Pi42 Contemplates Launching its Own Native Token
Nischal Shetty, the CEO of WazirX and co-founder of Pi42 futures crypto exchange, has sparked speculation within the cryptocurrency community by suggesting the possibility of Pi42 introducing its own native token. This comes after Pi42 recently achieved a daily trade volume of $12 million.
Community Divided Over Native Token
In response to a user query on social media platform X, asking if Pi42 plans to introduce a native currency, Shetty asked his followers for their opinion on the matter. While some users believe that having a native token would incentivize users to engage more actively on the platform, others have proposed integrating WazirX’s native token, WRX, into the Pi42 exchange instead.
- Benefits of a Native Token:
- Price appreciation
- Reduced trading fees
- Rewards for staking
- Referral bonuses
- Benefits of Leveraging WRX:
- Boost utility and value
- Aid in recovery from price dips
- Support the growth of both platforms
The introduction of a native token or leveraging WRX would enhance the ecosystem and utility of Pi42, according to supporters. However, opinions are divided on which approach would be more beneficial for the platform.
User Expectations for Pi42’s Futures Platform
In addition to discussions about native tokens and utility, users have also expressed their expectations for Pi42’s futures platform. They anticipate key features such as stop limit and stop market orders, hedge mode, order modification on charts, as well as comprehensive account and PNL information. Some users even mentioned that if these features are integrated into Pi42, they would consider shifting their portfolio from Binance to this crypto futures exchange.
Competitive Fees and Tax Policies
Pi42 sets itself apart in the cryptocurrency landscape with its competitive fee structure and tax policies. The exchange charges a mere 0.05% maker fee and 0.10% taker fee, providing traders with cost-effective options for executing their trades. Additionally, there is no conversion fee, and a flat INR 15 is levied on every withdrawal.
Despite the Indian government’s crackdown on crypto taxation, Pi42 facilitates crypto derivatives trading in INR without conversion fees or TDS (Tax Deducted at Source). This is possible because crypto futures are classified separately from Virtual Digital Assets (VDAs) under Indian tax law, exempting them from TDS requirements.
User Reactions to Potential Native Token
Given the already attractive fee structure and absence of TDS on Pi42, some users question the need for a native token and doubt the additional benefits it would bring:
- The current fee structure is already lucrative.
- TDS is not levied on transactions.
- Introduction of a native token may not provide significant advantages.
These users believe that Pi42’s existing features are sufficient to attract traders and investors without the introduction of a native token.
Hot Take: Pi42’s Path to Growth
Pi42’s potential introduction of a native token has sparked discussions among users and investors about the best approach to enhance its ecosystem and utility. While some advocate for a native token, others suggest leveraging the well-established WRX token from WazirX. Additionally, users have expressed their expectations for key features on Pi42’s futures platform.
As Pi42 continues to grow and evolve, it will be interesting to see how it addresses these user suggestions and whether it decides to introduce its own native token or leverage WRX. Regardless of the chosen path, Pi42’s commitment to low fees and tax-friendly policies positions it as a competitive player in the cryptocurrency exchange space.
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