What Is WAX (WAXP) How It Works & Where To Buy It?

WAX (WAXP) is an articulately designed blockchain created to promote quicker, more secure, and efficient digital transactions, catered specifically to trading in-game assets that will be traded NFTs.

WAXP is the native utility token used to pay for various traded assets, governance, and transaction fees.

The WAXP token is currently the 125th largest cryptocurrency by market capitalization.

 

How WAX (WAXP) Works

WAX was designed to be a platform for any website owner in the game business, particularly publishers and studios. Using the WAX blockchain network and WAX’s infrastructure, they can provide clients with digital items that complement their offerings. The WAX platform is free, simple to use, and serves as a governance currency.

WAX utilizes a set of innovative blockchain-based tools perfectly catered to develop decentralized NFT marketplaces, mint NFTs and facilitate a host of other features. The blockchain open architecture ensures that customers aren’t subject to any fees and the transactions take place almost instantly.

Because of its design, WAX is ideal for developing any software. In essence, the platform’s structure is fairly similar to that of the EOS ecosystem; therefore, projects built on EOS can easily migrate. The WAX team has focused on securing its infrastructure in order to cater to trading items and provide its B2C clients with additional opportunities to generate money.

To operate its blockchain effectively, WAX employs a delegated-proof-of-stake (DPoS) consensus mechanism. The WAX ecosystem is growing rapidly and even though the WAX platform aims to dominate worldwide asset exchange – there are other products, such as the WAX cloud wallet that are being developed and actively improved.

Individuals interested in learning more about the WAX protocol can refer to the WAX whitepaper.

 

What Is WAX (WAXP) Used For?

WAX is typically used by game developers, game publishers, and game studios that want to utilize its versatile and seamlessly efficient blockchain. The WAX platform is perfectly catered to the gaming industry and the laws for the easy trading of NFTs and in-game assets.

Developers and users enjoy the platform because it is optimized and free to use. It is also equipped with a native blockchain wallet, ensuring that tokens can be safely stored. The platform is designed to make e-commerce transactions faster and more efficient and also has various incentive mechanisms developed to accommodate both developers and users.

Additionally, some individuals swing and arbitrage trade WAX tokens on various crypto exchanges because the WAX price is slightly different on each platform. This may be quite lucrative but has a significant degree of risk.

 

Where To Buy WAX (WAXP) Token

WAXP has grown in popularity over recent years, especially since it was listed on Binance. The platform is catered to virtual item trading, and the WAX tokenomics is another interesting part of the protocol.

WAXP tokens are commonly traded on most CEXs. Before purchasing WAXP, you must deposit fiat money; sequentially, WAXP tokens are then deposited into your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

Typically, owners of crypto tokens transfer their tokens to a digital wallet. Then, holders can easily connect their wallets to a variety of decentralized sites and use beneficial DeFi products.

Users are advised to withdraw their tokens from centralized exchanges, which grants them complete control of their crypto tokens and private keys.

None of the abovementioned information is investment advice.

 

About WAX (WAXP)

How long has WAX (WAXP) existed?

WAX (WAXP) was introduced in 2017 as a blockchain aimed to streamline, secure, and simplify e-commerce transactions, namely specializing in gaming-based item trade.

The WAX initial coin offering raised more than $9,000,000, and the ICO token price was 1500 WAX = 1 ETH. 

What’s controversial about WAX (WAXP)?

The blockchain and crypto industry is notoriously under-regulated, and users should always be cautious when investing. There are numerous projects that seem credible, trustworthy, and potentially profitable – this is mainly because teams spend large amounts of money on advertising and persuasive marketing.

Users seeking to find the most credible projects should do extensive research before investing in any protocol.

The biggest controversy surrounding WAX (WAXP) is:

• ICO Was a Securities Sale – Three investors have launched a lawsuit against the California-based Opskins Group, the developers of the WAX, a blockchain-based e-commerce platform for digital assets aimed largely at the gaming sector. The court action says that the November 2017 WAX ICO, which garnered more than $40 million, was, in reality, an unregistered securities sale, and the investors want their money back.

How many WAX (WAXP) Tokens are there?

When the article was first written, WAX (WAXP) had a circulating supply of 2.11B WAXP

The total supply of WAX (WAXP) is 3,898,347,973

Can WAX (WAXP) be mined?

It is not possible to mine WAX tokens. To ensure its integrity and safety, the protocol relies on a consensus process known as delegated proof-of-stake.

There are a plethora of websites that claim they provide WAX mining services. However, this is false information. In spite of the fact that WAX cannot be mined, it is still possible to stake WAX and acquire tokens via the process of staking WAX.

The users of these DeFi products are required to store their WAX tokens in a digital wallet that enables a seamless connection to the decentralized platform of their choice before they may utilize these products.

These decentralized exchanges, like PancakeSwap, are among the most popular ones currently available. DEXs have gained in popularity because they facilitate transactions in a quick manner, do so at a minimal cost, and can do so securely.

Some centralized exchanges let users earn returns by staking WAXP tokens.

What is the market cap of WAX (WAXP)?

The market cap of Wax (WAXP) is: the total amount of coins in circulation x the current market price of WAXP.

Wax (WAXP) Market Cap = 2.11B WAXP x $0.0883 = $186 million (125th largest market cap)

WAXP is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of WAX (WAXP)

The WAX protocol has quickly established itself as one of the top blockchains catered specifically to the gaming sector. The blockchain gaming sector is growing at an exponential speed and requires blockchains that are able to facilitate the trade of in-game assets and NFTs.

There are a number of blockchains that are merging in the gaming sector; many of these projects aim to provide similar solutions to the WAX protocol.

WAX’s biggest competitors are:

• Enjin
• Bora

 

What Are The Future Plans of WAX (WAXP)?

WAX is going to put a significant amount of effort into growing its user base, improving the functionality of its native token, and onboarding a greater number of partners. At the moment, the WAX ecosystem is home to a number of top-tier gaming projects that have recently joined.

The protocol is making significant progress, and the developers are working hard to maintain their status as industry leaders while still being inventive and expanding the amount of exposure their project gets.

 

Pros And Cons Of WAX (WAXP)

Pros:

• WAX Is Free To Use – The WAX blockchain is free to use, which is incredibly appealing to both developers and traders who wish to take part in the NFT marketplace.
• Carbon Neutral – The energy consumption of WAX is said to be so low that the company can claim to be “carbon neutral.” Because it is considered to be a blockchain protocol that is considerate towards the environment, the protocol has received a significant amount of interest from the cryptocurrency community.
• Listed On Major Exchanges – WAX is a purpose-built blockchain with innovative custom features, lightning-fast mechanisms that produce blocks rapidly, and a large user base. This has aided the project in growing its exposure and getting listed on some major crypto exchanges.

  The vast majority of centralized cryptocurrency exchanges now support WAX currencies for trading. On cryptocurrency exchanges like Binance, Kraken, and KuCoin, individuals have the ability to trade WAX tokens with relative ease. When a project is listed on many reputable cryptocurrency exchanges, the majority of people have a higher level of faith in that project. In addition to this, it lends credibility to a project.

• EOS Compatible – Developers who are used to the EOS blockchain can easily migrate to the WAX blockchain because it is compatible.
• NFT Marketplace – People will be able to engage in effortless trading because of the availability of the project’s very own marketplace, which is an additional value generator for the initiative. The marketplace makes use of smart contracts, which are both safe and effective, and has continued to grow in popularity.

Cons:

• Competition – The blockchain gaming sector is growing rapidly, and there are several projects emerging daily. Protocols like Enjin are a direct competitor to the WAX blockchain and have managed to amass a larger market cap and user base than WAX.