What is WAXP? An introduction to the WAX blockchain
Learn more about WAX, the purpose-built blockchain that's transforming e-Commerce through their dApps, NFTs, and unique collectibles.
WAX Price (WAXP)
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Wax Price Live Data
The live WAXP price is currently {{current_price}}, {{up_down_24h}} {{price_change_percentage_24h_in_currency}} in the last 24-hours. WAX's 24-hour trading volume is {{total_volume}}. WAX is currently {{market_cap_rank}} by market capitalization, which is calculated by multiplying the current price ({{current_price}}) with the circulating supply ({{circulating_supply}}). The market capitalization for WAX is {{market_cap}}. WAXP has a circulating supply of{{circulating_supply}} and a max supply of {{max_supply}}. To buy WAXP at the current rate, visit moonpay/buy/wax.
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About Wax (WAXP)
Worldwide Asset eXchange (Wax) is a purpose-built blockchain designed specifically for e-commerce transactions. Wax focuses on trading virtual assets, particularly in the gaming industry. It provides a decentralized marketplace and platform where users can buy, sell, and exchange virtual goods and in-game assets. Wax ensures secure, transparent, and trustless transactions for buyers and sellers, enabling them to truly own their virtual assets and trade them with anyone on the Wax platform.
WAX (WAXP) is the native cryptocurrency and protocol token of the platform, operating on the Wax blockchain network. It is used for pricing and exchanging virtual goods, as well as for voting on proposals and selecting representatives to secure transactions. WAX acts as a database, displaying items and prices, and creating a global pool where buyers and sellers can connect without intermediaries.
WAX employs a Delegated Proof of Stake (DPoS) consensus mechanism to secure transactions. Through Delegated Proof of Stake, WAXP token holders can pledge votes to select representatives who validate and secure network transactions, ensuring trustworthy trading experiences.
The WAXP token facilitates over 100 million annual transactions in the multi-billion-dollar virtual asset exchange market. While WAX is compatible with Ethereum, it is an independent platform. Like Ethereum, WAX uses smart contracts to enable secure and efficient transactions for its users, ensuring safety and transparency in the e-commerce ecosystem.
WAX price history
2017
The WAX ICO took place in 2017 from November 15 to 27, raising a total of $9,600,000. During the ICO, the WAXP price was $0.32.
2018
WAXP experienced a strong start to 2018, hitting its all-time high of $1.83. This significant surge in value demonstrated the market's enthusiasm for the project. However, the cryptocurrency market is known for its volatility, and WAXP was no exception.
By the end of 2018, the market conditions had changed, and WAXP's price experienced a decline. It went down to $0.0462, reflecting the overall bearish sentiment and market-wide price corrections.
2019
In 2019, WAXP experienced fluctuations and underwent significant changes. The year began with WAXP trading at $0.037, indicating a downward trend compared to the previous year. As the year progressed, the WAXP price continued to face volatility. By January and December 2019, the price had declined further to $0.016.
2020
In 2020, the price of WAXP exhibited fluctuations and lacked stability throughout the year. In June 2020, the price of WAX reached $0.081, indicating a potential upward movement compared to the previous months. As the year progressed, the price decreased to $0.036 by December 2020.
2021
In November 2021, during a bull market phase, the WAXP price reached $0.90. However, the Wax token price later saw a decline in December, dropping to $0.045.
2022
In 2022, the price of WAXP experienced significant fluctuations. Wax started the year with a token price of $0.496 in January. As the year progressed, the price of WAXP declined, reaching $0.041 by December.
2023
The WAX token had a strong enough start to 2023, increasing from $0.04187 to a highest price paid of just under $0.09 by late February. Since then, the WAXP price has steadily decreased, dipping to a new lowest price paid of $0.038 by September.
How does WAX work?
The WAX blockchain works by allowing users to engage as buyers or sellers of virtual game assets within the marketplace. To secure transactions on the network, WAX utilizes a Delegated Proof of Stake (DPoS) consensus mechanism. Users who hold WAX tokens can pledge votes based on the number of tokens they possess to select representatives responsible for securing transactions. This system ensures that the more tokens a user owns, the more influential their vote becomes, thereby guaranteeing trustworthy and secure transactions on the network.
Participants in the WAX network include guilds, which are users who have made proposals to represent a particular game and state how they will fulfill their duties. They also specify the number of coins they will share with users who vote for them.
Guilds play a crucial role in ensuring seamless transactions by selecting and monitoring transfer agents who facilitate the transfer of goods. Transfer agents receive the contact details of buyers and sellers, sign contracts for purchased goods, and ensure successful delivery to the buyers. In return for their services, transfer agents receive fees via WAXP coins.
The reward system in the WAX network is designed to incentivize participation and contributions.
Users who hold WAXP tokens can vote for guilds and representatives, and those selected as representatives receive rewards for producing blocks on the network. Such incentive mechanisms developed by WAX encourage active engagement and help maintain the security and stability of the blockchain.
WAXP operates as a protocol token and ERC-20 governance token. Wax's governance system allows token holders to participate in decision-making processes related to the platform's development and direction. By holding WAX tokens, users have a say in proposals, upgrades, and other governance-related matters.
Who are the founders of WAX (WAXP)?
The founders of WAX (Worldwide Asset eXchange) are William E. Quigley and Jonathan Yantis.
William Quigley is currently the CEO of WAX and OPSkins, and has played a pivotal role in creating the WAX Blockchain project.
However, while OPSkins operated as a centralized marketplace, WAX aimed to revolutionize the industry by creating a decentralized platform.
Jonathan Yantis is the COO of WAX and has contributed to the development and realization of WAX's vision.
What is WAX (WAXP) used for?
WAX (WAXP) serves several key purposes within the WAX ecosystem. As the native cryptocurrency that powers WAX marketplaces for utility-based NFTs and vIRLs, WAXP enables players and collectors to buy, sell, and trade these virtual assets.
Neftyblocks is one such WAX marketplace, featuring a trade-to-earn rewards system. Neftyblocks enables the creation, purchase, and sale of digital collectibles using WAXP tokens.
AtomicHub is the largest WAX marketplace by volume, providing a dedicated platform for the purchase and sale of WAX-native non-fungible tokens on the WAX blockchain.
WAXP serves as the native utility token for all marketplaces and applications within the WAX ecosystem, facilitating payment for various traded assets, governance tasks, and transaction fees.
What makes WAX unique?
WAX's uniqueness in the blockchain gaming industry is emphasized by its dominant position in the GameFi market, commanding 42% of the market share. This significant achievement is attributed to the popularity of blockchain-based games built on the WAX blockchain, such as Alien Worlds and Taco.
By hosting these popular games, WAX attracts a large player base and fosters a thriving ecosystem. The success of WAX games highlights WAX as a unique combination of network connectivity, accessibility, custom features, and a diverse game library. All of these features resonate with gamers and positions WAX as a preferred platform within the blockchain gaming community.
How can I mine or stake WAX?
Since WAX uses a Delegated Proof of Stake (DPoS) consensus mechanism, you can stake WAX tokens to earn rewards. WAX cannot be mined like Proof of Work cryptocurrencies such as Bitcoin.
Here's how you can stake WAXP::
Choose a WAXP-compatible crypto wallet like WAX Cloud Wallet
Purchase WAXP via MoonPay
Choose a validator and stake WAXP
Earn staking rewards in WAXP
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More FAQs about WAX (WAXP)
The price of {{token_name}} is determined by factors such as supply and demand, market sentiment, regulatory developments, and the adoption of blockchain technology. Price fluctuations can also occur in response to large transfers of the asset in a short time period.
The all-time high for WAXP was $1.83, reached on January 11, 2018.
The all-time low for WAXP was $0.01596, recorded on December 30, 2019.
There are currently about {{circulating_supply}} WAXP tokens in circulation, out of a total supply of {{total_supply}}. There is no maximum supply limit for WAX.
You can buy WAX directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus.
MoonPay’s simple widget makes it easy to buy WAXP with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods.
