In a fascinating Twitter Spaces session, WAX CTO Lukas Sliwka provided the community with a detailed behind-the-scenes look at WAX as it heads into Q4 2024. Lukas not only discussed key updates and future features, but also shared insights into how WAX is evolving to meet the needs of the growing Web3 and blockchain communities. Below is a summary of the highlights from the session.
Want to listen to the recording of the meeting? Please go here to get the full content:
https://x.com/WAX_io/status/1849858078822506914
Q: What is the current development status of WAX?
Lukas: We are in an exciting phase. WAX continues to see high transaction volumes, with weekly transaction volumes stabilizing between 40-50 million transactions, second only to Solana. To support this growth, we are scaling our infrastructure by introducing sidechain support. Sidechain functionality will first be available on our testnet via Cloud Wallet, and we will then evaluate how to bring it to mainnet. This setup will allow us to scale horizontally and manage more applications without overloading the core chain.
In addition to sidechains, we are also optimizing our cloud wallet to make account creation easier and less expensive. Our goal is to remove any barriers that new users may encounter. In addition, we are also testing EVM (Ethereum Virtual Machine) compatibility as a potential sidechain option, which will allow WAX users to interact with Ethereum-based DApps. However, due to technical complexities, EVM may not be available in the near future.
Q: Why are sidechains so important to WAX?
Lukas: Sidechains are critical because they allow us to scale in a way that meets the needs of our growing ecosystem. By deploying applications on sidechains, we can keep the WAX mainchain fast and efficient, and avoid it from bogging down. This is especially important given that high-volume applications like games and marketplaces on WAX require high throughput. With sidechains, developers can even build application-specific chains to make them more customized and efficient for specific use cases.
Q: How does WAX manage digital currency mechanisms through the Power Up model?
Lukas: Earlier this year, we launched the “Power Up” model to align WAX with a pay-per-transaction system similar to many EVM-based networks. The idea is to encourage users to hold WAXP rather than constantly consume it by purchasing resources, thereby reducing inflation. Adoption of the model has remained steady, but there is still room for improvement. I am considering tweaking the “Power Up” model to make it more attractive. This may involve adjusting resource costs or providing rewards for long-term participants, but we are still analyzing community feedback and data.
Q: WAX processes millions of transactions per day, how does it compare to other blockchains?
Lukas: Currently, WAX is second only to Solana in terms of transaction volume. Solana’s activity is driven primarily by meme coins and social and community-driven cryptocurrencies that have found a solid foundation on the Solana chain. Clearly, meme coins are becoming a significant driver of participation in the blockchain space, and we are looking to capitalize on this trend. We are actively working with community developers to bring meme coin projects to WAX to give our users access to this part of the market.
Q: Can you talk about WAX’s relationship with the Antelope Alliance and the new fork?
Lukas: We were actively involved in the Antelope Alliance, but financial and operational demands forced us to change our focus. In order to keep pace with Antelope’s Business Source License (BSL), we would have needed to invest approximately $9 million over four years to stay aligned. As a result, we decided to fork our version of Antelope. This way, we can focus on what’s most important to WAX and prioritize our roadmap without the financial burden that comes with aligning to the Alliance’s timeline. With this fork, we can implement changes at our own pace, which is critical for innovation and flexibility.
Q: What improvements will be made to the cloud wallet?
Lukas: We are working hard to make the cloud wallet more friendly and powerful. The most exciting update is the WAX-TON Bridge, which now supports $WUF. Soon, we will expand the bridge to cover cross-chain NFTs such as Solana, Base, and eventually TON. This will enable seamless transfer of assets and provide users with more options to interact with multiple chains.
We will also bring the cloud wallet to mobile devices. Android and iOS versions are in development, which will make it easier to sign transactions from the mobile app. We know that users are spending more and more time on their phones, especially in gaming, so the focus on mobile is to meet the needs of our community and reduce the reliance on desktop interaction.
Q: With so many new developments, how is WAX preparing for the next crypto cycle?
Lukas: This cycle is different from what we have experienced before. Meme coins, AI, and forked ledger projects have become mainstream instead of the usual DeFi and high-profile NFTs. We are adapting to these changes by supporting meme coin projects on WAX and integrating $WUF to further enhance the WUFFI experience and drive its future development. We also encourage developers in the WAX ecosystem to explore ways to integrate AI into their projects, as this may become a major trend in Web3.
Projects like Wax Fusion and WUFFI have already garnered a lot of attention. They showcase the creativity of our community, and we are committed to supporting them to move WAX forward.
Q: How does WAX solve the zombie problem in games and DApps?
Lukas: Bot activity is a universal challenge for all online platforms, but we have integrated some AI-driven tools to combat this. Cloud Wallet includes a "bot score" feature that uses analytics to detect suspicious accounts. Game developers can use this score to filter out bots and maintain a fair gaming experience. However, we recommend that developers also build their own bot prevention mechanisms to enforce fairness. Effective cryptocurrency management and proper design can make it difficult for bots to exploit your game.
Q: Why is WAX pushing so hard to build bridges to other blockchains?
Lukas: There has been a great demand for cross-chain bridges. Our philosophy is that WAX should be a "network of networks". By enabling users to interact with cross-chain assets, we increase the utility of WAX and make it easier for people to bring liquidity and assets from other networks into the WAX ecosystem. Data shows that cross-chain bridges have not caused user churn; in fact, cross-chain bridges have brought more users to the WAX community, providing them with flexibility and options that they cannot find elsewhere.
Q: What does integrating TON mean for WAX and its users?
Lukas: Integrating TON is a big step forward, especially given its popularity among Web3 projects, creators, and gamers. With the WAX-TON cross-chain bridge, users can seamlessly transfer assets between WAX and TON. TON has a large user base that is familiar with Web3, so we are opening the door to a whole new group of users. This partnership will help strengthen our position in the blockchain space, especially for games and NFT projects that want to reach Telegram's large community.
Q: Any final words for the WAX community?
Lukas: WAX has come a long way, and the best is yet to come. Our community has stood with us through challenging markets and their resilience speaks for itself. We are committed to building a space where people can play, create, and thrive in Web3. We are listening to market trends and community feedback to ensure WAX remains the top choice for developers, gamers, and collectors.
We have a number of big plans for Q4 2024 and beyond that I’m really excited to share with you. Stay tuned to WAX—we have a lot to look forward to!
2025 is almost here, and the future of WAX is brighter than ever! With a focus on innovation, community, and seamless cross-chain connectivity, WAX is ready to make waves in the Web3 space. We are excited to continue building and growing alongside our amazing community. Stay tuned for more updates, new features, and bigger plans. Make 2025 the best year yet for WAX!
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Website: https://www.wax.io
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*Friendly reminder: This article is for popular science purposes only and does not constitute any investment advice!
