WAX is a layer-1 network that aims to build an ecosystem for dApps, NFT collectibles and emerging play-to-earn games. The WAX protocol is a decentralized blockchain solution that powers the WAX marketplace, and focuses on the transfer and exchange of virtual goods and services.
WAXP is WAX's native utility token and is used in the following functions:
Transaction fees: Similar to other blockchains like Ethereum that require gas fees to operate, WAX requires “resources” such as CPU, NET and RAM. Users and dApp developers will need NET, CPU, and RAM to perform actions on the WAX Blockchain. Each WAXP token staked corresponds with a certain amount of NET, CPU, and RAM. While users stake WAXP for NET and CPU resources, RAM is bought and sold through the RAM market due to its limited supply. Users can manage these resources directly in the WAX Cloud Wallet. Alternatively, dApp developers can stake these resources or provide RAM on behalf of their users.
Governance: WAXP token holders can submit and vote on proposals to influence the network development.
Staking: Users that stake WAXP tokens to participate in network consensus are rewarded with WAXP tokens.
NFTs and GameFi: Users can utilize WAXP tokens to buy, sell and trade NFTs across various dApps, marketplaces and emerging play-to-earn games in the WAX NFT ecosystem.
WAX DeFi: WAXP tokens can be converted to ERC-20 WAXE tokens at a 1,000 WAXP to 1 WAXE ratio. 2% of all secondary market NFT transactions on WAX are pooled each month, of which 20% of that amount of WAXP tokens are burnt and the remaining 80% are distributed to WAXE stakers.
WAX consists of the following major components working in conjunction:
Consensus mechanism: WAX uses a delegated proof of stake system designed with 21 block producers (WAX Guilds), which provide computing power to the WAX network in exchange for a fixed monthly fee, paid out of token inflation.
Office of inspector general (OIG): A watchdog agency for the WAX network staffed by a committee of 3 elected Inspector Generals (IGs). The agency publishes a monthly rating report on the WAX Guilds, covering current and prospective block products. This allows the community to make more informed decisions when voting for block producers.
NFT standards: WAX mainnet currently supports two competing NFT standards; Simple Assets and Atomic Assets. The NFT Standards on the WAX blockchain allow for NFT operations such as minting, burning or transfers with no gas fees.
WAX bridge: A bridge that will enable WAXP token holders to convert WAXP into ethereum based WAXE tokens.
The project has raised ~80MM USD from their token sale in 2017, where 64,750,000 WAXP tokens were sold.
As at August 23rd 2021, the total supply of WAXP is 3,775,818,103 and the current circulating supply is 1,714,201,120 WAX (~45.39% of the total token supply).
WAX (WAXP)
A Layer-1 Network for dApps, Games and NFTs.
Aug 23rd, 2021