A great move by WazirX India as it announces to compensate users who made huge losses by buying SHIB token at exceptionally high prices. WazirX listed SHIB token on 13th May in both INR and USDT market.
Soon after the listing, the prices increases multiple times due to demand and low liquidity. As WazirX listed SHIB token under the rapid listing initiative i.e. SHIB trading was started without enabling its deposits and withdrawals.
This is not the first time WazirX lists tokens without enabling its deposits and withdrawals. It has listed many tokens under this rapid listing initiative.
Basically under rapid listing initiative liquidity is provided by the liquidity providers. But after SHIB listing its demand was too high and due to the liquidity crunch, the prices rise exceptionally high and ends resulting in huge losses for the users.
Now in order to compensate users who bought SHIB at exceptionally high prices, WazirX will airdrop WRX tokens equivalent to the loss.
Nischal Shetty, the Founder and CEO of WazirX, tweets, “Announcing WRX Airdrop program for users who bought SHIB at exceptionally high price & did not sell. WazirX is about trust & we have decided to help our users. We will AIRDROP WRX equivalent to your loss!”
Who will be eligible for this WRX Airdrop Program?
Nischal also shared the eligibility criteria for this WRX airdrop program to compensate users. The following users will be eligible for the WRX airdrop:-
- If you bought SHIB at exceptionally high price & you have never sold that SHIB.
- If you bought SHIB at exceptionally high price & you sold that SHIB after prices normalized.
The details regarding this airdrop program will soon be shared through the official blog post. WazirX will conduct this airdrop program over the next 4 months. Every month WRX equivalent to 25% of the loss will be airdropped as per the tweet from Nischal Shetty.
Note:- Buyers will receive the airdrop. Sellers who bought SHIB at low prices and sold at an exceptionally higher price won’t be affected. So just chill and enjoy your weekend…
Now the question comes from where this WRX will be airdropped? This question is also answered by him through a tweet. WazirX will airdrop WRX that are collected from the trading fees and will not be unlocking any WRX for this program.
WazirX has taken some measures such scenarios in the future. As per the blog post, “For all future listings, we’ll make sure to enable deposits and withdrawals (onchain or offchain) of a token at least 1 hour prior to making its market live.”
So, by this move WazirX, has proved that it’s always here for the community building India’s most trusted and secured cryptocurrency exchange.