Recording network activity and the second NFT boom push up WAX prices

Just a few days before Bitcoin (Bitcoin) The price fell below $30,000, and the NFT industry dominated the headlines for the second time in 2021. Axie Infinity price soars by 972%.

Another NFT-focused agreement in recent months is the Global Asset Exchange, also known as WAX-the agreement claims to “provide anyone with the safest and most convenient way to create, buy, sell, and trade virtual items.” . , Anywhere in the world. ”

WAX/USDT 4-hour chart. source: Transaction view

Data from Cointelegraph Markets Pro with Transaction view It shows that between June 27th and July 9th, the price of WAX’s WAXP token rose by 70% to a high of $0.151, after which the sell-off triggered by Bitcoin pulled the price down to the current $0.11.

Three reasons for WAXP’s rise include more and more well-known brands launching collectibles on the project’s blockchain, an active network with fast transaction times, and its integration into decentralization through cross-chain compatibility with Ethereum Finance (Ethereum) The internet.

Popular brands launch NFT projects on WAX

Nostalgia can be a powerful source of attracting audiences willing to use the product, and WAX has managed to take advantage of this by cooperating with some well-known brands in the United States.

Current partners include Atari, Topps, William Shatner And Capcom and scroll through the project’s Twitter feed showing recent activity Street fighter V Series 2 cards and special edition Bratz collections.

Popular collectibles such as baseball cards and trash can kids, as well as more modern games such as Alien Worlds (TLM), provide users with multiple options that help attract a wide audience to join the WAX ​​network, which has led to an increase in on-chain activity.

WAX has the highest activity in all networks

By looking at the 24-hour activities of the top-ranked blockchains, one can find the second sign of the growing strength of the WAX ​​network, in which WAX is far ahead.

The top 6 most active blockchain networks. source: Obstructive

Data from Blocktivity shows that there are now more than 17 million 24-hour activities on WAX, more than twice that of its closest competitor, Stellar (XLM). WAX is more than six times the amount of activity on EOS, EOS is the creator of EOSIO software used by WAX network.

Obtain income opportunities through DeFi and Staking

Recently, a cross-chain bridge has been introduced in the Ethereum network, which enables WAX to farm and mortgage income on the protocol. This has been enhanced by introducing a cross-chain bridge into the Ethereum network.

According to Staking’s data, the WAX ​​blockchain operates using a delegated proof-of-stake consensus model, which means that the easiest way for token holders to gain income is to pledge WAXP on the network to obtain an annualized reward rate of 4.42%.

related: Altcoin roundup: Data shows that social indicators surge before DeFi and NFT prices rise

Token holders can also convert their WAXP to WAXE, which is a version of the token that can be run on Ethereum, and can participate in decentralization by providing liquidity on decentralized exchanges and revenue farms Finance (DeFi).

By providing opportunities related to NFT and DeFi, the two most popular areas in the cryptocurrency ecosystem, the WAX ​​network is in a good position to continue to attract new users and maintain a high level of on-chain activity.

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