The definitive guide to the WAX blockchain and its ecosystem
WAX is a leading blockchain network that successfully facilitates the transaction of millions of NFTs. It provides a scalable, eco-friendly, decentralized ecosystem for NFT projects, dapps, and games. WAX strives to offer the safest and most user-friendly way for users to create, buy, sell and trade crypto assets.
The gaming industry continues to grow, generating hundreds of billions each year. According to Accenture’s estimation, the total value of the gaming market already exceeds $300 billion globally. However, such an enormous market value is mainly captured by centralized gaming companies, which dictate how users should play and pay.
Suddenly, blockchains emerged to give users a brand new perspective on how to redefine gaming. The aim is to create a player-owned economy that allows for digital asset ownership leveraging blockchain technology.
- What is WAX?
- How does the WAX blockchain work?
- What are the popular dapps on WAX?
- What is WAX token?
What is the WAX blockchain?
WAX stands for Worldwide Asset eXchange and is a purpose-built blockchain empowering the most vibrant crypto sectors, such as games and virtual worlds. Known as “The King of NFTs”, WAX equips businesses that want to utilize NFTs to upgrade their revenue model with an energy-efficient and cost-effective digital asset ecosystem.
It has successfully supported many partners, including Topps (Major League Baseball), Capcom (Street Fighter), Funko, Atari, Sony’s Funimation, and famous films (Princess Bride and SAW), world-renowned entertainers (Deadmau5, Weezer, and William Shatner), and many more.
How does the WAX blockchain work?
The WAX platform combines the WAX Protocol Blockchain and the microservices layer. The particularly designed architecture of WAX is efficient, secure, and eco-friendly. Thanks to its full suite of blockchain-based tools, developers can utilize the WAX platform to fulfill their users’ needs better.
WAX uses a Delegated Proof of Stake (DPoS) consensus
WAX uses a Delegated Proof of Stake (DPoS) consensus model, in which a group of WAX Guilds manages block production. DPoS consensus model combines a real-time voting mechanism with a delegation process to reach consensus across the blockchain. On the WAX blockchain, 21 WAX Guilds earn rewards for producing blocks.
DPoS provides faster transactions than PoS and PoW. Moreover, it is even more energy-efficient. The delegation process is conducted through a democratic voting system, ensuring fairness.
The WAX Service Layer provides a full set of development tools and services
The WAX Service Layer offers a full suite of blockchain-based tools and services that allow developers to build projects on WAX. The following are some critical microservices that can escort teams to integrate the WAX blockchain smoothly. To learn more about how to develop projects on WAX, developers can also visit the Developer Portal.
WAX Cloud Wallet
WAX Cloud Wallet is a free-to-use cryptocurrency wallet allowing users to easily access WAX blockchain applications. Users can register an account with an email or sign in with their social media accounts.
If you want to learn more about the Wax Wallet registration process, DappRadar has created the following step-by-step video tutorial.
WAX Cloud Wallet is simple-to-use yet powerful. It lets users swap ERC-20 WAX tokens, stake any WAX protocol tokens, vote for proposals, view NFTs, and more.
WAX NFT Creator
WAX Creator is a free tool that supports anyone to create NFTs such as collectibles, in-game assets, and digital art on the WAX Blockchain in minutes. Users don’t need to be tech-savvy to create NFTs with WAX. Projects from various crypto sectors have created NFTs on the WAX Blockchain using the WAX Creator.
This article from DappRadar gives an in-depth look at how users can build NFTs and launch a sale on WAX.
WAX ExpressTrade and WAX Marketplace
WAX ExpressTrade makes it easy for games and metaverse projects to upgrade their digital asset trading service to a peer-to-peer one. The WAX ExpressTrade API gives marketplaces an avenue into the multi-billion dollar digital asset market.
Marketplaces of any size and in any place of the world can utilize WAX ExpressTrade to create a trading platform to facilitate their in-dapp economies.
What are the popular dapps on WAX?
Gaming dapps such as Alien Worlds, Farmers World, and Splinterlands crush the DappRadar Games Ranking from time to time. As gaming dapps on WAX keep gaining traction, it naturally adds to the thriving of WAX marketplaces. Now let’s look at which dapps are nailing the ranking on DappRadar and which are rising stars.
According to DappRadar BGA Q2 Report, play-to-earn games and game-related NFTs have outperformed other blockchain sectors during the 2022 bear market and continue to push blockchain mass adoption. So do WAX gaming dapps.
The top ten games in terms of 30-day user volume are as follows.
- Alien Worlds
- Farmers World
- Wombat Dungeon Master
- Mining Network
- Blockchain Brawlers
- Dragons Valley
- Millions on Mars
Launched in 2017, Wax has evolved into an all-encompass ecosystem. “The King of NFTs” has never failed this title. Every day, over 500,000 users visit WAX and generate millions of transitions. The booming of Wax NFT marketplaces is a strong testament to its success.
Here’s a look at which markets are in the top three on WAX.
What is WAX token?
The ecosystem token of the WAX blockchain is also named WAX. The WAX Token model is designed to aid multiple activities to grow the WAX ecosystem, including staking, rewards, voting, and transaction settlement.
Staking WAX tokens enables token holders to vote on the WAX Blockchain and earn WAX Staking Rewards. An individual user can purchase items from AtomicHub, the leading marketplace in the ecosystem, using WAX tokens.
Read more about the WAX token model via this link.