.

WPAY is Wirex Pay network. Empower users by allowing them to stake rewards and participate in decision-making. As the driving force behind Wirex Pay, WPAY is focused on decentralizing the Wirex payments network while helping build a community-driven ecosystem.

While Wirex is a broader financial platform offering services such as fiat-to-crypto exchange and crypto debit cards, Wirex Pay is a blockchain-powered branch that focuses entirely on decentralized payment solutions. The original Wirex token (WXT) supports Wirex’s legacy services, while WPAY manages and incentivizes the Wirex Pay network.

Did you know? Wirex Pay DAO is the decentralized governance authority for the Wirex Pay network. This will allow WPAY holders to vote on key proposals such as how Treasury funds are used and what new features should be developed, giving the community direct control over the direction of the network.

Now let’s take a closer look at how WPAY fits into the overall Wirex ecosystem.

Think of Wirex as a popular retail chain (like Amazon) that makes it easy for people to purchase a variety of products and offers cashback and discounts to loyal customers through a membership card called WXT.

Now, Wirex Pay is like a new upscale branch of the retail chain, which is completely community-run. Here, the customer is not just a buyer, but also a decision maker. Instead of using a regular membership card, you use a VIP pass called WPAY. This pass allows you to vote on which new products to add to your store and earn rewards by holding this pass.

The foundation of this new branch is built by a network of Wirex nodes that act like a group of dedicated store managers and engineers. They ensure everything runs smoothly, from security to customer service, and in return they receive a significant portion of the store’s profits along with exclusive bonuses.

So while Wirex is the original, easy shopping experience, Wirex Pay is a dedicated, community-driven branch where every customer has a say in how their store is run. Wirex Nodes?They are the core team that ensures your new store remains profitable and secure.

WPAY’s tokenomics is designed to keep the Wirex Pay network healthy, sustainable, and valuable to all involved. The total supply is 10 billion WPAY It is a token and each part is set aside for a specific purpose/user base.

They are the backbone of your network and ensure that your network is secure and functional. Node operators will receive a total of 2 billion WPAY, but the entire amount will not be distributed at once. There is 2 month lockup (Think of it like a no-touch zone), and then the tokens are gradually released over the next period. 60 months.

This way, the people running the nodes receive rewards on an ongoing basis, rather than a one-time payment.

The team behind Wirex Pay also receives 20%, but the catch is that they don’t have access to any of the tokens initially. 12 months (Lockup).

These tokens will then be released gradually 36 monthsThis means you have to stay there for a while to get the full benefit. This is like a “stay and grow” strategy, allowing you to continue investing in the future of your project.

500 million WPAY is available as a thank you to early users who helped launch Wirex Pay. however, 3 month wait It will be released the next day before users can access it. 9 months. This approach keeps excitement high without flooding the market with tokens all at once.

This part is for stakers, people who lock up their tokens to support the network. There is 6 month lockupand the rewards trickle down 60 months. This period is designed to be long to keep the ecosystem stable and encourage long-term engagement. Think of it as a reward for your patience.

This small chunk (400 million WPAY) ensures sufficient liquidity on the exchange.. To prevent large price fluctuations, the tokens will be locked for 7 months and then released over 24 months.

of Wirex Pay DAO Treasury The largest portion is 3.81 billion WPAY. These funds help pay for new projects, marketing, and anything else the community deems worth investing in.

The Ministry of Finance is No lock-up period (instant access), but the token is released over a long period of time 67 months To continue to steadily grow the ecosystem.

• Lockup (cliff) period: This is like the wait time before you even think about touching the token. You will not be able to access it until this period ends.

• Vesting period: After lockup, tokens will be released gradually. It’s like having your salary paid in small increments instead of all at once. This prevents sudden influx of tokens into the market.

The idea behind all these steps is to ensure that everyone, whether node operators, team members, or early supporters, has a stake in the long-term success of Wirex Pay without causing sudden dumps or spikes in token supply.

The Wirex ecosystem comes with two different token types: WXT and WPAY. Here’s a quick visualization of these key differences:

Since then, Mainnet launches on August 28, 2024Wirex Pay has achieved several key milestones set out in our original roadmap. The mainnet launch was the first major step to fully operationalize the Wirex Pay network and bring all core functionality online, including staking, governance, and transaction validation.

Shortly after launch, Wirex Pay moved into a node sales phase, allowing early adopters to purchase Wirex nodes (basically licenses to verify transactions and earn rewards).

With the mainnet and node sales complete, the focus now shifts to expanding WPAY’s role and integrating more community-driven features.

• Launch of WPAY Governance Token: Governance tokens (already launched) allow users to vote on key proposals such as network upgrades and treasury allocations.

• Expanding partnerships: The goal is to connect with more Web3 projects and DApps to expand the utility of WPAY beyond just payments.

• New staking options: Introducing flexible staking periods to attract both short-term and long-term holders.

• Additional features of Wirex Pay DApp: Enhancements such as user interface improvements and new DeFi features are on the horizon.

Fact check: New staking options include deploying flexible staking periods and introducing a re-staking model that allows users to use the same staked assets across multiple services.

WPAY is more than just an ecosystem token, it is the backbone of Wirex Pay’s decentralized ecosystem. From governance to benefits, it’s designed to empower users and support sustainable growth for the network, and is at the heart of the Wirex Pay experience.