The most recent $WAXP ecosystem update for Q3 2024 shows that the network is stable, supported by an active community, and increasingly popular in #gaming and #DeFi . Still, constant daily unique active wallets are below the previous week, Nevertheless, WAX's commitment to the gaming and #NFT space is maintaining high user interaction across the dapps. This quarter has seen further demand for WAX from developers and users with harmonious mechanics and community-backed features to improve the user experience.
The gaming industry remains the most vociferous on @WAX , contributing to 65% of overall wallet engagements. Such games as Alien Worlds have drawn the audience by a decentralized autonomous organization, and governance is determined by the players alone, Taco Studios addressed the audiences with diversification – Taco Universe, which consists of different minigames and a shared economy. This approach to blockchain gaming has made #WAX stand out as the best and unique on-blockchain gaming platform that regards the interest of players and their interaction on social platforms.
There has also been an increased interest in DeFi in WAX; the platform has a total value locked of $2.5 million, up by a Whooping 203% from the prior quarter. This growth represents an increase in user engagement with the various DeFi platforms available on WAX such as through Taco Studios offering liquidity solutions such as Taco Swap. Increasingly integrating DeFi into the WAX ecosystem is beneficial because it adds a gaming component to make the users’ experience even more engaging.
The NFT market remains a focus on WAX as the market records more than 360k+ transactions worth $820,797 for this quarter. These include the Alien Worlds and Funko Collectibles which show how gaming and collecting intertwine well with WAX’s functionality as an NFT platform for gaming and creative freedom as well as the ownership of the assets.
This focus does not only serve an essential part of WAX’s ecosystem, but it also is a focus on communities. According to the principles of #SocialMining , WAX opens Reward Programs that encourage freeloaders in games, usage of dapps, and contributions to the platform. Finally, WAX incentivizes its customers thus ensuring they spend time on the platform and also fortifying the decentralized network.
With WAX, engagement is rewarded and different dapps are fostered, making this platform counter-cyclic and developing an ever-changing ecosystem that fits users.
