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Highlights
- WazirX CEO Nischal Shetty sparked curiosity with a hint at possible launch of Pi42's native crypto.
- Users offered a mixed response to Shetty's query.
- They even suggested integration of WRX on Pi42 instead of launching a new token.
WazirX CEO and Pi42 futures crypto exchange co-founder Nischal Shetty has sparked speculation within the cryptocurrency community by hinting at the possibility of Pi42 introducing its own native token. Moreover, the celebrated Pi42’s recent achievement of clocking $12 million in daily trade volume.
Will Pi42 Roll Out Native Token?
Shetty’s remark came in response to a user query on social media platform X where a user asked, “Can we expect Native currency for Pi42?” Shetty quoted the post and asked his followers, “Do you think Pi42 should bring its own native token?”
Such a move could offer various benefits, including price appreciation, reduced trading fees, rewards for staking, and referral bonuses. However, the potential introduction of a native token for Pi42 has garnered mixed reactions from users and investors. They believe that having a native token would incentivize users to engage more actively on the platform, thus enhancing its ecosystem and utility.
However, some users have suggested an alternative approach. They proposed the integration of WazirX’s native token, WRX, into the Pi42 exchange. They argued that leveraging WRX could help boost its utility and value, potentially aiding in its recovery from price dips. By utilizing WRX within Pi42, users could enjoy the benefits of a well-established token while also supporting the growth of both platforms.
Meanwhile, amidst discussions about native tokens and utility, users have also expressed their expectations for Pi42’s futures platform. The crypto community expects key features such as stop limit and stop market orders, hedge mode, order modification on charts, as well as comprehensive account and PNL information. Moreover, a user said that if these features are integrated in Pi42, they will make a complete shift of portfolio from Binance to this crypto futures exchange.
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Low Fees & No TDS
In addition to the potential introduction of a native token, Pi42 stands out in the cryptocurrency landscape with its competitive fee structure and tax policies. Offering a mere 0.05% maker fee and 0.10% taker fee, the exchange provides traders with cost-effective options for executing their trades. In addition, it doesn’t charge a conversion fee and levies a flat INR 15 on every withdrawal.
Moreover, the Pi42 exchange distinguishes itself by facilitating crypto derivatives trading in INR without conversion fees or TDS, despite the Indian government’s crackdown on crypto taxation. This is made possible by the classification of crypto futures as separate from Virtual Digital Assets (VDAs) under Indian tax law, thereby exempting them from TDS requirements.
However, these features compelled users to think about potential benefits of a native token for Pi42. A user noted that the few structure is already lucrative and there isn’t any TDS levied. Hence, they don’t expect much benefits from introduction of a native token.
Also Read: Pi42: This Indian Crypto Exchange Offers 0% TDS & No Conversion Fee
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