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WAX Announces New DeFi Inspired Tokenomic Model to Share Rewards of its NFT Success

GRAND CAYMAN, Cayman Islands, Oct. 01, 2020 (GLOBE NEWSWIRE) — via NetworkWire — Today Worldwide Asset eXchange™ (WAX), dubbed the “King of NFTs,” is announcing a new tokenomic model that allows WAX Token holders to directly benefit from WAX’s success in the NFT market.

Strong NFT Market Performance
The WAX Blockchain has been dubbed the “King of NFTs.”  That label is due to the fact that every primary NFT sale on the WAX Blockchain has sold out in a matter of hours to just a few minutes. Equally impressive is the secondary trading volume for WAX NFT’s. NFT secondary trading volume averages 5X more than the primary sales volume on an annualized basis.

WAX NFT partners have included major brands and personalities such as William Shatner, The Topps Company (Garbage Pail Kids, MLB, etc.), and upcoming ones like Capcom’s Street Fighter.

New WAX tokenomic design
The core element of the new WAX tokenomics system is its inter-blockchain design.

The WAX Blockchain is purpose-built for NFT transactions and is the top performing blockchain in the NFT space. Ethereum has the best monetary system of any blockchain. The new WAX tokenomic model combines WAX’s operational advantages for creating and trading NFTs with Ethereum’s superior DeFi financialization capabilities.

The WAX Blockchain will continue to perform the core NFT operational functions (i.e. item creating and trading), while the capital generated from WAX NFT commercial activities will be transferred into the vast and growing network of financial services available on Ethereum.

There are four Ethereum-based components to the new WAX tokenomic model. These include:

  1. WAXP to Ethereum bridge – a new bridge that will enable WAXP token holders to convert their EOSIO tokens into Ethereum based WAXE.
  2. The WAX Economic Activity Pool smart contract on Ethereum – this smart contract governs two different economic activity pools: a Distribution Pool and a PiggyBank Pool.
  3. WAXE – a new ERC20 utility token that can be staked to claim a portion of the WAX NFT trading fees in the Distribution Pool.
  4. WAXG – a new ERC20 governance token that will enable community voting on economic matters such as the allocation of trading fees that are distributed to WAXE stakers, kept in the PiggyBank or burned.

You can read more about this in a blog post here.

About WAX:

WAX is the King of NFTs. The WAX Blockchain is the safest and most convenient way to create, buy, sell, and trade NFTs – to anyone, anywhere in the world.

WAX has created a full suite of blockchain-based tools that allows anyone to trade NFTs instantly and securely, to anyone, anywhere. These include an easy-to-use WAX Cloud Wallet where accounts can be created in just two clicks using social log-ins, a robust developer portal and more.

Participants of the Worldwide Asset eXchange gain access to a global community of collectors and traders, buyers and sellers, creators and gamers, merchants, dApp creators and game developers. For more information, please visit https://wax.io, and follow along on Twitter and Telegram.

Jassy Jackson
[email protected]

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NetworkWire (NW)
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