WAX

What is WAX (WAXP)?

Ever wondered how the fast-paced Web 3.0 world has changed the way one can trade digital assets and NFTs?

Well, that’s what we’ll discover today by talking about WAX – a unique decentralized exchange for NFTs and digital assets.

Without wasting any time, let’s dig in…

Wax, also known as Worldwide Asset Exchange, is a decentralized exchange developed to trade or exchange in-game items, such as gun skins and currencies.

It is a one-stop platform where you can trade Non-fungible tokens (NFT), video games, and many other virtual items.

Furthermore, the platform also provides the technology stack that a creator needs to launch an NFT. That’s not all!

The platform deploys a Delegated Proof of Stake (DPOS) mechanism to ensure quick and reliable e-commerce transactions. Plus, it’s also compatible with EOS – a layer -1 blockchain developed by Antelope protocol.

Another noteworthy feature of WAX is its environmental friendliness since it uses carbon-neutral processes while creating NFTs.

Vision and Mission of WAX

In the beginning, there wasn’t any platform that facilitated the trading of virtual objects. This problem was identified by William and Jonathan – founders of WAX – and they decided to address the issue at hand.

In 2017, WAX came into existence with a powerful mission to enable users to develop their own online stores. These stores can be used to trade and exchange virtual items without the need for any intermediary.

The Brains Behind WAX

The founders of Wax are William Quigley and Jonathan Yantis. Their team members include Lukas Sliwka, who is the CTO, and Malcolm CasSella, who works as a strategy advisor.

Remember that William Quigley is the CEO, while Jonathan Yantis is the COO of the company.

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The Architecture of WAX

Here’s an analysis of Wax’s Architecture:

Overview of Blockchain Technology

Blockchain technology has gained immense popularity for its ability to provide secure and transparent decentralized networks. It is the underlying framework for various applications, including cryptocurrencies, decentralized finance (DeFi), and non-fungible tokens (NFTs).

The Protocol’s Unique Architecture

A notable aspect of WAX’s architecture is its focus on the gaming community. The protocol enables the secure and decentralized trading of in-game assets and virtual collectibles.

WAX provides an asset generation platform that simplifies creating and managing digital assets and NFT collections.

Creators, brands, and businesses can utilize this platform to mint and launch their NFTs, expanding the platform’s ecosystem and user base.

Consensus Mechanism in WAX

• DPoS is known for its efficiency in processing transactions and producing blocks. It minimizes the energy consumption and computational resources required, contributing to a faster and more sustainable blockchain.
• In a DPoS system, network nodes are incentivized to perform their duties, such as validating transactions and producing new blocks.
• DPoS enhances the scalability of the WAX blockchain, allowing it to handle a growing user base and increasing transaction volumes.

Features of WAX

Some differentiating features of WAX platform are as follows:

User-friendly Interface

WAX is known for its intuitive and user-friendly interface. Whether you’re a first-time NFT trader or an experienced user, the platform offers a straightforward and easy-to-navigate interface. This user-centric design makes WAX accessible to a broad audience, simplifying the process of trading digital assets and NFTs.

Cross-platform Trading

WAX facilitates cross-platform trading, allowing users to buy, sell, and trade digital assets across various applications, games, and marketplaces.

This interoperability means that virtual goods and NFTs are not limited to a single ecosystem, providing greater flexibility and liquidity in the digital asset market.

Seamless Virtual Goods Trading

WAX specializes in seamlessly trading virtual goods, making it an ideal platform for gamers and collectors. Whether you’re looking to trade in-game items, virtual collectibles, or unique NFTs, WAX’s architecture is optimized for the secure and efficient exchange of these digital assets.

Global Marketplace

WAX hosts a global marketplace where users can engage in digital asset trading. This global reach not only expands the potential audience for your assets but also fosters a diverse and vibrant community of users. It provides opportunities for users to discover, buy, and sell items with a global user base.

Real-World Applications

Some industries where the use cases of WAXP are extremely useful are as follows:

Gaming Industry

As mentioned earlier, the platform acts as DEX for virtual assets, mostly in-game items, including but not limited to skins, weapons, and characters. At this point, gamers can trade such assets on this platform securely.

Virtual Real Estate

Since the platform facilitates cross-platform trading, users can purchase and exchange virtual real estate in different metaverse platforms. Isn’t that great?

Collectibles and NFTs

This is a no-brainer since WAXP is developed for trading NFTs. But that’s not all! Users can also create, mint, and collect digital assets on the platform. Furthermore, the blockchain technology of the platform also verifies the authenticity of collections, which is particularly useful for high-value items.

The WAXP Tokens

Now, we’ll dig deep and learn about the native token of WAX, i.e., WAXP token.

Utility and Functions

Some of the major use cases of WAXP tokens are as follows:

• Artists and creators use WAXP to mint NFTs on the platform.
• The token is also used for facilitating cross-platform trading, enabling users to exchange virtual assets between different applications.
• WAX’s asset generation platform simplifies creating and managing digital assets and NFT collections.

Tokenomics

Here are essential details regarding the WAXP token:

• Market Cap: $195,627,416
• Circulating Supply: 3,369,350,828 WAXP tokens
• Total Supply: 4,071,594,546
• Max. Supply: There’s no max supply, so technically users can create unlimited tokens
• Fully Diluted Market Cap: $236,362,034

Value and Market Performance

The approximate market cap of WAX is $195,627,416. It’s one of the key metrics used to evaluate the overall value, size, and scope of a cryptocurrency.

However, the performance hasn’t been good since November 2021. The reasons might be due to the bearish sentiments that caused the price drop in all major cryptocurrencies.

Buying WAXP Tokens on Binance

Here’s a step-by-step guide that will help you buy WAXP tokens on Binance.

Setting Up a Binance Account

You would first have to create a Binance account to buy WAXP Tokens easily. To create an account, click on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code.

Note: A confirmation link will be sent to the email address you use, and upon clicking it, the registration process will be completed.

Verification and Securing

Before you start trading, Binance will carry out its verification process known as KYC (Know Your Customer). Binance will require photos of your national identity card or passport for verification. Further, it will ask for a live photo to recognize your identity.

Don’t worry, your account is totally secure with Binance, as it offers many security features such as Google/Binance Authenticator. Whenever you try to log into your account, Binance will ask for a code to verify, and this code will be sent to your email address or present in the Binance Authenticator app. After pasting this code, you will gain access to your account.

Depositing Funds into Your Binance Account

There are mainly three ways to deposit funds into your Binance account including:

• Debit/Credit
• Bank Transfers
• P2P Transactions

These methods are pretty safe to use, but not all are available in every country. For example, many countries in the Middle East and Asia cannot deposit funds through Debit/Credit cards.

Initiating the Purchase of WAXP Tokens

After your account has been verified and you have deposited funds, you are all set to trade. You now just have to search “WAXP Token” on the search bar, and after clicking on it, you will be redirected to its Binance official buying page.

Then, you will have to select the amount of USDT that you want to buy with the type of order that you want to use for executing the trade. For example, market or limit trade.

Storing Your WAXP Tokens Safely

Now, WAXP tokens are stored in your account, and you can transfer them to any personal wallet you want by clicking on the transfer button on the wallet section where your tokens are stored.

Future Projections

Although the WAX Platform is continuously improving, there is no information regarding its future projects.

Conclusion

WAX’s platform has emerged as a trailblazer in blockchain technology, offering a user-friendly, efficient, and secure environment for digital asset trading, NFT minting, and more. Its unique architecture, seamless cross-platform compatibility, and global marketplace provide diverse opportunities for gamers, collectors, creators, and investors.

We Coin-Labs.com provides only objective information about WAX.
Therefore, we are not responsible for the investment decision in WAX and the resulting loss.

WAX Basics

Here are some factors that investors should consider before investing in WAX.

Cryptocurrency Features	WAX (WAXP)
Publisher or Developers	William Quigley, Jonathan Yantis
Headquarters (Registration Number)	Cayman Islands
Symbol	WAXP
Platform	WAX blockchain, EOS compatible
Published Date (CMC Registration)	2024-11-01
Max Supply	No limit

Reliability Score of WAX in 2024

These are indexes mesuring the investment reliability of WAX conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 5 Exchanges
Number of Available Pairs Worldwide	122 Pairs
Market Cap of the Cryptocurrency	184,085,515 USD (Rank #248)

The table above shows the result of investment suitability evaluation for WAX.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

WAX Price

Here are the price and recent trading volume of WAX. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of WAX
WAX Price	0.031 USD
Price Change 24h	-1.72%
Price Change 7d	-6.84%
Trading Volume 24h	6,407,443 USD
Trading Volume Change 24h	12.17%

Cryptocurrency Metadata

You can check the development status and social media information of WAX through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://wax.io/
📖 White Paper	https://developer.wax.io/api-docs-tools/
🛰️ Source Code (GitHub)	https://github.com/worldwide-asset-exchange/
🐦 Twitter	https://twitter.com/WAX_io
🤖 Reddit	https://reddit.com/r/WAX_io
🎺 Message Board	https://wax-io.medium.com/

Where to Buy WAX

Here are the top ten world crypto exchanges where traders can buy WAX in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/WAXP_USDT
Coinbase	Not listed
Kraken	Not listed
KuCoin	Listed	https://www.kucoin.com/trade/WAX-USDT
Bitfinex	Not listed
OKX	Listed	https://www.okx.com/trade-spot/waxp-usdt
Huobi	Listed	https://www.htx.com/en-us/trade/waxp_usdt
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Listed	https://www.gate.io/trade/WAXP_USDT

Frequently Asked Questions