What is WAX (WAXP)?


The WAX platform provides everything you require to deploy a successful decentralized application. Whether it is a cryptocurrency-related project or the NFT marketplace (these have taken the blockchain industry by a storm recently, huh?), WAX has the tools to make your journey a successful one.

Here is everything you need to know about this amazing platform and its native token, the WAXP.

What Is WAX (WAXP)?

WAX (WAXP) was released in 2017 as a purpose-built blockchain designed to facilitate faster, safer, and simpler e-commerce transactions — in particular, gaming-based item trading. (Part of the team that worked on WAX’s ICO also developed OPSkins. It’s a famous resource for trading digital items, e.g. artifacts from World of Warcraft.) 

Co-founded by Jonathan Yantis and William Quigley, WAX (WAXP) was developed with an incentive mechanism that optimizes the blockchain to suit e-commerce. The ecosystem encourages voting on proposals as it aims to achieve complete decentralization.

The project has a set of blockchain-based tools that can build NFTs and decentralized NFT marketplaces, create apps and play-to-earn games on the basis of the network. Besides, WAX’s blockchain architecture has a block time of 500-milliseconds with zero transaction fees for its customers. 

How WAX Works

WAX is a platform that was intended to be used by any website owner that’s connected to the gamedev world — a game publisher, a magazine, a game studio, etc. They can utilize the blockchain network and WAX’s services to offer customers digital goods related to their products. WAX is free, secured with an ERC-20 governance token, and very user-friendly. 

WAX, being built on open architecture, is good for developing any app. Actually, the platform’s underlying structure is compatible with the EOS ecosystem, so solutions people have built on EOS can be easily imported there. The WAX team aims to develop safe and secure infrastructure around item trading — and provide their B2C customers with more opportunities to access new revenue streams. 

Their blockchain uses the delegated-proof-of-stake consensus algorithm. In WAX’s case, that means that those who have WAX tokens vote for 21 communities (guilds) that produce blocks in the network and get rewards for doing so. 

WAXP Price History

As of January 14th, 2022, WAXP was trading at $0.405176, with its trading volume — at that specific time standing at $35,707,201. The current price is a drop of 91.9% from its all-time high of $5.6813.

WAXP currently has a circulating supply of 1,907,322,976 coins, and the max supply is undisclosed. The token has a total of $772,801,517 in live market capitalization.

How to Buy and Store WAX Token

If you wish to buy WAXP, several cryptocurrency exchanges have listed it for trading. This includes Huobi Global, KuCoin, Mandala Exchange, Binance, HitBTC, and Godex ( https://godex.io/ ). You can also buy WAX directly using Simplex.

After purchasing WAXP, you will require a crypto wallet to store your tokens safely.

The most popular options for WAXP crypto wallets include:

1. WAX Cloud Wallet

This simple but powerful crypto wallet conveniently allows you to log into your WAX account with all its resources and access to your project. It has a mobile version, and it secures your login details & protects your assets on the native platform.

2. Ledger Nano S

Ledger Nano is a series of high-quality cold storage wallets you might want to use with your cryptos. They’re connecting to PCs via a USB cable. Setting up this wallet is simple and only uses a PIN. Nano S also has a built-in OLED display and buttons that are used to quickly verify transactions with your funds. 

3. TREZOR Model T

Launched in 2018, the TREZOR Model T is another hardware wallet. It has a large display and supports over 10 major cryptos and altcoins. There’s also 2FA authentication: it checks your identity via touchscreen and PIN protection. 

5 Steps to Exchange WAXP to Other Crypto

If you wish to exchange WAXP for other cryptocurrencies, you can use Godex. It has the best rates, it freezes the fees before the transactions, and it’s completely anonymous. Let’s say you wish to exchange waxp to busd. Here are the steps involved.

Step 1: Choose currency

Select WAXP from the dropdown on the left field on the screen and pick BUSD in the right field. Specify how much WAXP you wish to convert – the calculator will display the amount of BUSD you’ll receive.

Step 2: Enter wallet address

Provide your BUSD wallet address, then click on Exchange.

Step 3: Wait for deposit address

Godex will send you a WAXP address. Use it to deposit the tokens. You’ll get a transaction ID – it indicates the funds have been received and are in the process of being converted into BUSD.

Step 4: Exchanging

As the exchange process takes place, Godex keeps the exchange rate of WAXP to BUSD fixed the entire time.

Step 5: Transaction is Completed

BUSD will be delivered to the address you provided. You’ll get notified about transaction details, with the info on how long the process took.

To Conclude

The WAXP token was quickly accepted — and the platform got extremely popular as soon as the major exchanges started to list it. Now, people use WAXP to buy NFT collectibles and build blockchain-based video games and apps. 

Article and permission to publish here provided by Leon Fischer. Originally written for Supply Chain Game Changer and published on February 19, 2022.