WAX is the 8th most active blockchain in gaming
Disclaimer: The insights presented in this report are based solely on data from the dapps and NFT collections tracked by DappRadar on WAX, and do not encompass all the transactions conducted on the blockchain as a whole.
WAX has been a leading force in the dapp landscape for many years, recognized for its dynamic ecosystem and ongoing development. Q2 2024 continues that trend. Join us as we explore and uncover the latest happenings and developments.
Key Takeaways
- In Q2 2024, WAX saw an average of 204,195 daily unique active wallets interacting with dapps, marking a 3% increase from the previous quarter.
- The gaming sector accounted for 63% of WAX’s wallet activity, solidifying WAX as the 8th most active blockchain for gaming.
- WAX’s Total Value Locked (TVL) concluded this quarter at $837,207, with Alcor Exchange dominating 62% of the TVL.
- Alien Worlds remained the most played game on WAX, with a quarterly total of 6 million unique active wallets.
- NFT trading volume reached $1.5 million, encompassing 491,373 NFT sales. The most traded NFT collections continued to be Alien Worlds, Wombat Dungeon Items, and FUNKO collectibles.
Table of Contents
- WAX On-Chain Activity Overview
- DeFi Ecosystem
- Blockchain Gaming Activity
- NFT Activity
- WAX’s Q2 and Q3 Roadmap
- Closing words
1. WAX On-Chain Activity Overview
In the second quarter of 2024, the WAX blockchain experienced a rise in wallet activity, with daily unique active wallets (UAW) growing by 3% to an average of 204,195. Additionally, the transactional volume traded increased by 8%, reaching a total of $25 million.
WAX continues to uphold its reputation as a gaming-focused blockchain, with 63% of its activity dedicated to gaming dapps. The NFT sector accounts for 19% of the activity, while DeFi represents 6%. The remaining 12% includes other dapps, such as those in the gambling and high-risk categories.
Moreover, the increase in active wallets paralleled a 3% growth in transactions from the previous quarter, amounting to a total of 457 million.
2. DeFi Ecosystem
WAX is primarily recognized for its NFT and gaming ecosystem, but its DeFi sector, despite being small it is active, with a Total Value Locked (TVL) of $837,207 at the end of Q2 2024.
Let’s examine the top DeFi dapps on the WAX blockchain based on wallet activity:
AtomicHub ranks first, holding a 30% dominance over WAX’s TVL, with a 363% increase in activity since the previous quarter. Alcor.Exchange, in second place, has the highest dominance over WAX’s TVL at 62% and has seen a 337% rise in activity. Additionally, WaxDAO‘s activity has increased by 201%, WaxOnEdge by 858%, and DEFI Mining by 161%.
These dapps showcase WAX’s growing DeFi ecosystem, with users engaging in a variety of decentralized finance activities. Although WAX’s primary focus remains on gaming and NFTs, these DeFi dapps are contributing to its overall growth and diversification.
3. Blockchain Gaming Activity
The WAX blockchain has emerged as a vibrant hub for blockchain gaming, attracting a diverse array of players and developers. In Q2 2024, wallet activity on WAX highlighted a robust gaming ecosystem, with top games offering various genres and unique gameplay experiences. From base building and simulation to sci-fi adventures and MMORPGs, WAX supports a wide variety of gaming styles.
Alien Worlds leads the way, consistently ranking at the top. This quarter, a new mobile game launched within the Alien Worlds metaverse, allowing players to engage in strategic battles and explore new territories. Additionally, the introduction of Community Grants in categories such as Lore, APIs, and Scribe has empowered community members to contribute directly to the game’s ecosystem.
Next, Taco Studios introduced several new games and updates this quarter:
- Monster Rooms: Set to release soon, this mobile game lets players customize rooms with NFTs, invade other players’ spaces, and collect in-game currency.
- Top Down Shooting Game and Endless Run Game: Both games are under development for external partners and are in advanced stages.
Following a successful 8th season, a new expansion map featuring 10,000 land tiles with various geographic features has been introduced. Upcoming additions include cross-chain dungeon interoperability, a battle mode, and clan wars.
New game modes have been introduced, including a hex-based, turn-based strategy deck-builder game in development. The game integrates community tools and platforms like Galxe, where players can collect NFTs, participate in bounties, and engage with the community through quests and loyalty points.
New adventures and rewards have been introduced, along with a new Player vs. Player (PvP) mode.
This game commenced its public beta on April 22, 2024. This milestone event allowed players to test the game and provide feedback. The beta is accessible on both iOS and Android platforms, with only 20,000 beta tester slots available, which quickly filled up due to high demand.
In addition to the games we’ve already mentioned, the team is excited to unveil their latest project, WuffiTap. This new game features an engaging tap-based gameplay where players can collect and upgrade various Wuffi creatures. Central to the game’s economy is their token, WUFFI, which players can trade, and use to enhance their gaming experience. For more detailed information, please refer to our previous report.
4. NFT Activity
In the second quarter of 2024, the NFT market on WAX experienced a slowdown, with trading volume decreasing by 38%, totaling $1.5 million for the quarter. Additionally, the number of sales dropped by 29%, with 486,032 transactions recorded.
Despite the overall decline, there are notable trends among the top 10 NFT collections by trading volume:
Alien Worlds continues to dominate the WAX ecosystem, underscoring its strong presence in blockchain gaming. With four gaming-related collections in the top 10, WAX remains appealing to gamers and gaming communities.
Collectibles, particularly those from the renowned digital and physical collectible brand Funko, continue to be significant players in the NFT market. Funko’s entry into Web3 has been met with enthusiasm, highlighting the influence of traditional collectible brands in the NFT space. The success of these brands indicates that connections with Web2 still drive interest and engagement among collectors.
Regarding the platforms where NFT trading occurs on WAX, DappRadar tracks three major marketplaces:
For more information on the WAX NFT ecosystem, visit our dedicated NFT Ecosystem page for additional insights and updates.
5. WAX’s Q2 and Q3 Roadmap
In the Q1 2024 WAX report, we shared the full roadmap for 2024. In this Q2 2024 report, we will recap what was achieved in the past quarter, and outline what’s coming in Q3 2024.
Q2 2024: Continuous Optimization & Expansion
- Tokenomics Optimization: Fine-tuning the new model to promote ecosystem health while reinforcing the platform’s commitment to a self-sustaining financial model.
- Antelope 5.0 Upgrade: Keeping WAX updated with the latest Antelope version.
- Ongoing RAM Improvements: Updating the WAX Blockchain resource model to address RAM resource constraints, enabling support for the creation and operation of a billion active accounts. This change will allow the removal of the Cloud Wallet account creation paywall, promoting accelerated wallet growth.
- WAX Side Chain Launcher: Introducing a launcher system that enables developers and node operators to swiftly launch development and production-grade side chains. This initiative streamlines the deployment process and fosters innovation by allowing projects to scale quickly, promoting a diverse and expansive WAX blockchain network.
- Developer Guides — Slide Puzzle Series: Expanding the developer guide series with comprehensive guides on blockchain state synchronization and integration architecture patterns. These guides empower developers with practical knowledge, fostering the creation of engaging and innovative decentralized applications, and contributing to the richness and diversity of the WAX ecosystem.
Q3 2024: Further Enhancements
- Tokenomics Optimization: Further adjustments to the tokenomics model to promote ecosystem health.
- WAX EVM Side Chain Launcher: Extending WAX blockchain’s multi-chain interconnectivity, enabling developers to seamlessly launch EVM (Ethereum Virtual Machine) side chains. This initiative introduces a protocol-level integration with the EVM ecosystem, allowing for native compatibility with Ethereum’s smart contracts and decentralized applications. By facilitating the creation of EVM side chains with this native integration, WAX Blockchain expands its interoperability and attracts developers from the broader Ethereum ecosystem, fostering collaboration and driving innovation across multiple chains. This positions WAX as a versatile and interconnected blockchain platform, offering developers a wider canvas for building decentralized applications with cross-chain capabilities.
- Developer Guides: Continuation of insightful how-to guides based on community-defined use cases.
6. Closing words
The dapp industry faced a downward trend this quarter, as highlighted in our Q2 Dapp Industry Report, and WAX’s performance reflects these market conditions. However, despite the challenges, WAX has demonstrated resilience, with the ecosystem continuing to grow. In fact, the gaming dapps still attracted 1 million combined wallets, building a foundation for further growth as Web3 gaming becomes more mainstream.
Building during one of the toughest bear markets we’ve experienced is no easy task, but the WAX team perseveres. Having been in the market from the very beginning, they remain bullish on Web3, continuing their commitment to innovation and development.
