WAX blockchain is a public chain uses delegated proof-of-stake (DPoS) as its consensus mechanism and fully compatible with EOS. The custom features and the incentive mechanisms developed by WAX are intended to optimize the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals. The WAX Cloud Wallet is a gateway to premiere NFT collections, dApps, video games, marketplaces and more. It also makes buying, selling, trading and giving NFTs.
$WAX features a $WAXP-to-Ethereum (ETH) bridge that allows $WAXP token holders to convert their tokens into $WAXE, which is an Ethereum-based ERC20 utility token.
Users willing to participate in $WAX tokenomics need to burn their $WAXP tokens in order to get $WAXE through the Ethereum bridge. They will then need to stake the $WAXE tokens on the Ethereum distribution contract.
$WAXG is an Ethereum-based ERC-20 governance token that is distributed to $WAXE stakers. The distribution is based on a set timetable and is proportionate to the percentage of the $WAX Economic Activity pool. The token holders can govern the allocation and distribution of economic value on the platform as a result.
The $WAX Economic Activity pool is a smart contract that accumulates a percentage of generated $WAX fees and can be converted into $ETH for distribution to $WAXE stakers. It can also be given to $WAXG token holders that decide to burn the tokens they already have.
