WAX
WAXP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAXP (Worldwide Asset eXchange) presents a mixed profile characterized by functional underlying infrastructure and experienced leadership against severe community dormancy and market contraction. The protocol maintains genuine active development (6.5/10), evidenced by consensus engine upgrades and ongoing repository maintenance. Tokenomics (6.5/10) benefit from a 100% circulating supply with no unlock overhang and integrated burn mechanics. The governance and founding team structure (7.5/10) remains a core strength, backed by experienced industry founders and formal oversight bodies.
Conversely, the project faces notable headwinds. Community engagement has deteriorated significantly (2.0/10) with negligible recent organic participation and governance turnout. Market adoption has severely contracted (4.5/10), reflecting heavy drawdowns in market cap and trading volume within a saturated NFT/gaming niche. Additionally, the security posture (4.5/10) is constrained by a lack of an activated, verified formal audit profile and high on-chain centralization metrics on the Ethereum bridge representation (including a 97% holder concentration ratio and non-renounced proxy ownership). No qualifying catastrophic red-flag events (hacks, delistings, or regulatory actions) were affirmatively established, meaning the score is not capped. The final score is calculated strictly as the weighted average across all six evaluated sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About WAX (WAXP)
WAX (Worldwide Asset eXchange), traded under the ticker WAXP, is a Delegated Proof of Stake (DPoS) blockchain designed specifically for non-fungible tokens (NFTs), gaming, and digital collectibles. Originally established by a team with background in digital goods platforms such as OPSkins, the network aims to facilitate low-fee microtransactions for digital items. In addition to its native Layer 1 blockchain, WAXP exists as an ERC-20 token on Ethereum to support cross-network liquidity and integration.
The WAXP token serves multi-layered utility functions across the network, including transaction fee settlements, resource allocation, and staking. Protocol governance operates through a multi-tier structure where token holders stake assets to vote for up to 30 block-producing WAX Guilds, supervised by an elected Office of Inspector General. The network's tokenomics feature a fully circulating supply of approximately 1.85 billion tokens without future vesting unlocks, incorporating a PowerUp burn mechanism that ties deflationary pressure directly to network utilization.
Despite ongoing protocol-level development—such as consensus engine upgrades and repository maintenance—the project faces notable operational and structural challenges. The network has experienced severe market contraction, with its market capitalization falling by approximately 95% from mid-2024 levels alongside a significant decline in trading volume and community participation. Furthermore, the project lacks an active, verified third-party audit profile, and its ERC-20 bridge representation exhibits high on-chain centralization risks, including unrenounced proxy ownership and over 97% token concentration among major non-exchange holders.