Many people have heard of Bitcoin, some people have heard of Ethereum, but most people still think you are talking about the stuff to make candles when you mention WAX.
WAX is a blockchain built on EOS, remember EOS?
WAX is great for NFTs and crypto gaming because there is no need to pay massive gas fees in order to invest money into a project. Especially when the fees are more expensive than some NFTs are even worth!
On WAX I do not have to pay a bunch of money, to use a bridge, to send my coins over to metamask, only to have to pay another smaller gas fee to to send it to coinbase. No wonder some people think play to earn gaming is a joke or a scam!
When I want to cash out in WAX all I have to do is send my $$ from my wax cloud wallet directly to coinbase. No bridges need to be involved, no gas fees either.
If you want to know what kind of games and projects are even available on the WAX blockchain before getting into it, then please check out atomichub.io. Or check out the blog posts about NFT Battle Miners and Ancient Realms I made this week:
@kryp70kn1gh7/how-to-earn-passive-income-from-a-web-3-game-being-developed-in-ukraine
@kryp70kn1gh7/ancient-realms-a-new-web-3-rpg-on-wax
You will def want a wax cloud wallet in order to get started as a wax hodler. You can set up an anchor wallet later so stay tuned for a blog post about that, soon.
Head over to https://all-access.wax.io/cloud-wallet and set up your first cloud wallet.
During the set up it is going to give you specific instructions to deposit wax to the wallet address: newuser.wax and the memo will be your new wax address.
Note: put actual periods/dots instead of typing out DOT i am not sure why they posted it like that :)
This is the part where you need to have some wax so head over to bittrex to get yourself some wax (link for bittrex is below) and then deposit it according to the instructions in your wax cloud wallet setup.
The best website that I have found for wax cloud wallet control and navigation is https://wax.bloks.io/
Wax Bloks lets me stake, unstake, buy/sell ram, vote, stake or buy ram for other people, keep track of all transactions and more.
First lets cover staking because you can't operate on the wax blockchain without om chain CPU. You get CPU on the blockchain by staking wax for CPU. You will also need RAM, and NET .
Transactions on wax are free but you can only send transactions on wax if you have the required resources on the network to do so. Think of your wax wallet is a computer, and a transaction is an email, well you can't send an email if you have no internet, no ram, no computing power. This is why you need to stake a bit of wax for NET, buy some RAM, and stake some CPU. CPU requires the most wax, followed by RAM, and then NET is the least important, in my experience.
While it is true that you can request an unstake or refund at anytime. You will have to wait 3 days to get your money back once you submit that request.
If you have sent 100 wax to your wallet then a good way to start would be to stake 90 wax for CPU, 9 wax for RAM, and 1 wax for NET. Or at least similar proportions for whatever amount you have available.
Once you have some wax staked there are a few ways you can earn income on the wax blockchain.
The first way is to vote everyday and claim your voters rewards.
If you don't want to vote everyday but still want to earn passive income then you can proxy your vote to someone else so that you are basically voting for whoever they vote for.
Voting for block producers earns you income relative to how much WAX you have staked.
Another way to earn more WAX is to head over to alcor.exchange and find some liquidity pools that have decent volume such as WAX/TLM and buy yourself 50% WAX 50% TLM and then add those funds to the liquidity pool.
This is going to allow you to earn commissions on any swaps made with the 2 tokens you chose relative to the size of your share of the liquidity pool.
The final way to earn WAX that we will cover today is staking other tokens directly, this is a little different then the liquidity pools. For this example we will look at staking in the the play to earn web3 NFT game galled rplanet.
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Rplanet has a governance section for staking RDAO that allows anyone who stakes RDAO to earn WAX. It is as simple as that.
All you do is navigate back to alcor.exchange buy some RDAO and then stake it on rplanet.io. You can calculate exactly how much you will earn using the hourly number in the screenshot below and multiplying it by how much wax you want to stake.
I hope this guide was helpful for those of you who are unfamilar with EOS or the WAX blockchain. If you want to support my blog posts then please use my ref link to sign up for bittrex, which is where you will want an account to buy or sell wax for BTC or ETH. Bittrex has the lowest withdrawal fee when compared to kucoin.
Link for Bittrex:
https://bittrex.com/discover/join?referralCode=4I5-CL0-NLR
Link for Kucoin anyways:
https://www.kucoin.com/ucenter/signup?rcode=M63P6y
Please let me know if you have any questions in the comments. Or @ me on http://twitter.com/kryp70kn1gh7 if there are any new games you want me to cover.
Other links of interest:
https://all-access.wax.io/cloud-wallet - Start here with a cloud wallet
http://wax.bloks.io - Access wax blockchain, wallet, governance/voting, and various features.
https://wax.alcor.exchange/ - Trade wax for other cryptos on the leading dex for wax tokens
http://atomichub.io - Trade wax for NFTs
http://rplanet.io - Stake RDAO to earn passive wax income
If you got any useful info from this post or any of my other posts then please consider donating so that I may continue to research upcoming gamefi opportunities on the wax blockchain.
WAX:
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