Record on-chain activity and renewed interest in NFTs are some of the reasons WAX rallied

Just days before Bitcoin (BTC) fell below $ 30,000, the non-fungible token (NFT) sector hit the headlines for the second time this year. Led by a 972% increase in the price of Axie Infinity for one month.

Another protocol that focuses on NFTs and has improved its basics over the past few months is Worldwide asset exchange, also known as WAX,Which confirms “Providing the safest, most convenient way to create, buy, sell, and exchange digital goods for anyone anywhere in the world.”

4-hour chart for the WAX ​​/ USDT pair. Fountain: TradingView

Data from Cointelegraph Markets Pro Yes TradingView show that between June 27th and July 9th the price of the WAXP token rose 70%, hitting a high of $ 0.151 before the fall of Bitcoin pulled the price to its current value of $ 0.11.

Record on-chain activity and renewed interest in NFTs are some of the reasons WAX rallied
Record on-chain activity and renewed interest in NFTs are some of the reasons WAX rallied

There are three reasons for the re-evaluation of the WAXP price the growing list of brands launching collectibles on the project’s blockchain, an active network with fast transaction times, and its integration into decentralized finance through cross-chain compatibility with the Ethereum (ETH) network.

Popular brands start their NFTs in WAX

Nostalgia can be a very useful element in attracting an audience willing to get involved with a product, and WAX has been able to capitalize on this through partnerships with many of the most popular brands in the US.

Current partners include Atari, Topps, William Shatner Yes Capcom, and a look at the project’s Twitter account shows the latest campaigns from Street fighter v cards Yes Bratz special edition collectibles.

Popular collectibles like baseball cards and Rubbish bucket kids, along with more modern games like Alien Worlds (TLM) They provide users with a variety of options that help attract a diverse audience to the WAX ​​network and this has resulted in increased on-chain activity.

WAX has the most activity of all networks

A second sign of the growth of the WAX ​​network can be found in the daily activity of the top ranked blockchain networks, a list WAX tops by a wide margin.

List of the 6 most active blockchain networks. Source: Blocktivity

Blockivity data shows that Daily activity on WAX is now over 17 million trades, more than double that of Stellar (XLM), its closest competitor. WAX outperforms by more than six times the activity of EOS, the creator of the EOSIO software used on the WAX ​​network.

Opportunities for generating income arise from DeFi functions and staking

The recent introduction of a bridge to the Ethereum network enabled WAX to implement yield farming and staking functions.

The WAX ​​blockchain works with a delegated proof consensus model, which means the easiest way to get a return on their holdings for token holders is to block WAXP on the network for an annualized reward rate of 4.42%. based on staking rewards data.

Users can also use their WAXP in. convert WAX, a version of the token that can be traded on Ethereum and used to participate in the DeFi ecosystem by providing liquidity to decentralized exchanges and income farms.

By offering opportunities related to NFTs and decentralized funding, two of the busiest sectors in the crypto ecosystem, the WAX ​​network is well positioned to continue to attract new users and maintain high levels of on-chain activity.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.

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