WazirX Faces Four-Hour Outage Amid Record Trading Volume, Launches NFT Marketplace

WazirX Faces Four-Hour Outage Amid Record Trading Volume, Launches NFT Marketplace

WazirX, one of India’s leading cryptocurrency exchanges, experienced a major disruption on Sunday, leaving its 1.8 million users unable to view their funds or trade for over four hours. The outage occurred during a period of record-breaking trading volume on the platform, highlighting the surging interest in cryptocurrency in India despite regulatory uncertainties.

System Overload Causes Major Outage

The disruption was caused by WazirX hitting internal limits set by one of its infrastructure providers, according to the exchange’s CEO, Nischal Shetty. In a series of tweets, Shetty explained that the system load created a “ripple effect” across WazirX’s services.

“One system that wasn’t working properly was the one that shows fund value. Once the system is back up, users will be able to see their funds,” Shetty assured users.

More than four hours later, Shetty confirmed that users could once again view their funds and cancel pending orders. However, trading remained disabled for an extended period, causing frustration among investors.

Record Trading Volume Before Outage

The outage coincided with a surge in trading activity. According to WazirX COO Siddharth Menon, the platform recorded over $270 million in trading volume within 24 hours prior to the incident.

This surge in volume reflects the growing appetite for cryptocurrency investments in India, despite ongoing regulatory uncertainties about a potential ban. WazirX’s native token, WRX, also saw significant gains, jumping over 160% in 24 hours to hit $4.15 at the time of the incident.

WazirX Launches India’s First NFT Marketplace

Amid the technical challenges, WazirX recently launched India’s first NFT marketplace, a groundbreaking initiative for the country’s digital creators. The platform allows artists and creators to list digital assets such as:

• Art pieces
• Audio files
• Videos
• Tweets

Indian creators can now auction their digital goods while earning royalties on future sales.

Key Features of WazirX’s NFT Marketplace:

• Zero listing fees: WazirX does not charge for creating and listing NFTs.
• Gas fee optimization: The platform is working to reduce the blockchain gas fees, making NFT minting more affordable for creators.

Navigating India’s Regulatory Landscape

WazirX’s growth and initiatives like the NFT marketplace are set against the backdrop of regulatory uncertainty in India. The government has proposed a potential ban on private cryptocurrencies, sparking concerns among investors and exchanges.

However, WazirX’s rising popularity and innovative features highlight the resilience of India’s crypto ecosystem. With record trading volumes and pioneering projects like the NFT marketplace, WazirX continues to lead the charge in advancing blockchain adoption in the country.

Final Thoughts

WazirX’s recent outage underscores the challenges of scaling cryptocurrency platforms amidst skyrocketing demand. At the same time, the launch of its NFT marketplace reflects the exchange’s commitment to empowering Indian creators and pushing the boundaries of blockchain technology.

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