WAX Blockchain is a blockchain network that was launched in 2017 and aims to make e-commerce transactions faster, simpler and safer. Initially built on Ethereum, WAX later transitioned to its blockchain. Using the Delegated Proof-of-Stake (DPoS) consensus mechanism, it can operate without the need for miners, thus offering low transaction fees to its users.
WAX describes itself as the ‘King of NFTs’ and aims to become the largest peer-to-peer (P2P) trading platform for digital goods such as games and in-game items. For example, Alien Worlds, one of the popular NFT projects, runs on the WAX blockchain. Users can create various decentralized applications (dApps), buy and sell NFTs, and play games through WAX.
WAXP functions as the native cryptocurrency of the WAX platform and has various use cases within the network. Users can use the #WAXP coin to list items for sale, perform instant transactions, transfer and organize the transfer of virtual assets such as NFTs and tokens. In addition, $WAXP has a staking feature and users can earn additional token rewards by locking their assets.
About 13 months ago, WAX collaborated with DAO Labs to open the WAX Hub and put social miners behind it. With this collaboration, WAX started to be recognized and grow faster.
So how did this happen? Is recognition so important?
Yes, it is very important. Even the world's largest companies, the most well-known brands, spend millions of dollars every year on advertising.
However, in the cryptocurrency market, companies prioritize recognition within that market. At this point, DAO Labs comes into play. Thousands of social miners in its organization use social media to spread information about companies and innovations. Thus, announcements and developments are rapidly spread and heard on social media.
In WAX Hub, there is a level system. New users receive a total of 1 rep when they complete five basic tasks and advance to LVL2. In this way, they can vote on tasks completed by other miners on the community board, which earns additional points for the task completers.
Now I would like to give you some statistical information covering these 13 months.
In 13 months, the number of social miners registered to WAX Hub is 3,262.
1,571 X addresses were registered to the Hub.
These miners collected 3,994,530 points, worth $39945.
In addition to this total reward, various NFTs and raffle tickets were also distributed across different tasks.
In total, 128 tasks were created and 11,264 tasks were submitted.
During these 13 months, social miners made 80,920 reposts (formerly RT) from the WAX X account. The ratio of this number to the total number of reposts is 56.61%. In other words, approximately one out of every 2 reposts was made by Hub participants.
There were 19,643 unique tweets about WAX. And these tweets received nearly 30 million impressions.
If you want more detailed information, you can refer to the table below.
As you can see in the graph below, 75% of the reposts made from the WAX x account in December were made by hubbers.
These figures show how much social mining can contribute to a project.
While companies focus on development, social miners do promotion and announcement work.
In this sense, DAO Labs offers great opportunities for both companies and content producers who want to earn additional income.
And finally, I also want to display some data from successful miners.
Through its robust platform and commitment to fostering a thriving ecosystem, WAX has positioned itself as a leader in facilitating efficient e-commerce transactions and pioneering the NFT marketplace. With the collaborative efforts of DAO Labs and the dedication of social miners within the WAX Hub, the platform has gained recognition and experienced significant growth. This underscores the importance of visibility and community engagement in the cryptocurrency market. As we reflect on the achievements of these past months and the invaluable contributions of social miners, it becomes evident that their efforts play a pivotal role in shaping the success of projects like WAX.
