Wax(WAXP)/USDT Price Prediction: 29 January 2022

Overview

The video game industry is growing massively nowadays with millions of users purchasing billions worth of digital items every year. WAX, Worldwide Asset eXchange is designed to enable the trade of these items such as rare and collectible items. It is a layer-1 network that aims to build DApps, NFT, collectibles and emerging P2E games

The blockchain is designed to support various selling structures, allowing alternative selling mechanisms like bidding & reserve bidding. WAXP, the native token which is a utility token, and also the governance token empowers the whole platform.

What is Wax(WAXP)-In Brief

Wax is a multipurpose blockchain that is designed to simplify e-commerce transactions and to make it more fast and safe. Released in 2017 by William Quigley and Jonathan Yantis, the network uses the delegated Proof-of-Stake(DPoS) consensus mechanism which is fully compatible with EOS. The features are mainly intended to optimize the blockchain’s use cases in e-commerce and also to encourage voting on proposals.

Quick Facts on Wax:-

• 15 million transactions daily
• 6 million user accounts
• 30K DApps
• 60 million unique NFT assets
• 3.77 billion total WAXP supply 

WAXP is the native token of the Wax blockchain and by owning may start collecting NFT’s and participate in the global WAX ecosystem. 

Additional Read: Daily Crypto News 29th January, 2022

How do the Wax(WAXP) Work?

As mentioned above the Wax blockchain uses the delegated Proof-of-Stake consensus mechanism which is fully compatible with EOS. A suite of blockchain-based tools are been created on decentralized application(dApp) marketplaces wherein rigid tokens are built. It is designed with 21 block producers called WAX Guilds. These provide the computing power to the blockchain, charging a monthly fee that is fetched out of token inflation.

To monitor the WAX Guilds, the platform has set up a committee of 3 elected Inspector Generals(IGs). It publishes a monthly rating report which records the current & prospective block products. This makes the community members be more informed and decide on voting for the block producers. 

It supports a bridge that connects with Ethereum which converts the WAXP token into an ERC-20 token, WAXE. The users need to burn their WAXP tokens to get WAXE tokens and later stake them on the Ethereum distribution contract. 

Will WAXP Price hit $5 in 2022?

The WAXP price began the yearly trade of 2021 with a huge bullish note which ranged high and smashed the highs above $1. Woefully, quickly the bears jumped in action extracting huge profit and dragging the price as low as $0.3. However, at the beginning of December 2021, the asset attempted to recover at the maximum but eventually failed and dropped to almost the same levels. Further, the asset followed a deep drowning trend, but yet again flipped at the strong support levels. 

The price current is trying hard to maintain a notable uptrend but the trading volume is not supporting the rally. And hence is presently testing the immediate support levels and attempting hard to slice through these levels. If it’s successful the bullish trend cannot be certified until the price surpasses the crucial resistance levels around $0.4149. If the asset sustains above these levels, then a notable uptrend could follow the WAXP price.

With the asset maintaining a remarkable uptrend, then the price could reach $1 somewhere in Q2 or Q3 2022. However if the bears jump in as the asset reaches the milestone, then by the end of the year the price could witness a drop and yet again hover around $1. However, only an extreme bull rally similar to 2021, may escort the price beyond $1.5 to reach $2. But the asset may not visit $5 in 2022, while it may be pretty possible any time in the next couple of years.

Additional Read: WAXP Technical Analysis 

Factors Impacting WAXP Price Today

WAX Tokenomic Model

It aims to capitalize on the rapid growth of the DeFi’s and NFT’s. The model consists of mainly 4 components, WAXP Ethereum bridge, WAXE-ERC 20 token, WAXG – ERC 20 governance token, and WAX Economic Activity pool. 

WAX Rewards & Guilds

The blockchain requires 21 WAX Guilds to be eligible to earn a reward. These rewards are awarded depending on the no. of blocks every guild produces. 

Fast Block Production and Execution

WAX releases 2 blocks per second with the transaction speed two times higher than the VISA system. More than 3000 blockchains transact every second on the WAX protocol.  

Transaction Fees

Unlike Ethereum where-in gas fees are required to operate, here on Wax protocol, the requirements are CPU, NET, & RAM. The users and developers will need these requirements to work on the blockchain. Moreover, each WAXP token staked on the platform corresponds with a specific amount of CPU, NET & RAM.

Governance & Staking

Users can stake their WAXP tokens to participate in the governance voting process on the proposals for the betterment of the network. 

Where & How to Buy WAXP?

If you want to invest in WAXP or BTC or ETH or any other token, then CoinDCX is the best junction. Here you can buy, sell or trade your favorite cryptocurrencies with ease at a very affordable price. All you need to do is register with CoinDCX and enter the world of hassle-free trade. Registering with CoinDCX is very easy,

• Download CoinDCX App on your Smartphone
• Input the required details 
• On verification, fund your wallet and trade, Simple!!

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