The Worldwide Asset eXchange (WAX) remains a leading force in the dapp ecosystem, especially in the gaming and NFT sectors. The Q2 2024 report by DappRadar highlights significant milestones and trends within the WAX ecosystem, showcasing its dynamic growth and resilience amidst challenging market conditions.

With a 3% increase in daily unique active wallets, substantial activity in the gaming sector, and ongoing developments in DeFi and NFT markets, WAX continues to solidify its position as a versatile and innovative blockchain platform. In this article, we summarize DappRadar's report, providing key takeaways and developments that underscore WAX's continued expansion.

WAX Ecosystem: Q2 2024 Review by DappRadar

First, What is WAX?

Worldwide Asset eXchange (WAX) is a decentralized exchange for in-game items from online games. The project was built by QPSkins, a central trading platform for digital goods launched in 2015. Unlike QPSkins, WAX aims to operate as a decentralized platform, enabling users to create their own online stores to trade virtual goods without the need for a central third party.

A typical gaming marketplace on WAX includes buyers, sellers, settlement agents, appraisers, affiliates, and listing agents. The platform's objective is to offer secure and transparent decentralized transaction settlement services for all participants using blockchain and smart contracts. Although the project's current focus is on the gaming industry, its infrastructure is being designed to support other use cases as well.

Worldwide Asset eXchange (WAX) Logo

 Q2 2024 Report by DappRadar 

So far in 2024, WAX continues to cement its position as a dynamic and growing blockchain ecosystem, especially for gaming and NFTs. The Q2 2024 report by DappRadar provides comprehensive insights into the WAX ecosystem's recent developments, reflecting its resilience and ongoing evolution.

Key Takeaways

In Q2 2024, WAX observed a notable increase in user engagement and activity:

• Daily Unique Active Wallets: Averaged 204,195, marking a 3% increase from the previous quarter.
• Gaming Sector Dominance: Accounted for 63% of wallet activity, reinforcing WAX’s position as the 8th most active blockchain in gaming.
• Total Value Locked (TVL): Reached $837,207, with Alcor Exchange holding 62% of this value.
• Most Played Game: Alien Worlds, with 6 million unique active wallets in the quarter.
• NFT Trading Volume: Totaled $1.5 million across 491,373 sales, with top collections including Alien Worlds, Wombat Dungeon Items, and FUNKO collectibles.

WAX On-Chain Activity Overview

In Q2 2024, WAX experienced a rise in daily unique active wallets to an average of 204,195, reflecting a 3% increase from the previous quarter. The total transactional volume traded on WAX increased by 8%, amounting to $25 million. The blockchain’s activities were primarily concentrated in gaming (63%), followed by NFTs (19%), DeFi (6%), and other dapps (12%). Transactions on WAX also saw a 3% growth, culminating in 457 million transactions for the quarter.

WAX Unique Active Wallets Jan-June 2024

DeFi Ecosystem

Though WAX is predominantly recognized for gaming and NFTs, its DeFi sector has shown significant activity. The Total Value Locked (TVL) in DeFi reached $837,207, with Alcor.Exchange dominating the sector with 62% of the TVL and witnessing a 337% increase in activity. Other notable DeFi dapps include WaxDAO, WaxOnEdge, and DEFI Mining, which have all seen substantial growth in user engagement.

Top DeFi Dapps Based on Active Wallets Q2 2024

Blockchain Gaming Activity

WAX continues to thrive as a hub for blockchain gaming, attracting a diverse range of players and developers. Key highlights from Q2 2024 include:

• Alien Worlds: Remains the leading game, launching a new mobile game and introducing Community Grants for various ecosystem contributions.
• Taco Studios: Introduced new games like Monster Rooms, and is developing Top Down Shooting and Endless Run games.
• Wombat Dungeon Master: Expanded with a new map and features like cross-chain interoperability, battle mode, and clan wars.
• Thrive on Mars: Added new game modes, including a hex-based, turn-based strategy game.
• NFT Panda: World of Fantasy: Enhanced with new adventures, rewards, and a PvP mode.
• The Open Space: Launched a public beta for both iOS and Android, quickly filling the 20,000 available slots.
• WuffiTap: A new game with tap-based gameplay and a unique token economy centered around the WUFFI token.

Top Games By Wallet Activity Q2 2024

NFT Activity

The NFT market on WAX experienced a slowdown in Q2 2024, with trading volume dropping by 38% to $1.5 million, and sales decreasing by 29% to 486,032 transactions. Despite this, key collections like Alien Worlds and Funko collectibles continued to perform well, indicating a strong connection between web3 and traditional collectible brands.

Top NFT Collections by Trading Volume

WAX’s Q2 and Q3 Roadmap

Q2 2024 Achievements:

• Tokenomics Optimization: Continued refining the model for ecosystem health.
• Antelope 5.0 Upgrade: Updated WAX with the latest Antelope version.
• RAM Improvements: Enhanced the blockchain resource model to support a billion active accounts and removed the Cloud Wallet account creation paywall.
• Side Chain Launcher: Introduced a system for rapid side chain deployment.
• Developer Guides: Expanded the Slide Puzzle Series to empower developers.

Q3 2024 Plans:

• Further Tokenomics Optimization: Continued adjustments to promote ecosystem health.
• WAX EVM Side Chain Launcher: Introduce EVM side chains to enhance interoperability with Ethereum.
• Developer Guides: Further development of community-defined use cases.

WAX Active Wallets and Volume

Final Thoughts

The Q2 2024 report underscores the WAX blockchain's resilience and adaptability in the face of challenging market conditions. With a robust increase in daily active wallets, a thriving gaming ecosystem, and promising developments in the DeFi and NFT sectors, WAX continues to demonstrate its strength and potential for future growth.

The advancements in tokenomics, infrastructure, and developer support further highlight WAX's commitment to innovation and community engagement. As WAX pushes forward with its strategic roadmap for Q3 2024, it remains well-positioned to capitalize on emerging opportunities and maintain its status as a prominent player in the blockchain space. Make sure to read the full report by DappRadar for more information.

Disclaimer: The insights presented in this report are based solely on data from the dapps and NFT collections tracked by DappRadar on WAX, and do not encompass all the transactions conducted on the blockchain as a whole.