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…
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.
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.
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.
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.
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.
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) | 2024-12-01 |
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 | 125 Pairs |
Market Cap of the Cryptocurrency | 184,085,515 USD (Rank #248) |
WAX Price
Here are the price and recent trading volume of WAX. (Data of 2024-12-02 03:40:00)
Price Items | Price and Trading Volume of WAX |
---|---|
WAX Price | 0.057 USD |
Price Change 24h | 1.47% |
Price Change 7d | 16.89% |
Trading Volume 24h | 25,746,084 USD |
Trading Volume Change 24h | 0.34% |
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/ |
https://twitter.com/WAX_io | |
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
What is the current price of WAX?
WAX price today is 0.057 USD. Furthermore, the price of WAX has fluctuated by 1.47% from 24 hours ago, and by 16.89% from a week ago.
Where is WAX listed?
Currently, it is listed on a total of 5 among the world top 10 exchanges.
What is the market cap of WAX now?
Currently, WAX has a market cap of 184,085,515 USD, which is ranking 248 among cryptocurrencies worldwide.
How much is the trade volume of WAX?
Currently, 3,571,001,902 WAXP coins are circulating through 125 market pairs. As a result, in the last 24 hours, 25,746,084 USD of WAXP coins were traded in the market.