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What are WAX Tokens?

Oct 14, 2019
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What are WAX Tokens?

WAX Tokens power the WAX Blockchain. They’re used to reward participants for their activities on the chain. These participants include:

  • WAX Token holders who stake and vote
  • WAX Guilds who produce blocks
  • Developers whose projects are accepted into the WAX Worker Proposal System

You may sometimes see WAX Tokens called WAXP Tokens.

Please note that due to compliance reasons, we are unable to specify how to purchase WAX Tokens. We encourage you to join our Telegram channel to discuss WAX Tokens with other community members.

What are the benefits of owning WAX Tokens?



You can use your WAX Tokens to earn more WAX Tokens, called WAX Staking Rewards, by voting for WAX Guilds (parties that perform blockchain functions). It’s easy to earn WAX Staking Rewards, the process takes just a minute or two, and you can unstake your tokens at any time (learn how to stake and vote in the next sections).

You can read more about WAX Staking Rewards and why we created this program here.

Staking your WAX Tokens

To earn WAX Staking Rewards, you’ll need to set up your WAX Cloud Wallet (WCW) and stake your WAX Tokens (a one-time process), then vote weekly. Here’s how to create a WCW and stake your WAX Tokens:

  1. Create a free WCW account here
  2. Send WAX Tokens to your WCW*. Your WCW name is formatted as xxxxx.wam
  3. Visit wax.bloks.io and log in with WCW
  4. Visit wax.bloks.io/wallet/resources/stake. Choose the number of WAX Tokens you wish to stake and enter half the amount in both the CPU and NET fields (recommended). For example if you have 200 WAX Tokens, you will stake 100 to CPU and 100 to NET. "Receiver of stake" is your wallet address (formatted as xxxxx.wam)
  5. Click the blue "Stake" button and click approve on the next pop up window
Step 4

Your WAX Tokens are now staked. You’re almost done! Just one more step...

Voting with your WAX Tokens

The last step towards earning WAX Staking Rewards is voting. Right now, you can vote for WAX Guilds. In the future, you will also be able to vote for standby guilds and blockchain improvement proposals. To vote for WAX Guilds:

  1. Visit wax.bloks.io and log in with WCW
  2. Click "Vote"
  3. Select at least 16 WAX Guilds and up to 30
  4. Click the blue "vote" button and click approve on the next pop up window

That’s it! Vote every week to maximize your WAX Staking Rewards. To learn more about staking and voting and why it matters, click here.

Resources

The above is a quick overview of what WAX Tokens are, and how to stake and vote with them to earn WAX Staking Rewards. There is much more information available about each of the processes, which you can find here:

  • To learn more about WAX Staking Rewards, click here
  • To get a technical deep-dive into how WAX Staking Rewards and WAX Guild Rewards are calculated, click here
  • To join the WAX Community and discuss WAX Tokens with others around the world, click here
  • To get the latest in breaking news from WAX, follow WAX on Twitter here
  • To learn how to become a WAX Guild, click here
  • To learn more about the WAX Worker Proposal System, click here
  • To receive WAX updates via email, select your preferred topics and subscribe below

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Let us know what you think by joining the WAX community:

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* Please note that due to compliance reasons, we are unable to specify how to purchase WAX Tokens. We encourage you to join our Telegram channel to discuss WAX Tokens with other community members.

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