The reason the NFT WAXP token exploded in the triple digits is here

The non-fungible token (NFT) has exploded twice this year, led by the one-month gain of 972% from Axie Infinity (AXS).

One NFT project that has grown fundamentally in strength in recent months is Worldwide Asset eXchange (WAX) – a protocol that “provides the greatest convenience and security in creating, buying, selling, and trading assets. .

WAX price table | Source: TradingView

Data from TradingView shows that WAX’s WAXP price rose 70% to $ 0.151 between June 27 and July 9, before a Bitcoin-led market-wide sell-off came and pushed it down to price levels.

Let’s look at the reasons that led to the WAXP explosion.

Well-known brands start NFT projects on WAX

Nostalgia could be a potential factor in attracting those willing to interact with the product, and WAX has attempted to capitalize on this through partnerships with a number of well-known brands in the United States.

Current partners are Atari, Topps, William Shatner and Capcom. In addition, the protocol is too To run Campaigns for Street Fighter V Series 2 cards and special editions of Bratz collections.

Popular collectibles like baseball cards and Garbage Pail Kids, as well as more modern games like Alien Worlds (TLM), offer users a variety of options to attract a wider audience to the WAX ​​network, and this has led to an increase in on-chain activity .

24 hour operation

A second indication of the growing strength of the WAX ​​network can be found in the 24-hour activity of the top-rated blockchains, with WAX at the top by a wide margin.

The 6 most powerful blockchain networks | Source: Blocktivity

Data from Blocktivity shows More than 17 million operations are performed on WAX in 24 hours, more than twice as many as with Stellar (XLM) – the largest competitor and 6 times more than with EOS – where the WAX ​​network uses EOSIO software.

Opportunity to make profits through DeFi and staking

The advent of a cross-chain bridge to the Ethereum network makes it possible to bring profit farming and staking to the WAX ​​protocol.

The WAX ​​blockchain operates on a delegated proof-of-stake (DPOS) consensus model, so the easiest way for holders to capitalize on their holdings is to use WAXP on the network to earn an annual percentage of the rewards. .

Holders can also convert their WAXP to WAXE, a version of the token that works on Ethereum and can be used to participate in DeFi by providing liquidity on decentralized exchanges (DEXs) and other cryptocurrencies.

By providing opportunities related to NFT and DeFi, two of the hottest areas in the crypto ecosystem, the WAX ​​network is well positioned to continue to attract new users and maintain high levels of popularity.

Mr. Teacher

According to Cointelegraph

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