EOS-based blockchain WAX Claims To Have 6x More Daily Transactions Than Ethereum
This text is long, I know but that’s life. Some people find opportunities reading what other don’t… Impossible to make it smaller. I’ve been following this coin since January and this is the whole story of what I learned.
This link (https://www.youtube.com/watch?v=n9PLvXSyWHc) is a video concerning the main problem WAX wants to resolve thanks to Blockchain and they’re close to making it work. It’s a matter of months. The adoption will be fast for many reasons, one of them being the fact that it is way easier for a gamer to understand how blockchain and wallets work than any other sector willing to adopt blockchain. My 68-year-old father will probably never use Bitcoin cause he doesn’t understand it and frankly, he doesn’t care that much at this point in his life so…
Now, let’s talk about WAX a little.
Why would WAX explode? Why now ? Their main chain is already live in alpha testing and is currently used by a dapp called VGO. This is huge. The dapp wouldn’t choose to run on the WAX chain if it wasn’t already stable enough. WAX was forced to accelerate its evolution since the rupture between Steam and Opskins. Opskins is now focusing on WAX way more and this will start bringing the good news faster than expected. Anyway, that’s just the beginning. Let’s dig a little deeper because this is in my opinion, one of the best opportunities right now.
Why is WAX so cheap? There are many reasons for that.
1 – The Huobi disaster. Huobi didn’t follow the instructions and information provided by WAX. Instead, they searched for the contract on Etherscan and listed a scam contract: https://etherscan.io/token/0x8e1701e9509250d808eeca648feb1b8d7eed0704 And based on this, Huobi gave the wrong supply information on the contract even though it was known for some days that the supply was increased by 10x. Before they realized and fixed their mistake, people had already deposited and sold scam token. Real coins were also sold. WAX set up a fund to reimburse or help reimburse the issue long before the deposits and withdrawals were unlocked too. Anyway, long story short, it was a mess.
Some interesting stuff to read about it: https://medium.com/wax-io/wax-update-december-24-2017-8db1b1a9fee2
On top of that, some took advantage of the fact that the deposits were closed and the supply was getting smaller and smaller. It made the price pump quite high (around 2,75$) before falling in a free dive to around 0.25$. Of course, that didn’t help much either.
2 – Their marketing approach for the cryptoworld hasn’t been the best. By observing news and interviews, one could think that there won’t be much happening till January 2019 and there was no reason for anyone to buy WAX so the price dropped but that is incorrect. It’s just that WAX didn’t want to be one of those projects announcing announcements of announcements that announce other announcements… Anyway, this was more a misunderstanding because they’ve been sticking to their roadmap since the beginning and they even have some advance now.
3 – The second reason provoked a poor marketing strategy for crypto traders. The result of that is the fact that most people have no idea of what WAX is. I hear a lot that there are other gaming coins that have been doing better. I hear people saying Enjin is better, or Funfair is better… Let’s clear up the mess a little. Enjin and WAX are not competing against each other. I wouldn’t be surprised to see them working together in the future as Gifto and Decentraland already do. WAX stands for Worldwide Asset eXchange. The word gaming is not in there. WAX will actually help those project grow by facilitating their access to the gaming industry. Let’s not forget that Opskins is already a major player in gaming. Let’s imagine WAX was never created by Opskins. Wouldn’t it be great for Enjin to sign a partnership with Opskins? Well, a partnership with WAX would have the same effect for Enjin. That’s why I said I wouldn’t be surprised if they worked together.
4 – Add on all this the fact that WAX went live a month before the bear market starts so it basically didn’t even have time to grow before dropping lower and lower but let’s not forget that all coins dropped hard since the second half of January. WAX had the first three reasons on top of the bear market so it basically returned to ICO presale territory where it still is today (09/07/2018). WAX is seriously undervalued!
So basically, I just bought some extremely cheap WAX because of those factors. Compared to other projects, WAX is waaaaay undervalued. I mean come on guys, a $hitcoin like IOTA is almost at 3 billion CMC, in the top 10 coins with a massive network failure going on right now and WAX, with a real product and backed by a big company is at the bottom of top 100? How long do you think it will stay like that? Especially now that WAX is showing signs of waking up at last with the launch of their alpha version that seems to work perfectly well. So what is WAX and why it might be the one that might bring faster adoption? This is a good way to understand what WAX is all about.
Remember Crypto Kitties? They were (and still are) on the Ethereum blockchain. Crypto Kitties are a perfect example of what an NFT is (Non-Fungible Token, if you don’t know what that is, you should). Did you see Crypto Kitties being traded on Binance or Coinbase? No. This is the first part where WAX kicks in. You CAN trade Crypto Kitties on Opskins and soon, you’ll be able to trade them (and all other NFTs) on the WAX chain. WAX will be the Binance of NFTs and the WAX coin could be the equivalent of BNB.
Now imagine a scenario where you’d like to trade a Crypto Kittie that is on the Ethereum chain with a “Crypto Turtle” that is using NFTs from the EOS chain. How would you do that? This is the second part where WAX kicks in again with its Cross-Blockchain system. That will allow you to trade any NFT from any blockchain to any other. (Read more here: https://medium.com/wax-io/wax-platform-cross-blockchain-integration-airdrops-and-more-a909bfea240a)
Remember the video at the beginning? Imagine those Fortnite skins going on NFTs on the blockchain and being traded on the WAX platform… This is what WAX is trying to do. Create infrastructure for that new type of market that is exploding all around the world. Online gaming has no borders.
Ow, and guess what… That Cross-Blockchain part means many airdrops in the next 12 months but this is a small detail 😉
WAX will also have its own NFTs but that is just one of their aspects. Their main goal, as their name indicates, is to be a decentralized exchange platform for digital assets so it is not possible to compare it with other gaming coins.
So why now? Why is the sleeping giant waking up?
Because of what happened with Steam and Opskins and the fact that we’re getting close to the beta testing and main launch. As said earlier, the whole Steam/Opskins situation forced Opskins to put more energy into WAX and June has been a festival of great news going unnoticed because of the price drop and the fact that the entire market is focusing on the global trend. Actually, Opskins were expecting something like that from Valve/Steam as they mention in this statement: https://blog.opskins.com/official-statement-regarding-valve-opskins-steam-accounts/
But here are some other things that make me believe that WAX is a screaming buy right now.
1 – The WAX chain is working and already being used by a dapp while not even officially live yet, few know about it and even fewer understand what that means.
2 – They seem to be ahead of their roadmap, meaning that the main chain airdrop should be announced earlier than expected and generally, delivering ahead of the roadmap is a good sign.
3 – The Robotcache airdrop is approaching. I expect it around the end of August. Airdrops always create predictable waves.
4 – WAX is currently waaaay undervalued and we’re quite close to the bottom. Just take a look at the chart. Doesn’t that look sexy? A change in behavior can be observed since the 29th of June.
5 – Basically, there’s a lot of ignorance concerning WAX so if news start to come out and attract the attention, people will fomo in when they start realizing the potential.
6 – Adoption is imminent and that brings in retail money that makes the price explode. That is expected around January 2019 but speculators will get in before that, pushing the price up soon.
Anyway, I could write a book about why WAX is such a screaming buy right now but you don’t read long articles ând this one is already too long soo… let’s cut it short.
Everything will depend on BTC but I’m starting to wear my contrarian hat. The bigger picture indicates a change of BTC trend and I believe that at the beginning of this new rally, altcoins will shoot up with better ROI than BTC and since WAX is one of the most undervalued, it might 10x in the next 2 months to find a more realistic valuation, before falling again to prepare the big explosion of the end of the year. Adoption should push the price in the sky and put it in orbit around earth 😉 The price is currently around 0.13$. In a realistic scenario based on the market, the fact that WAX has huge incentives to stake the mainchain coin and all the airdrops that will come in the next 12 months, I wouldn’t be surprised to see the total value of a long hold (airdrops included) approaching 20$ to 50$ in a year from now. Of course, it won’t go straight up and the waves I expect, have tops around 2$, 10$, 20$, 50$…
PS: I have a bet with a friend of mine. I have some good reasons to believe that Binance should list WAX soon. The recent volume rise, the upcoming updates and the fact that WAX is the only coin from the communities votes that haven’t been added yet, make me believe that Binance will want a part of the WAX growth so, why not listing it… A nice bottle of wine in play here with my bet. I might be wrong but after all, this is a speculative market for now, right?
PS 2: As usual, DYOR and this is not a financial advice. I just shared my observation on WAX and I’ve been watching it since that Novogratz video saying that he is betting on WAX but also his last tweets about the next 6 bullish months.