WazirX CEO Nischal Shetty has sparked speculation by suggesting the possibility of a native token for Pi42, a cryptocurrency futures exchange he founded.
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WazirX CEO Nischal Shetty, who is also a co-founder of the Pi42 futures crypto exchange, has caught the attention of the cryptocurrency community by dropping hints about the potential introduction of a native token for Pi42. Additionally, Pi42 recently achieved a significant milestone by reaching a daily trade volume of $12 million.
Pi42’s Native Token Speculation, Benefits and Reactions
WazirX CEO Nischal Shetty has sparked speculation within the cryptocurrency community by suggesting the possibility of Pi42 introducing its own native token. Shetty’s remark came in response to a user query on social media platform X, where he asked his followers whether Pi42 should bring its own native token.
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The potential introduction of a native token for Pi42 could offer various benefits, including price appreciation, reduced trading fees, rewards for staking, and referral bonuses. However, this move has garnered mixed reactions from users and investors. While some believe that a native token would incentivize user engagement and enhance the platform’s ecosystem and utility, others have proposed an alternative approach.
Integration with WRX and Expectations for Pi42’s Futures Platform
Some users have suggested integrating WazirX’s native token, WRX, into the Pi42 exchange. They argue that leveraging WRX could 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.
Amidst 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 suggest that if these features are integrated into Pi42, they would consider shifting their portfolio from Binance to this crypto futures exchange.
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Pi42’s Competitive Fee Structure and Tax Policies
Pi42 distinguishes itself in the cryptocurrency landscape with its competitive fee structure and tax policies. The exchange offers a mere 0.05% maker fee and 0.10% taker fee, providing traders with cost-effective options for executing their trades. Additionally, it does not charge a conversion fee and imposes a flat INR 15 fee on every withdrawal.
Pi42 further sets itself apart by facilitating crypto derivatives trading in INR without conversion fees or TDS, despite the Indian government’s crackdown on crypto taxation. This is possible due to the classification of crypto futures as separate from Virtual Digital Assets (VDAs) under Indian tax law, exempting them from TDS requirements.
Despite the attractive fee structure and tax policies, users have contemplated the potential benefits of a native token for Pi42. Some users have noted that the current fee structure is already lucrative and that no TDS is levied. Therefore, they do not anticipate significant benefits from the introduction of a native token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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