- Worldwide Asset eXchange, WAX, has completed the Ethereum cross-chain bridge which now allows WAX users to participate in yield farming and staking on the protocol
- WAX now records the highest daily activity of any blockchain project; more than 18 million transactions are recorded daily
- The project has announced a milestone of 5 million user accounts, making it one of the largest blockchain projects around
- Original John Van Hamersveld vIRL #NFT collections will be featured on the WAX network from August 24th.
Worldwide Asset eXchange, also known as WAX, is a purpose-built blockchain designed for faster and simpler e-commerce transactions while ensuring the security of every party involved.
Smart contracts underlying the transactions act as the mechanism that permits trustless trading between buyers and sellers. The WAX blockchain is capable of a 500 millisecond block time and zero-fee events for clients.
WAX has also created a suite of blockchain-based tools upon which decentralized application (DApp) marketplaces and non-fungible tokens can be built. How has WAX fared in recent times?
WAX (WAXP) – Recent Developments
July was a particularly good month for WAX, as it began to record surges in activities on the NFT platform. The WAX blockchain has now reached a daily transaction activity of 18.2 million, more than twice that of Stellar (XLM) which ranks second with 7.67 million.
Daily transactions on the WAX (WAXP) blockchain over the last ninety days. Source Blockivity
The project recently introduced a cross-chain bridge to the Ethereum network. Users of WAX can now participate in yield farming and staking on the protocol. The WAX blockchain operates with a delegated Proof-of-Stake consensus model and the staking of WAXP tokens earn users an annualized reward rate of 4.42%.
The WAX marketplace will welcome some new NFTs before the end of August. WAX has announced that original John Van Hamersveld vIRL #NFTs are coming to the platform. The first set of the NFTs will be released on August 24th.
NFT collections for Outer_Space_Men, the “greatest space toy action figures in the world”, will be featured on the WAX platform from the 19th of August, 2021.
WAXP has been far from impressive in the market recently. Through the weeklong rally that saw the crypto market finally reclaim the $2 trillion market cap, the price of WAXP experienced a brief surge before losing its gains.
Price Chart of the WAX (WAXP) over the last seven days. Source CoinMarketCap
The above price chart shows WAXP opening the week at $0.181 before peaking at $0.1971 on August 12th. A sell-off has seen the price of WAXP fall back to $0.1861 today. The coin is currently down by 2% over the last 24 hours.
On The Flipside
- While the WAX blockchain stands out amongst others, its native token (WAXP) has failed to dominate the crypto marketplace
- WAXP is currently valued at $1.88, a 96% drop from it’s all-time high of $5.01 recorded in December 2017
- A market cap of $316.9 million earns WAP the rank of 155th largest crypto.
WAX has one of the largest user bases among all crypto projects. In July, the Worldwide Asset eXchange announced that the project surpassed 5 million user accounts with 325,000 unique visitors daily.
WAX has 124k followers on Twitter and 52.9k members on Discord. According to the announcement, the WAX blockchain has more users and daily transactions than any other blockchain.
Why You Should Care?
WAX is one of the biggest blockchain projects and has a substantial influence on the NFT marketplace, which is growing rapidly.