Binance Listing Boosts WAX
On August 23, Binance listed WAX (WAXp) on its exchange. Trading is now open on the following pairs: WAXP/BTC, WAXP/BNB, WAXP/BUSD, WAXP/USDT.
Binance is a top exchange, responsible for 24 hour trading volumes in the $30 billion range. Worldwide Asset eXchange (WAX) is an EOS compatible blockchain designed to facilitate e-commerce. WAX uses a delegated proof-of-stake (DPoS) consensus algorithm and has many features that make it more user friendly than is common in the crypto space. The price of WAX skyrocketed when the exchange listing was announced.
As you can see, after the announcement, the price of WAXP spiked from about $0.18 to about $0.48 in just a short time. It's still unclear where price support will eventually consolidate, but it's safe to say that this support will continue floating above previous levels due to the increased demand produced by Binance exchange exposure.
What this Means for WAX
The most successful use case for WAX so far has been non-fungible tokens (NFTs). The most popular place to trade WAX NFTs is AtomicHub, which boasts trading volumes in the 1 million WAX/day range. The Wax Cloud Wallet already makes it easy for anyone to purchase WAX with Ethereum and start trading NFTs on AtomicHub. The Binance listing creates new mechanisms to purchase WAX, which may lead to an even more rapid expansion of WAX digital collectibles markets.
This is exciting for a number of reasons. Commodity digital assets, such as trading cards and in-game items, are being minted and exchanged on WAX by the millions. Although Ethereum has so far cornered the market on fine art NFTs, the nascent influx of interest (and capital) into WAX may begin to challenge Ethereum's dominance in this arena. Since the cost of minting NFTs on WAX is negligible compared with the cost of minting NFTs on Ethereum, the fine art NFT market may become more accessible to creators as WAX increases in popularity. And because the cost of transferring WAX is nothing compared with the cost of Ethereum's unpredictable fees, trading these fine art assets in the WAX marketplace may prove more affordable for average users.
The Binance listing moves WAX closer to mainstream adoption. Given the accessibility of WAX services like the Cloud Wallet and AtomicHub, this mainstream adoption could happen very quickly. There may be savvy investors out there ready to jump in at the first sign that this happening. This could move the price in big, unexpected ways.
Ready for Prime Time
Many crypto tokens are still in a phase of growth that puts their primary usefulness somewhere in the future. Not WAX. WAX is ready for prime time. It's already being used by countless people every day for trading digital assets. It makes perfect sense that a top exchange like Binance would list WAX.
While WAX has long been tradable on other major exchanges like Bittrex, the Binance listing opens up a whole new market for this token. This listing also represents a win for the EOSIO ecosystem, which has been growing by leaps and bounds lately. While the token price movements resulting from this listing may produce great excitement in the moment, the long term value of WAX and the digital assets it supports will become increasingly evident as time goes on. In a couple of years, WAX may be as popular any mobile phone game is today.
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