EOS-Based Wax (WAX) Hits 52% Growth During Week as Most Active Blockchain
Wax (WAX) chalked up 52% growth for the week leading up to November 11th, coinciding with its week-long reign as the most active blockchain, according to data provided by Blocktivity.info.
The EOs-based token is ranked 60th by market cap, and aims to create a gaming collectibles marketplace on the blockchain. More on Wax below…
The altcoin traded at a price of $0.083560 seven days ago, and despite some heavy dips managed to climb to a valuation of $0.127022 by Sunday morning, marking 52% growth. By that evening the price had settled around the $0.123 range, still leaving Wax as the strongest performer out of the top hundred in the past week.
On Sunday alone WAX volumes rose 400% from $500,000 to $2.5 million, with 82% of that figure coming from BTC trades across various exchanges. The $2.9 million worth of trades recorded on Nov 9th was the highest WAX volume seen since mid-July, nearly four months ago.
No huge fundamental developments have recently arrived for Wax, although the social media team has been very active of late, launching cash prizes for various activities by users and developers.
That flurry of activity may have something to do with Blocktivity.info’s ranking of Wax of this week’s most active blockchain.
Wax Most Active Blockchain?
As you can see below, Wax has been busier than both Tron (TRX) and EOS (EOS) this week, despite all the news being about Tron’s sudden growth in transactions.
To be clear, Blocktivity takes several factors into consideration when making these rankings. They take into account ‘operations’ on the blockchain, rather than just transactions. Blockchains are also ranked by their activity in relation to their market cap, thus a small-cap coin with a lot of activity would be weighted higher. They are also ranked by activity in relation to capacity.
Given that Wax involves users creating and selling gaming collectibles, it could be feasible to assume that the flurry of activity, fuelled by seemingly daily paid contests from the Wax twitter feed, could be contributing to Blocktivity’s ranking.
What is Wax?
Wax is founded by OPSkins Group Inc, the same OPSkins which Counter Strike players may remember as the site which was effectively shut down by Steam/Valve for violating their terms of service.
OPSkins involved the cash-trading of in-game items which were normally subject to a seven-day embargo period, according to Valve and Steam rules. When Valve shut down the operation by demanding the removal of their IP, OPSkins popped up on the blockchain as Wax.
On Wax, the same collectibles can be bought, sold and owned independent of a centralized authority, although they are not integratable with CS:GO, or any other Steam game.
The stated aim of Wax is to become integrated into multiple games, with the aim of becoming a hub for cross-game collectibles trading. One partnership has been lined up with upcoming game, The Forge Arena, but skepticism remains around the project, perhaps because of the five-figure prices on some of the collectibles – which at this point have no use beyond Crypto-Kitties style speculation.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.