History of WEEX Token (WXT): From Launch to $120 Million Burn

By: WEEX|2025-05-09 00:00:00
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What Is WEEX Token (WXT)

WEEX Token (WXT) is the native cryptocurrency of the WEEX exchange, a top-10 global derivatives trading platform launched in 2018 with a $100 million investment from a leading blockchain investment firm. Introduced in August 2023, WXT powers the WEEX ecosystem, offering users trading fee discounts, WE-Launch airdrop rewards, and staking opportunities. With over 5 million registered users and a daily trading volume exceeding $20 billion, WEEX has positioned WXT as a key player among platform tokens like Binance’s BNB and Bitget’s BGB. This article explores the history of WXT, from its inception to its historic $120 million token burn in January 2025.

To know more about WEEX WXT , please check our WEEX WXT whitepaper.

History of WEEX Token (WXT): From Launch to src=

The Origins of WEEX and WXT (2018–2023)

Founding of WEEX Exchange

WEEX was established in 2018, a seasoned professional with a vision to create a user-friendly, secure, and high-performance crypto trading platform. Backed by a $100 million investment, WEEX assembled a team with expertise from Wall Street, Silicon Valley, Citibank, and Google. The platform quickly gained traction for its:

By 2023, WEEX had grown to over 5 million registered users, with an average daily trading volume of $400 million, setting the stage for WXT’s launch.

Launch of WXT (August 2023)

WEEX Token (WXT) was launched in August 2023 as an ERC-20 token on the Ethereum blockchain, with a total supply of 10 billion tokens. Designed to incentivize user engagement and reward loyalty, WXT offered:

  • Trading Fee Discounts: Up to 30% off spot trading and up to 70% off futures trading.
  • WE-Launch Airdrops: Access to new token distributions, such as DOGS and TRUMP.
  • Community Incentives: Referral commissions and VIP privileges. Hold WXT and enjoy up to 20% profit share!

The initial price of WXT was $0.01, and it quickly gained traction due to WEEX’s robust ecosystem and user-friendly interface. The ERC-20 standard ensured compatibility with Ethereum-based wallets like MetaMask and Trust Wallet, enhancing accessibility.

Key Milestones in WXT’s History

2023: Building the Ecosystem

Following its launch, WEEX focused on integrating WXT into its ecosystem:

  • WE-Launch Events: The first WE-Launch event distributed ZK tokens to WXT holders, establishing the token as a gateway to exclusive airdrops.
  • Fee Discount Expansion: WEEX introduced tiered discounts, offering up to 70% off futures trading for WXT holders (VIP Perks), driving adoption.
  • Partnerships: WEEX partnered with over 2,000 global influencers and 10,000 star traders, boosting WXT’s visibility through community-driven campaigns.
  • Price Growth: By the end of 2023, WXT’s price had risen to $0.015, a 50% increase from its launch price, reflecting growing market confidence.

2024: Scaling and Innovation

In 2024, WEEX accelerated its growth, and WXT played a central role:

  • Platform Upgrades: WEEX enhanced its trading engine, supporting over 1,000 trading pairs and achieving a daily trading volume of $20 billion.
  • Airdrop Expansion: WE-Launch events grew in scale, with distributions like 500,000 DOGS tokens and upcoming tokens, attracting more WXT holders.
  • Staking Program: WEEX introduced a staking program with APRs up to 88.71%, making WXT a popular choice for passive income seekers.
  • Market Performance: WXT’s price reached $0.025 by mid-2024, a 150% increase from its launch, driven by WEEX’s user growth and ecosystem utility.

2025: The $120 Million Token Burn

On January 30, 2025, WEEX executed its first-ever token burn, destroying 4 billion WXT tokens—40% of the total supply—valued at $120 million. This historic event reduced the circulating supply to 6 billion tokens and marked a turning point for WXT:

  • Transparency: The burn was recorded on-chain, ensuring verifiable proof of destruction.
  • Market Impact: WXT’s price surged to $0.0339, a 384% increase from its launch price, outperforming the global crypto market’s -0.6% decline.
  • Quarterly Burn Commitment: WEEX announced plans to burn 20% of its quarterly revenue (from trading and listing fees) to repurchase and destroy WXT tokens, establishing a deflationary model.

The burn drew comparisons to Binance’s BNB, which has burned over 30% of its supply since 2017, and Bitget’s BGB, with a planned $5 billion burn. WXT’s bold 40% initial burn positioned it as a competitive platform token.

Technological Foundation of WXT

WXT is built on the Ethereum blockchain as an ERC-20 token, offering:

  • Security: Ethereum’s robust infrastructure ensures transaction reliability and protection against double-spending.
  • Scalability: Support for smart contracts enables future integrations, such as cross-chain payments or NFT trading.

WEEX has hinted at exploring multi-chain compatibility for WXT, potentially integrating with layer-2 solutions like Arbitrum or Optimism to reduce transaction costs. This technological flexibility has supported WXT’s adoption across trading, staking, and airdrop functionalities.

WXT’s Role in the WEEX Ecosystem

WXT is integral to WEEX’s ecosystem, which rivals established platforms like Binance and Bitget:

  • Trading Fee Discounts: WXT holders save up to 30% on spot trading and up to 70% on futures, incentivizing active trading.
  • WE-Launch Airdrops: WXT unlocks access to exclusive token distributions, fostering community engagement.
  • Staking and VIP Benefits: Holders earn high APRs and access premium features like higher referral commissions.
  • Platform Governance & Voting Rights: 
    • Voting Rights: WXT holders can vote on key platform decisions such as new token listings, feature upgrades, and event planning. 
    • Proposals: Long-term or high-volume WXT holders (“shark holders”) can submit governance proposals, helping shape the platform’s future development.

With over 5 million users, 1,000 trading pairs, and a 1,000 BTC investor protection fund, WEEX’s growth directly fuels WXT’s value proposition.

WXT vs. Other Platform Tokens

WXT’s history and strategy draw parallels with leading platform tokens:

  • BNB (Binance): Launched in 2017, BNB transitioned from an ERC-20 token to the BNB Chain, with over 30% of its supply burned. BNB’s price rose over 10,000% since launch, driven by Binance’s ecosystem.
  • BGB (Bitget): Introduced in 2020, BGB has surged 1,500% with a planned $5 billion burn. Bitget’s focus on derivatives mirrors WEEX’s strengths.
  • WXT (WEEX): Launched in 2023, WXT’s 40% burn and 384% price increase reflect early success. Its newer status suggests higher growth potential compared to BNB and BGB.

WXT’s aggressive burn strategy and WEEX’s rapid user growth position it as a rising star among platform tokens.

Future Outlook

WEEX’s commitment to quarterly burns, transparent on-chain records, and ecosystem expansion bodes well for WXT:

  • Deflationary Model: Ongoing burns will further reduce supply, potentially driving price growth.
  • Ecosystem Growth: Plans for cross-chain integrations, NFT trading, and governance features will enhance WXT’s utility.
  • Global Expansion: WEEX’s licenses and partnerships with 2,000 influencers will attract more users, boosting WXT demand.

Analysts view WXT as a “100x gem” due to its undervalued price ($0.02712 recently) and WEEX’s trajectory, though investors should conduct their own research.

FAQ

When was WXT launched?

WXT was launched in August 2023 as an ERC-20 token on the Ethereum blockchain with a total supply of 10 billion.

What was the $120 million WXT burn?

On January 30, 2025, WEEX burned 4 billion WXT tokens (40% of the supply), valued at $120 million, to increase scarcity.

How does WXT compare to BNB?

WXT, like BNB, is a platform token with trading fee discounts and burns. WXT’s 40% burn is bolder, but BNB benefits from a larger ecosystem.

What is WXT’s role in the WEEX ecosystem?

WXT powers trading fee discounts, airdrops, staking, and future governance within WEEX’s 5-million-user platform.

Is WXT a good investment?

WXT offers a unique opportunity to grow alongside the rapidly expanding WEEX platform. As WEEX builds a global presence and vibrant ecosystem, demand for WXT is set to rise. From lowering trading fees to unlocking exclusive rewards, WXT delivers real value for active traders and investors alike. With strong community backing and innovative platform features, WXT is well-positioned to thrive in 2025 and beyond.

Conclusion

The history of WEEX Token (WXT) reflects a rapid ascent from its August 2023 launch to its historic $120 million burn in January 2025. Built on Ethereum, WXT has become a cornerstone of WEEX’s ecosystem, driving user engagement through trading discounts, airdrops, and staking. With a 40% supply reduction, quarterly burn plans, and a growing 5-million-user base, WXT is carving a niche among platform tokens like BNB and BGB. As WEEX continues to innovate, WXT offers a compelling opportunity for investors and traders. Explore WXT today by joining WEEX and unlocking its exclusive benefits!

Ready to be part of WXT’s journey? Sign up on WEEX now to buy WXT and enjoy up to 70% trading fee discounts!

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How to Buy Crypto with BCA on WEEX P2P

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Your Crypto will arrive instantly in your WEEX wallet — safe, fast, and with zero fees.

 

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Q4: Do I need full KYC? A: Basic KYC is required for P2P trading.

 

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How to Buy USDC with BCA on WEEX P2P

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How to Buy BTC with BCA on WEEX P2P

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ETH is held in escrowSellers release assets only after payment is confirmedTrades are processed quickly and safely

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Register on WEEX and complete basic KYC verification Create your WEEX account and finish the basic identity verification process, which typically takes less than one minute to complete.Navigate to Buy ETH → P2P Trading From the main menu, enter the P2P trading section and select IDR as your preferred fiat currency.Apply the “BCA” filter Enable the BCA payment filter to view only those merchant advertisements that support BCA.Select the most suitable merchant Review and compare available merchants based on key indicators, including:Exchange priceOrder completion rateTotal trading volumeReal-time online statusEnter the amount you wish to purchase Input your desired ETH amount, and the system will automatically calculate and display the exact payable amount in IDR.Complete the payment via BCA Transfer the displayed amount using BCA, following the bank details provided by the selected merchant.Confirm payment and notify the seller Click “Transferred, Notify Seller” after completing the transfer. The seller will then verify your payment and promptly release the ETHcurrency to your WEEX account.

Your ETH will arrive instantly in your WEEX wallet — safe, fast, and with zero fees.

 

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Do You Pay Tax on Crypto? Trading, Staking and Airdrops Explained

TL;DR

Do you pay tax on crypto without selling? Yes, in most cases, you owe crypto tax even if you don’t cash out.Do you pay tax on crypto trading? Yes. Buying, selling, or swapping crypto (ETH to BTC) can trigger capital gains tax.How is crypto trading taxed? Profits are usually taxed as capital gains, but frequent trading or futures trading may be treated as business income.Is staking taxable? Yes. Crypto staking rewards are taxed as income when received, and taxed again as capital gains when sold.Are crypto airdrops taxable? Yes. Airdrops are taxable income at the time you receive them, even if you don’t sell.When do you owe crypto taxes? When you trade, earn, or receive crypto — not just when you withdraw to fiat.What are common crypto tax mistakes? Not tracking trades, ignoring staking rewards, and assuming no tax without withdrawal.How to report crypto taxes easily? Export your data from WEEX and use crypto tax software like KoinX to generate reports.

Most crypto users assume one thing: If you haven't withdrawn your funds, you don't owe any tax.

It sounds logical , but in most cases, it's wrong.

As crypto markets evolve, tax rules have become clearer and stricter. What matters is not whether you cash out, but how you interact with your assets. Trading, earning, or even receiving tokens can all trigger taxable events, often without you realizing it.

So when exactly do you pay tax on crypto? The answer depends on what you do.

Do You Pay Tax on Crypto Trading? Even Without Cashing Out

The most common misconception is that taxes only apply when you convert crypto into fiat.

In reality, tax authorities in many countries treat any disposal of crypto as a taxable event. This includes not only selling for cash, but also swapping one asset for another.

If you trade ETH for BTC, you may still need to calculate your gain — even though no money ever leaves the crypto ecosystem.

What matters is whether you realized a profit.

If the value of your asset increased between the time you acquired it and the time you traded or sold it, that difference is typically taxed as a gain. Losses may also be recognized, depending on local rules.

For active traders, especially those using futures or trading frequently, things can become more complex. In some cases, trading activity may even be treated as business income rather than capital gains, which can significantly change how it is taxed.

Is Staking Taxable? When and How Rewards Are Taxed

Staking is often described as passive income, but from a tax perspective, it’s rarely that simple.

In most jurisdictions, staking rewards are treated as income at the moment you receive them, based on their market value at that time.

This means you may owe tax even if you never sell your rewards.

And that’s only the first layer.

If you later sell those tokens at a higher price, the additional profit is taxed again — this time as a capital gain.

This dual structure — income first, gains later — is one of the most commonly misunderstood aspects of crypto taxation, and a frequent source of reporting errors.

Are Crypto Airdrops Taxable? What Counts as Income

Airdrops feel like free money. From a tax perspective, they usually aren’t.

In many cases, airdropped tokens are treated as income once you have control over them and they have a measurable market value.

That means the moment you can claim or access the tokens, their value may already be taxable — regardless of whether you sell them.

If you later sell at a higher price, the difference is taxed again as a gain.

Like staking, airdrops often create two separate tax events:

one when you receive the tokens, and another when you dispose of them.

Crypto Tax Mistakes That Can Cost You Money

The rules themselves are not always complicated — but applying them correctly can be.

Many users assume that staying within crypto avoids tax, overlook income from staking or airdrops, or fail to track the original cost of their assets across multiple trades.

As activity increases, especially across different assets and strategies, keeping accurate records becomes significantly harder. Without proper tracking, it’s easy to either underreport — or overpay.

When Do You Actually Owe Crypto Taxes? Key Takeaways

Crypto taxation is not just about how much you earn. It’s about when and how those earnings are realized.

Trading, staking, and airdrops are taxed in different ways, often at different points in time. And in many cases, tax obligations arise long before any funds are withdrawn.

The key takeaway is simple:

If you are actively participating in the crypto market, you are very likely generating taxable events — whether you notice them or not.

Understanding this early makes it easier to stay compliant, avoid costly mistakes, and make better decisions as your trading activity grows.

How to Report Crypto Taxes on WEEX: A Simple Step-by-Step Guide

Understanding how crypto is taxed is only half the process — reporting it correctly is where it gets more complex.

As your activity grows, especially across trading, staking, and rewards, keeping track of every transaction manually can quickly become overwhelming. Using a platform where your trading history is organized and easily exportable can make a meaningful difference when it comes to filing.

For a step-by-step guide on how to track and report your crypto taxes, read the full tutorial here:

WEEX Crypto Tax Guide: How to Export Trading Data and Generate a Tax Report with KoinX

About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

Follow WEEX on social media:

· Instagram: @WEEX Exchange 
· X: @WEEX_Official 
· Tiktok: @weex_global 
· Youtube: @WEEX_Global 
· Discord: WEEX Community 
· Telegram: WeexGlobal Group

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