What is WAX
WAX stands for Worldwide Asset eXchange. It is a decentralized blockchain-based platform designed to become a marketplace for virtual goods trading. The project is mainly focused at the market of the online games market that conducts a lot of deals with virtual products. WAX is the platform that connects everyone who wants to create their own store and a person who intends to buy something.
This project is not the first internet marketplace made by the team behind it. Previously, the same company made OPSkins — the platform for purchasing virtual items from videogames. It is a decentralized service. too, so the team who developed it decided to build a separate one focusing on embodying its potential as a blockchain-based facility. WAX is meant to bring security, instant payments, and freedom of trust issues using decentralized apps (that are also abbreviated as dApps) and smart contracts. It is a good shot at the market as it gathers the target audience of 400 million players worldwide.
The blockchain’s security emphasis helps with providing the proper work of this scheme: there is a complex system of users’ roles and special guild system that supports the member reputation system. As a marketplace platform, WAX features a repository that helps to navigate within the system and see the items being sold in real time.
The WAX blockchain works with its native utility ERC20-based token called WAXP. It works with the delegated Proof-of-Stake algorithm (DPos) — it works like the traditional PoS but features redirection of the funds for more effective stakes and more profitable mining. Despite the focus on the videogames, WAXP is an asset that can be used for trading — it is listed on many exchanges including Upbit, Huobi, HitBTC and KuCoin.
WAX held its ICO in November 2017. It resulted in selling 64,750,000 WAX raising $9,600,000. It is remarkable that all the contributors received 10 times more tokens — it was the project’s step to make microtransactions easier which is important for the in-game items market.
Like many other cryptocurrencies, WAXP had a bright start. Its initial price was $5,01 but it faced a bearish trend within the first two months. As a result, WAXP had been trading with the price below $3 until the end of February 2018. At that point, the price dropped to the $0,47 level. Since March, the price crawled in the sideways under the $0,4 line for the rest of the year. As of this writing, the initial price in December 2017 remains the all-time high for the token.
In 2019 WAXP struggled in mild fluctuations trying to make it above the price of $0,12. The highest peak of the year occurred on the 8th of June when the price reached $0,1155. After that, the rate went into a bearish trend.
At the moment of this article making, WAXP cost is $0,019012. CoinMarketCap service displays the current market cap of $18 485 641. It is the 142nd amount in the global cryptocurrency rating. The token’s daily trading volume is $111 579. There are 972 295 832 units in the current circulation while the total supply is 3 585 636 227 WAXP.
As was mentioned, the token is widely listed on different trading platforms. The offered pairs include BTC, ETH, USDT and XRP.
The world crypto community considers that the future of the project is quite promising.
- Crypto Rating predicts the 260% gain by the middle of 2020 resulting in the price of $0.136201. The service also states that there will be a following decrease trend to the level of $0.076563 which is still 4 times higher than the current rate.
- Coinfan analysis portal also has a positive forecast. According to it, WAXP will cost between $0,3078 and $0,3933 at the end of 2020.
- Tradingbeasts crypto forecasts service predicts the 144% gain and the average price of $0,0436 in December 2020. The forecast also includes further growth — the service expects WAXP to cost $0,047 at the end of 2021.
- Another promising price prediction is included in TronPricePrediction’s analysis article. According to it, the token will blast and its price will be $0,145 in December 2020.
We don’t give any financial advice, but the future of the WAX project seems to be bright, so WAXP is an asset worth considering as an investment option.
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