Note: The original text is from DappRadar, written by Robert Hoogendoorn!
WAX (short for Worldwide Asset Exchange) is committed to introducing and developing multiple features aimed at optimizing user experience and enhancing the scalability of the core network. To drive growth, the blockchain is actively researching sidechain technology.
As one of the most active blockchain networks, WAX has the highest DApp transaction volume, with processing capabilities second only to Solana, handling between 40 million to 50 million transactions weekly. Currently, WAX has over 160,000 active wallets daily and can process over 5.8 million DApp transactions. With Alien Words, WAX has become one of the hottest game DApps in the market and continues to innovate by developing new features. Meanwhile, WUFFI has also stirred waves in the market, attracting many memecoin enthusiasts.
Last month, Lukas Sliwka, CTO of WAX, shared the latest developments on WAX in X Spaces, discussing major updates, insights, and future plans. By introducing sidechain technology, applications can run in isolated environments, alleviating the burden on the core network.
Additionally, the Cloud Wallet will simplify the process of creating and managing user accounts, reducing costs. The ultimate goal of the Cloud Wallet is to eliminate all barriers that new users face. At the same time, WAX plans to add optional EVM support in the sidechain, enabling the WAX community to interact with Ethereum-based DApps.
Expanding sidechains to meet demand
WAX is currently testing sidechains on its test network through the cloud wallet. However, over time, this feature will gradually be introduced to the WAX mainnet. Sidechains will enable WAX to achieve horizontal scalability, allowing more applications to run simultaneously without putting pressure on the core chain.
Lukas considers this development 'crucial'. Deploying applications on sidechains will not affect the speed of the WAX mainnet, which is vital for handling a large number of DApp transactions. For instance, Alien Words sees over 300,000 wallets interacting with the DApp hundreds of times each week. Meanwhile, Thrive on Mars averages 46 transactions per wallet each week.
With sidechains, developers can even build dedicated application chains that are more customized and efficient for specific use cases. — Lukas Sliwka, CTO of WAX
Optimizing the user experience of the Cloud Wallet
WAX is working to make the Cloud Wallet more user-friendly and powerful. Creating a wallet will not only be seamless, but the cloud wallet will also add more features. For example, a cross-chain bridge to transfer $WUF from WAX to TON. The team is also working to make this bridge applicable to NFTs, allowing users to transfer assets between WAX, Solana, Base, and eventually TON. More importantly, the cloud wallet will extend to mobile devices, making it easier to sign transactions on mobile DApps.
In online gaming, zombie activity has always been an issue. WAX hopes to tackle this challenge with AI-driven tools. The cloud wallet uses AI to analyze wallets and detect suspicious accounts. Game developers can leverage this 'Bot Score' to filter out zombie accounts, providing a fair gaming experience for every player.
Preparing for the next cryptocurrency boom
Sliwka mentioned that compared to the previous bull market, current popular trends include memecoins, artificial intelligence, and staking projects. To meet community needs, WAX plans to undertake the following initiatives:
Starting with $WUF, supporting memecoins on WAX;
Encouraging developers to integrate artificial intelligence into applications;
Connecting WAX with more blockchain ecosystems.
WAX enables users to interact with cross-chain assets, thereby enhancing its utility. It simplifies the process of bringing liquidity and assets from other networks into the WAX ecosystem. Sliwka noted that data shows bridging has not led to user attrition; rather, it has attracted more people to join the WAX community.
The integration of TON is an example. Through the WAX-TON cross-chain bridge, users can seamlessly transfer assets between WAX and TON. Now, a large number of Web3-savvy users can easily access WAX, opening the door to a whole new audience.
Conclusion
Although WAX remains focused on the NFT and gaming sectors, the ecosystem is expanding into the realms of memecoins and artificial intelligence. By combining a broader scope, higher scalability, and better user experience, WAX will lay a solid foundation for greater success in the future.
*Note: This article is for informational purposes only and does not constitute any investment advice!