In an exciting Twitter Spaces session, WAX CTO Lukas Sliwka gave the community a sneak peek into what’s happening behind the scenes at WAX as we head into Q4 2024. Lukas discussed key updates and future features and shared insights into how WAX is evolving to meet the needs of the growing Web3 and blockchain community. Here’s a comprehensive breakdown of the highlights from the session.
Prefer to listen in? Catch the full session recording here.
Q: What’s the current state of WAX, and what’s new in terms of development?
Lukas: We’re in an exciting place right now. WAX has consistently handled high transaction volumes — around 40 to 50 million transactions weekly — which ranks us right behind Solana. We’re expanding our infrastructure to support that growth by introducing sidechain support. Initially, sidechains will launch on our test net through Cloud Wallet, and from there, we’ll assess how to bring this functionality into the main net. This setup allows us to scale horizontally and manage more applications without overwhelming the core chain.
In addition to sidechains, we’re optimizing Cloud Wallet to make account creation simpler and cheaper. The goal is to remove any friction for new users. We’re also testing EVM (Ethereum Virtual Machine) compatibility as a potential sidechain option, which could allow WAX users to interact with Ethereum-based dApps. However, the technical complexity means EVM might come further down the line.
Q: Why are sidechains important for WAX?
Lukas: Sidechains are crucial because they allow us to scale in a way that meets the needs of our growing ecosystem. By deploying applications on sidechains, we can keep the main WAX chain fast and efficient without bogging it down. This is especially important given the transaction-heavy applications on WAX, like games and marketplaces, which demand high throughput. With sidechains, developers can even build app-specific chains, making them more customizable and efficient for specific use cases.
Q: How is WAX managing tokenomics with the Power Up model?
Lukas: Earlier this year, we rolled out the Power Up model to align WAX with a pay-per-transaction system similar to what’s used on many EVM-based networks. The idea is to reduce inflation by encouraging users to hold WAXP rather than constantly burning it through resource purchases. Adoption has been steady, but there’s still room for improvement. I’m considering tweaks to make the Power Up model even more appealing. This might involve adjusting resource costs or offering incentives for long-term participation, but we’re still analyzing community feedback and data.
Q: WAX handles millions of transactions daily. How do we compare with other blockchains?
Lukas: Currently, WAX is handling transaction volumes second only to Solana. Solana’s activity is heavily driven by meme coins and the hype around social and community-driven tokens, which have found a strong base on that chain. It’s clear that meme coins are becoming a significant driver of engagement in the blockchain space, and we’re looking to tap into that trend. We’re actively working with community developers to bring meme coin projects to WAX and to give our users access to this part of the market.
Q: Can you talk about WAX’s relationship with the Antelope Coalition and the new fork?
Lukas: We were actively engaged in the Antelope Coalition, but the financial and operational demands have shifted our focus. To keep up with Antelope’s Business Source License (BSL), we’d be looking at about $9 million over four years just to stay aligned. This led us to decide to fork our version of Antelope. This allows us to focus on what’s most important for WAX and prioritize our roadmap without the financial burden of staying on the coalition’s timeline. With this fork, we can implement changes at our own pace, which is critical for innovation and flexibility.
Q: What improvements can we expect for Cloud Wallet?
Lukas: We’re working hard to make Cloud Wallet more user-friendly and powerful. The most exciting update is the WAX-TON Bridge, which now supports $WUF tokens. Soon, we’ll expand this bridge functionality to include NFTs across chains like Solana, Base, and eventually TON. This will allow seamless asset transfers, giving users a broader range of options for interacting with multiple chains.
We’re also bringing Cloud Wallet to mobile. Android and iOS versions are in the pipeline, making signing transactions from mobile apps a lot easier. We know users are increasingly spending time on their phones, especially in gaming, so this mobile focus is about meeting our community where they are and reducing the need for desktop interaction.
Q: With so many new developments, how is WAX preparing for the next crypto cycle?
Lukas: This cycle is different from what we’ve seen before. Meme coins, AI, and staking projects lead the charge, rather than the usual DeFi and high-profile NFTs. We’re adapting to these shifts by supporting meme coin projects on WAX and integrating the $WUF token to further enhance the WUFFI experience and contribute to its future growth. We’re also encouraging developers in the WAX ecosystem to explore ways to integrate AI into their projects, as this could become a major trend in Web3.
Projects like Wax Fusion and Wuffi are already creating a lot of buzz. They’ve shown how creative our community can be, and we’re committed to supporting them as they push WAX forward.
Q: How is WAX addressing bot issues in games and dApps?
Lukas: Bot activity is a universal challenge for all online platforms, but we’ve integrated some AI-driven tools to help combat it. Cloud Wallet includes a “bot score” feature that uses analytics to detect suspicious accounts. Game developers can use this score to filter out bots and preserve a fair experience. However, we recommend developers also build their bot-prevention mechanisms to reinforce fairness. Effective tokenomics and proper design can make it difficult for bots to exploit your game.
Q: Why has WAX put so much effort into building bridges to other chains?
Lukas: The demand for cross-chain bridges has been huge. Our philosophy is that WAX should be a “network of networks.” By enabling users to interact with assets across chains, we’re enhancing WAX’s utility and making it easier for people to bring liquidity and assets from other networks into the WAX ecosystem. Data shows that bridges haven’t led to user loss; in fact, they’ve brought more people into the WAX community by offering them flexibility and options they can’t find elsewhere.
Q: What does TON integration mean for WAX and its users?
Lukas: Integrating TON is a big step forward, especially given its popularity among Web3 projects, creators, and gamers. With the WAX-TON Bridge, users can seamlessly transfer assets between WAX and TON. TON brings a massive user base already familiar with Web3, so we’re opening doors to a whole new audience. This partnership will help strengthen our position in the blockchain space, especially for gaming and NFT projects looking to reach Telegram’s vast community.
Q: Any final thoughts for the WAX community?
Lukas: WAX has come a long way, and the best is yet to come. Our community has stuck with us through a challenging market, and that resilience speaks volumes. We’re committed to creating a space where people can play, create, and thrive in Web3. We’re listening to market trends and community feedback to ensure that WAX remains a top choice for developers, gamers, and collectors.
We’ve got some big plans for Q4 2024 and beyond, and I’m genuinely excited to share them with all of you as they unfold. Keep your eyes on WAX — there’s much to look forward to!
2025 is almost upon us and the future of WAX looks brighter than ever! With a focus on innovation, community, and seamless cross-chain connectivity, WAX is poised to make waves in the Web3 space. We’re excited to continue building and evolving with our incredible community. Stay tuned for more updates, new features, and even bigger plans on the horizon. Let’s make 2025 the best year yet for WAX!
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