Wax Bridged USDC (Wax)
WAXUSDC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAXUSDC is a bridged derivative of Circle's USDC on the WAX blockchain (contract WAXUSDC-wax-eth.token). Across all six evaluated dimensions, the asset displays notable structural limitations typical of passive bridge wrappers: 1) Active Development (3.0/10) is minimal, operating as passive infrastructure without independent codebases or adoption of Circle's Bridged USDC Standard; 2) Community Support (1.5/10) is derivative of the broader WAX network, lacking dedicated governance or social channels despite ~14,649 on-chain holders; 3) Tokenomics (5.0/10) benefits from a tight peg near $1.00 but suffers from thin liquidity (~$6.5k-7.0k daily volume) and undocumented custodial/bridge backing; 4) Market and Use Case (3.0/10) reflects minimal organic demand and exposure to the contracting WAX ecosystem; 5) Team and Governance (4.5/10) is hindered by an unidentified bridge operator and absence of formal governance; and 6) Security and Audit History (6.0/10) shows an intact current peg and clean direct incident record, balanced against unverified bridge audit coverage, single-DEX (Alcor) concentration risk, and ecosystem-level regulatory friction. No qualifying red-flag events were established against the token itself.
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 Bridged USDC (Wax) (WAXUSDC)
Wax Bridged USDC (WAXUSDC) is a bridged stablecoin representation of Circle's USD Coin (USDC) deployed on the WAX blockchain under the contract identifier WAXUSDC-wax-eth.token. The token operates with an elastic supply that expands and contracts based on bridging activity between the host network and external reserves. Its primary role is to provide a USD-pegged medium of exchange and settlement asset within decentralized applications operating on WAX.
The asset functions as passive bridge infrastructure without independent developer repositories, a formal development roadmap, or a dedicated decentralized governance structure. WAXUSDC does not participate in Circle's official Bridged USDC Standard, precluding automated pathways to native USDC issuance. While on-chain records show approximately 14,649 token holders, trading activity is constrained, with the asset primarily accessible via the Alcor exchange under low daily trading volumes.
Risk factors associated with WAXUSDC include the absence of verified public security audits for the WAX-side bridge contract, an unidentified bridge operator, and undocumented custodial backing arrangements. Although the token generally trades near its $1.00 target, historical market tracking shows price volatility ranging from an all-time low of approximately $0.779 to a high of $1.11. Additionally, the asset is exposed to broader WAX ecosystem developments, such as a 2023 Tennessee Securities Division cease-and-desist action involving WAX-related entities and reported exchange delistings affecting the native WAXP token.