Note: The original text is from DappRadar, authored by Robert Hoogendoorn!
In the WAX ecosystem's 2024 annual overview, we will comprehensively review various aspects of the blockchain and its profound impacts. We will explore prominent projects, soaring token values, and leading NFT collectibles in transaction volumes. Additionally, we will delve into this year's groundbreaking collaborations, exciting new releases, and network reinforcement initiatives.
This overview will focus on significant developments in the WAX ecosystem. We will first discuss major developments and partnerships, then explore community involvement, highlight the success story of Wuffi, and look ahead to future developments.
Major Developments and Partnerships
Upgrade of the NFT and Token Cross-Chain Bridge Functionality
WAX has launched an upgraded NFT and token cross-chain bridge, providing a user-friendly and free way for users to transfer assets between blockchains such as Ethereum, Binance Smart Chain, and Polygon. With this bridge, users can easily connect and manage assets like BRWL, WAX (ERC20), DAI, and USDC through a simple cloud wallet interface. This cross-chain functionality underscores WAX's firm commitment to a multi-chain future, making asset transfers more convenient and highlighting its vision for interoperability in the Web3 space.
Collaboration with Funko to Launch Star Wars Digital Collectibles
Funko, in collaboration with the WAX ecosystem, has brought the (Star Wars) digital pop collectibles into a new realm, achieving a perfect fusion of digital assets and physical collectibles. Fans can purchase exclusive digital collectible packs and earn tokens by completing specific sets, which can be redeemed for physical Star Wars figurines. This product was launched on the Droppp marketplace, successfully bridging digital fans and physical collectors, showcasing WAX's strong appeal to pop culture enthusiasts and blockchain users.
Establishing a Strategic Partnership with Amazon AWS
Through a high-profile collaboration with Amazon AWS, WAX has launched the WAX AWS Cloud Development Kit (CDK). This kit enables developers to build customized Layer 2 blockchain solutions on WAX, utilizing AWS's cloud infrastructure for scalability and reliability in Web3 applications, especially in the gaming sector. With WAX's transaction speed and AWS's cloud capabilities, developers can easily create Layer 2 blockchain solutions that meet demand.
Thriving Community
Over the past year, the number of active wallets on WAX has remained stable at between 150,000 and 200,000 daily. According to DappRadar, transaction volumes have increased from 5 to 6 million daily (falling to 4 million in spring) to the current 6 to 7 million. This clearly indicates that users are increasingly actively participating in WAX blockchain-based projects.
In the WAX ecosystem, the space exploration metaverse Alien Worlds is one of the most widely used decentralized applications (DApp). It not only attracts the most unique active wallets (UAW) but also constantly innovates by integrating NFTs, games, and DAO systems. Among other product categories, AtomicHub and Alcor Exchange have also become the preferred platforms for NFT trading and token swapping, respectively. Among the most popular NFT trading series on AtomicHub, Alien Worlds and various FunkoPop series (such as TMNT series, Cartoon Network, Rick & Morty, or Batman's 85th Anniversary edition) are highly sought after.
There have been a large number of transactions from unique active wallets on WAX. Various games fully utilize the capabilities of the WAX network to enhance gameplay. Some DApp users' wallets have monthly transaction volumes reaching dozens, including strategy mining games like Prospectors, space expansion games like Thrive on Mars, and the previously mentioned Alien Worlds.
The Rise of the Top Performing DApp on WAX: Wuffi Game (WUF)
The Wuffi project deserves special mention. Developers in the Wuffi community created the Wuffi game token (WUF), adding unique charm to the WAX ecosystem. WUF was initially launched through an airdrop to encourage game participation and provide returns in blockchain-based games such as Twitchy Tides, ZombieCoin, and Brawlers.
Collaboration with Solana for Expansion: To expand the influence of WUF, the Wuffi project has partnered with Solana to achieve cross-chain compatibility, laying a solid foundation for future cross-chain development.
Focus on Game Utility: WUF is centered around real value and practicality, avoiding the volatility common in memecoins. WUF has over 100 partners, providing players with opportunities to mine tokens in mini-games, making it an asset that is both fun and valuable in the WAX gaming ecosystem.
In 2024, WAX took a significant step by integrating with TON, a blockchain network closely related to the Telegram social media platform. With the WAX-TON cross-chain bridge, users can now seamlessly transfer assets between the two networks, bringing new opportunities to both ecosystems. This collaboration leverages TON's vast and active user base (especially in gaming and NFT) to expand WAX's influence and is expected to enhance WAX's position in the blockchain community, particularly among Telegram's large user base.
Future Outlook
Here are some upcoming new features from WAX:
Sidechain and Cloud Wallet Improvements: WAX is preparing to introduce sidechains to effectively expand its ecosystem. These sidechains will initially be launched on the testnet via cloud wallets, enabling WAX to handle more applications without overwhelming its main chain. Additionally, WAX is working to optimize the cloud wallet, simplify the account creation process, and reduce costs, aiming to eliminate barriers for new users.
EVM Compatibility: WAX is testing compatibility with the Ethereum Virtual Machine (EVM), which will allow users to interact with Ethereum-based DApps. This feature may be launched in the future, providing broader interoperability with Ethereum.
Mobile Cloud Wallet: WAX is preparing to launch a mobile version of the cloud wallet for Android and iOS, allowing users to sign transactions more easily on the go, especially in the gaming sector.
Cross-Chain Bridge Expansion: WAX is expanding its cross-chain bridge functionality. It has supported $WUF transfers and plans to extend this feature to NFTs on chains like Solana, Base, and TON for seamless asset transfers between these networks.
Memecoin and AI Integration: With the rise of memecoins in Web3, WAX is actively supporting memecoin projects and assisting $WUF developers, particularly in the Wuffi ecosystem. Additionally, WAX encourages developers to explore AI integration, as this is expected to become a major trend in the Web3 space.
WAX has always been one of the most active blockchains in the gaming sector, with over 200,000 daily active wallets and millions of daily transactions. By supporting popular NFT projects and maintaining 100% carbon neutrality, WAX reinforces its commitment to sustainability and broad user appeal, creating an ideal platform for blockchain games, collectibles, and Web3 applications that is scalable and accessible. With the ongoing advancements mentioned above, the future of WAX looks promising.
Join the WAX Community:
Official Website: https://www.wax.io
X/Twitter: https://x.com/WAX_io
Discord: https://go.wax.io/Discord
Note: This article is for informational purposes only and does not constitute any investment advice!
