Note: The original text comes from DappRadar!

Disclaimer: The information included in this report is based solely on data from DappRadar’s collection of DApps and NFTs tracked on WAX, and does not include all transactions conducted on the entire WAX ​​blockchain.

For many years, WAX has been a leader in the DApp space, widely recognized for its vibrant ecosystem and continued development. This trend continues with the WAX ​​Blockchain in Q2 2024. Join us as we explore and uncover the latest news and developments at WAX.

Key Points

  • In the second quarter of 2024, WAX had an average of 204,195 unique active wallets interacting with DApps per day, an increase of 3% from the previous quarter.

  • The gaming sector accounts for 63% of wallet activity, solidifying WAX’s position as the eighth most active blockchain in the gaming sector.

  • WAX’s total value locked (TVL) was $837,207 during the quarter, with Alcor Exchange accounting for 62% of the TVL.

  • Alien Worlds remains the most played game on WAX, with 6 million unique active wallets this quarter.

  • NFT transaction volume reached $1.5 million, and NFT sales were 491,373. The most traded NFT series are still Alien Worlds, Dungeon Items, and FUNKO collectibles.

1. Overview of WAX On-Chain Activities

In the second quarter of 2024, the wallet activity of the WAX ​​blockchain increased, and the number of daily unique active wallets (UAW) increased by 3% to an average of 204,195. In addition, the transaction volume increased by 8%, with a total of US$25 million.

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As a blockchain built specifically for games, WAX still enjoys a good reputation, with 63% of on-chain activities coming from game DApps. NFT accounts for 19%, and DeFi accounts for 6%. The remaining 12% comes from other DApps, such as staking and high-risk category DApps.

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Additionally, as active wallets increased, transaction volume also grew 3% quarter-over-quarter to 457 million.

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2. DeFi Ecosystem

WAX is primarily known for its NFT and gaming ecosystems, but its DeFi ecosystem is smaller but active, with a total value locked (TVL) of $837,207 as of the end of Q2 2024.

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Here are the top DeFi DApps on the WAX ​​Blockchain based on wallet activity:

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AtomicHub ranked first, with 30% of WAX’s TVL and a 363% increase in activity from the previous quarter. Alcor Exchange ranked second, with 62% of WAX’s TVL and a 337% increase in activity. In addition, WaxDAO’s activity increased by 201%, WaxOnEdge increased by 858%, and DEFI Mining increased by 161%.

These DApps also highlight the continued expansion of the WAX ​​DeFi ecosystem as users continue to participate in various decentralized financial activities. While WAX’s main focus remains on games and NFTs, these DeFi DApps contribute to the overall growth and diversification of the entire WAX ​​ecosystem.

3. Blockchain game activities

The WAX ​​blockchain has become a vibrant blockchain gaming hub, attracting a wide variety of gamers and game developers. The strong on-chain wallet activity in Q2 2024 also demonstrates the strength of the WAX ​​gaming ecosystem. From base building and simulation games to sci-fi adventures and massively multiplayer online role-playing games, WAX games have everything.

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Alien Worlds led the pack and remained at the top of the list. This quarter, a new mobile game was launched in the Alien Worlds metaverse, allowing players to engage in strategic battles and explore new territories. In addition, the introduction of Community Grants in categories such as Lore, APIs, and Scribe enabled community members to contribute directly to the game ecosystem.

Next, Taco Studios launched several new games and updates during the quarter:

  • Monster Rooms: This upcoming mobile game lets players customize rooms with NFTs, invade other players’ spaces, and collect in-game coins.

  • Top Down Shooting Game and Endless Run Game: These two games are in development for external partners and are currently in the late stages.

Wombat Dungeon Master：

Following the successful launch of Season 8, a new expansion map has been launched, containing 10,000 plots of land with various geographical features. Upcoming additions include cross-chain dungeon interoperability, battle mode, and clan wars.

Thrive on Mars：

New game modes have been introduced, including a hexagon-based turn-based strategy deck game in development. The game integrates community tools and platforms such as Galxe, where players can collect NFTs, participate in bounties, and interact with the community through quests and loyalty points.

NFT Panda: World of Fantasy：

New adventures and rewards are introduced, as well as a new player-versus-player (PvP) mode.

The Open Space：

The game entered open beta on April 22, 2024. This milestone event allowed players to test the game and provide feedback. The beta was accessible on iOS and Android platforms, with only 20,000 tester spots available, which filled up quickly due to high demand.

In addition to the games we've already mentioned, the team is excited to launch their latest project, WuffiTap. This new game features an engaging tapping gameplay where players can collect and upgrade various Wuffi creatures. The core of the game's economy is their token, WUFFI, which players can trade and use to power up their gaming experience.

4. NFT Activities

In the second quarter of 2024, WAX's NFT market slowed down, with transaction volume falling by 38%, with a total transaction volume of $1.5 million in the quarter. In addition, sales volume fell by 29%, with 486,032 transactions.

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While overall trading volume has dropped, there is a clear trend among the top 10 NFT series by trading volume:

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Alien Worlds continues to dominate the WAX ​​ecosystem, demonstrating its strength in blockchain gaming. Four of the top 10 NFT collections by volume are gaming-related, demonstrating WAX’s appeal to gamers and the gaming community.

Collectibles, especially those from the well-known digital and physical collectibles brand Funko, remain important players in the NFT market. Funko's entry into the Web3 space has been warmly welcomed, highlighting the influence of traditional collectibles brands in the NFT space. The success of these brands shows that the connection with Web2 is still driving collectors' interest and participation.

Regarding platforms for NFT trading on WAX, DappRadar tracks three major markets: AtomicHub, Nefty Blocks, and NFT Hive:

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5. WAX Q2 and Q3 Roadmap

In the Q1 2024 WAX Report, we shared our full roadmap for WAX 2024. In this report, we’ll review our accomplishments from the previous quarter and outline our priorities for Q3 2024.

Q2 2024: Continued optimization and expansion

  • Token Economics: Adjusting the token economics model to a new paradigm that promotes the health of the WAX ​​ecosystem while strengthening the platform’s commitment to a self-sustaining financial model.

  • Antelope 5.0 Upgrade: Update WAX ​​to the latest version of Antelope.

  • Continuous RAM Improvements: Further updates to the resource model to address RAM resource limitations to support the creation and operation of one billion active accounts. This change will remove the paywall for cloud wallet account creation and promote accelerated wallet growth

  • WAX Sidechain Launcher: The introduction of this launcher system enables developers and node operators to quickly launch development- and production-grade sidechains. This move simplifies the deployment process and promotes innovation by allowing projects to scale quickly, thereby driving diversity and scalability of the WAX ​​blockchain network.

  • Developer Guides - Slide Puzzle Series: Expanding the Developer Guide series, providing comprehensive guides on blockchain state synchronization and integrated architectural patterns. These guides provide developers with practical knowledge, facilitate the creation of engaging and innovative decentralized applications, and contribute to the richness and diversity of the WAX ​​ecosystem.

Q3 2024: Further enhancements

  • Token economics optimization: Further adjust the token economics model to promote the health of the ecosystem.

  • WAX EVM Sidechain Launcher: Expanding the multi-chain interconnectivity of the WAX ​​Blockchain, enabling developers to seamlessly launch EVM (Ethereum Virtual Machine) sidechains. This move introduces protocol-level integration with the EVM ecosystem, allowing native compatibility with Ethereum’s smart contracts and decentralized applications. By facilitating the creation of EVM sidechains through this native integration, the WAX ​​Blockchain expands its interoperability, attracting developers from the broader Ethereum ecosystem and promoting collaboration and innovation across multiple chains. This positions WAX as a versatile, interconnected blockchain platform, providing developers with a broader space to build decentralized applications with cross-chain capabilities.

  • Developer Guides: Continue to provide in-depth and easy-to-understand usage guides based on community-driven use cases.

6. Final Thoughts

As we highlighted in our Q2 DApp Industry Report, the DApp industry faced a downward trend this quarter, and WAX’s performance reflected these market conditions. However, despite the challenges, WAX has shown resilience and the ecosystem continues to grow. In fact, its gaming DApp still attracted 1 million wallets, laying the foundation for further growth as Web3 gaming becomes mainstream.

Growing in the toughest bear market is no easy feat, but the WAX ​​team persevered. Having been in the market from the beginning, they remain bullish on Web3 and continue to work on innovation and development.

*Friendly reminder: This article is for popular science purposes only and does not constitute any investment advice!