Hello EOSLocally Community!
Today, we have another big announcement to make! We have recently added a light version of USDT on our platform and in addition to that, WAX (Worldwide Asset eXchange) is now available to trade on eoslocally.com! Users can now use our platform to trade one of the most highly coveted currencies for purchasing virtual assets!
EOSLocally and WAX: how does it work?
EOSLocally is the first decentralized and secure person-to-person EOS trading platform, where traders are able to buy and sell EOS in a fast and efficient way, either in cash or via online payment in the currency of their choice. Users can take advantage of a number of different features when trading EOS on EOSLocally and now users can do the same when buying and selling WAX.
On eoslocally.com, WAX and EOS are traded in the exact same way! The only extra step you have to do is “switch” from EOS to WAX (see the gif below).
Here’s a brief summary of how you can trade WAX on our platform:
1. Open Trades
Create an offer or choose an existing one to start trading. After the buyer and seller agree on terms, the seller can transfer WAX to the secure escrow.
2. Peer-to-Peer FIAT transaction
Send the agreed amount of local currency and confirm the payment. Before the payment, trade cancellation and escrow refunds are possible without any hassle.
3. Release funds
Once the funds have been received, the seller can safely release the escrow. The WAX amount will instantly be transferred to the buyer’s wallet.
Visit our guide to learn more about how to trade WAX or EOS on EOSLocally!
What is WAX?
WAX is a decentralized exchange primarily focused around video games in which users use WAX tokens in over 400 marketplaces to buy and sell virtual assets. The company OPSkins created the exchange in 2015, primarily focusing on the buying and selling of in-game items within the game “Counter-Strike”. This soon evolved to include games over a wide range of genres and the WAX token system has become an important piece in video game virtual commerce. The tokens enable the platform to quantify video game assets in terms of WAX tokens, thus allowing them to be traded on various decentralized exchanges such as eoslocally.com. Furthermore, the platform’s tokens operate on smart contracts enabling buyers and sellers of the assets to transact in a much more organized and transparent way.
Why use WAX?
With the increasing growth rate of the video game community, WAX and its tokens are becoming much more relevant. Currently, there are over 970 Million WAX tokens in circulation, each trading roughly at $0.018 USD. The coin is specifically made for users micro transacting in different video game marketplaces which is why it is divisible to up to 17 decimal places, making it extremely versatile. Apart from this, there are several other reasons why EOSLocally adding WAX to its platform is great news: First, the coin taps into a huge market. WAX is expected to facilitate transactions between the 400 million users in the $152.1 Billion video game market, which is continuing to grow at an incredibly fast rate. Second, there is no need to use any third-party wallet with Wax Cloud Wallet, one of the most user-friendly wallets available. It is a really simple way to interact with the Wax blockchain and the dapps as you are able to instantly create a new WAX Cloud Wallet account for free. Finally, WAX has a very clear and effective governance model, as shown through their whitepaper. Because token holders are incentivized to vote WAX has also one of the highest voter participation rates primarily.
We’re still working on implementing new tokens on our platform, stay tuned for another update in the next few days ;)
If you have any questions, feel free to reach us on our Telegram channel!