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After the NFT-focused project added staking, yield farming, and agreements with organisations that supply pop culture artefacts, the WAXP price appeared to be strengthening.
The NFT industry was dominating headlines for the second time in 2021, driven by a month-long 972 percent spike in the price of Axie Infinity, just days before Bitcoin (BTC) price fell below $30,000.
Worldwide Asset eXchange, or WAX, is another NFT-focused protocol that has been gaining fundamental strength in recent months. WAX claims to “deliver the safest and most convenient means to produce, buy, sell, and exchange virtual objects to anybody, anywhere in the world.”
Data from TradingView shows that between June 27 and July 9, the price of WAX’s WAXP token climbed 70% to a high of $0.151 before the Bitcoin-led sell-off pulled the price to its current value of $0.11.
The expanding list of well-known businesses launching collectibles on the project’s blockchain, an active network with quick transaction times, and its integration into decentralised finance via cross-chain compatibility with the Ethereum (ETH) network are three reasons for the surge in WAXP.
Popular brands launch NFT projects on WAX
WAX has been able to capitalise on nostalgia as a powerful source for reaching an audience willing to engage with a product by partnering with some well-known businesses in the United States.
Atari, Topps, William Shatner, and Capcom are among the project’s current collaborators, and a scan through the project’s Twitter feed reveals previous campaigns for Street Fighter V Series 2 cards and limited edition Bratz collectibles.
— WAX NFT Blockchain (@WAX_io) July 20, 2021
Popular collectibles like baseball cards and Garbage Pail Kids, along with more modern games like Alien Worlds (TLM) offer users a variety of options that help attract a wide audience to the WAX network and this has resulted in an increase in on-chain activity.
WAX boasts the highest activity of any network
A second sign of the growing strength of the WAX network can be found by looking at the 24-hour activity of the top-ranked blockchains, which WAX leads by a wide margin.
According to Blocktivity, WAX’s 24-hour activity has surpassed 17 million operations and is now more than double that of its nearest competitor, Stellar (XLM). WAX has more than six times the amount of activity on EOS, the company that created the EOSIO software that the WAX network uses.
WAX surpassed 5 million user accounts 🎉🍾! Did you know the WAX blockchain has more users and daily TX than any other blockchain? Top that off with the fact that we are fully CO2-neutral, and it’s safe to say our momentum is off the charts exciting. Thank you for your support! pic.twitter.com/BmO1AAuDag
— WAX NFT Blockchain (@WAX_io) July 19, 2021
Yield opportunities arrive through DeFi and staking
WAX has been able to do yield farming and staking on the Ethereum network since the creation of a cross-chain bridge.
According to statistics from Staking Rewards, the WAX blockchain uses a delegated proof-of-stake consensus process, which means that the simplest option for token holders to earn a yield on their holdings is to stake WAXP on the network, which earns an annualised reward rate of 4.42 percent.
Token holders can also convert their WAXP into WAXE, an Ethereum-based version of the token that can be utilised to participate in DeFi by providing liquidity on decentralised exchanges and yield farms.
The WAX network is well-positioned to continue to attract new users and sustain a high level of on-chain activity by giving opportunities linked to NFTs and DeFi, two of the trendiest industries in the cryptocurrency industry.