What is WAXP? What can WAXP do? How to store WAXP?

WAXP, the native cryptocurrency of the WAX blockchain, powers various functions within the platform, including transaction fees, staking, and digital asset purchases.

Nov 01, 2024 at 10:43 pm

1. What is WAXP?

WAXP (WAX Protocol Token) is the native cryptocurrency of the WAX blockchain, a platform designed for video game and entertainment experiences. It is a utility token that serves various purposes within the WAX ecosystem.

2. What Can WAXP Do?

WAXP has a wide range of use cases within the WAX blockchain:

Transaction Fees: WAXP is used to pay transaction fees on the WAX blockchain, enabling users to perform transactions such as buying, selling, and trading digital assets.
Staking: WAXP holders can stake their tokens to earn rewards and support the network's operations.
Membership: WAXP is used to purchase Premium Membership in the WAX Cloud Wallet, which provides increased transaction speed, storage capacity, and other benefits.
Digital Asset Purchases: WAXP can be used to purchase digital assets on the WAX marketplace, including NFTs, in-game items, and collectibles.
Payment Gateway: WAXP facilitates payments between dApps and users, enabling seamless transactions within the WAX ecosystem.

3. Where to Store WAXP

WAXP can be stored in the following ways:

WAX Cloud Wallet: The official Web and Mobile wallet that provides easy storage, staking, and transaction capabilities.
Hardware Wallets: Compatible hardware wallets include Ledger Nano S/X and Trezor Model T.
Third-Party Custodial Wallets: Several cryptocurrency exchanges and wallets, such as Binance, also offer custodial storage services for WAXP.

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