Research Summary
The report discusses the performance of the WAX blockchain in Q2’23, which was negatively impacted by U.S. regulatory actions. The price of $WAX dropped by 33%, with several key metrics such as revenue, new addresses, NFT volume, and DeFi TVL also falling. However, there were positive growth indicators during the bear market, including an increase in the stickiness of new addresses and daily unique NFT traders. The quarter also saw several upgrades and launches, including integration with Antelope IBC, the Unity 3D SDK, TRUST scores, and the NFT bridge. Ecosystem initiatives such as the Creators First program and AtomicHub GameFest continued to engage the WAX community.
Actionable Insights
- Monitor the impact of U.S. regulatory actions: The negative impact of U.S. regulatory actions on the price of $WAX and other alt-L1s should be closely monitored.
- Track the performance of new upgrades and launches: The impact of new upgrades and launches, such as the integration with Antelope IBC, the Unity 3D SDK, TRUST scores, and the NFT bridge, on the WAX ecosystem should be tracked.
- Engage with the WAX community: Continued engagement with the WAX community through initiatives such as the Creators First program and AtomicHub GameFest is key to improving the strength and diversity of WAX’s network and ecosystem.
