Just days before the price of Bitcoin (BTC) plunged below $ 30,000, the NFT sector dominated headlines for the second time in 2021, led by a 972% increase in the price of Axie Infinity for a month.
Another NFT-focused protocol that has gained strength in recent months is Worldwide Asset eXchange, also known as WAX – a protocol that claims to “provide the safest and most convenient way to create, buy, sell and trade virtual items to anyone. , around the world.”
Data from TBEN Markets Pro and 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 reduced the price at its current value of $ 0.11.
The three reasons for the WAXP rally include the growing list of well-known brands launching collectibles on the project’s blockchain, an active network with fast transaction times, and its integration into decentralized finance via cross-chain compatibility with the Ethereum network (ETH).
Popular brands launch NFT projects on WAX
Nostalgia can be a powerful source to attract an audience keen to engage with a product and WAX has managed to capitalize on this by partnering with well-known brands in the United States.
Current partners include Atari, Topps, William Shatner and Capcom, and a scroll in the project’s Twitter feed shows recent campaigns for Street Fighter V Series 2 cards and special edition Bratz collectibles.
– WAX NFT blockchain (@WAX_io) July 20, 2021
Popular collectibles like Baseball Cards and Garbage Pail Kids, as well as more modern games like Alien Worlds (TLM) provide users with a variety of options that help attract large audiences to the WAX Network, which has resulted in increased on-chain activity.
WAX has the highest activity of all networks
A second sign of the growing strength of the WAX network can be found by looking at the 24-hour activity of top-ranked blockchains, which WAX leads by far.
Data from Blocktivity shows 24-hour activity on WAX now exceeds 17 million operations and more than double that of Stellar (XLM), which is its closest competitor. WAX more than six times more activity on EOS, the creator of the EOSIO software used by the WAX network.
WAX has exceeded 5 million user accounts! Did you know that the WAX blockchain has more daily users and TXs than any other blockchain? Supplement that with the fact that we are completely CO2 neutral, and it’s safe to say our momentum is exciting. Thank you for your support! pic.twitter.com/BmO1AAuDag
– WAX NFT blockchain (@WAX_io) July 19, 2021
Yield opportunities arrive via DeFi and staking
The recent introduction of an inter-chain bridge on the Ethereum network has allowed WAX to harvest and stake the protocol, which has been improved by the introduction of an inter-chain bridge on the Ethereum network.
The WAX blockchain works with a delegated proof-of-stake consensus model, which means the easiest way for token holders to earn a return on their holdings is to stake WAXP on the network to earn an annualized reward rate. by 4.42% based on Staking Rewards data.
Related: Altcoin Roundup: Data Shows Social Metrics Rise Before DeFi and NFT Price Hikes
Token holders can also convert their WAXP to WAXE, a version of the token that can run on Ethereum and be used to participate in decentralized finance (DeFi) by providing liquidity on decentralized exchanges and yield farms.
By providing opportunities related to NFTs and DeFi, two of the hottest sectors of the cryptocurrency ecosystem, the WAX network is well positioned to continue to attract new users and maintain a high level of activity in chain.
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