PSA: Ethereum Virtual Machine and ETH Bridge Coming to WAX — Plus 100 Million WAX Fund for DeFi and Other Projects
WAX breaks the barriers between its blockchain and Ethereum with all-new Ethereum Virtual Machine and Ethereum Bridge
The future is looking bright for WAX as we continue to expand our reach and grow our community while offering new opportunities for compatibility with Ethereum.
Following last week’s listing of WAXP on some major exchanges (including Binance and Gate.io), we are excited to announce two brand-new ways we’re increasing compatibility between WAX and Ethereum — a WAX Ethereum Virtual Machine (EVM) and an Ethereum Bridge for seamless token exchange.
100 Million WAX Innovation Fund
Before diving into the specifics, we’re excited to announce the WAX Labs’ 100 Million WAX token fund engineered to fuel emerging and leading DeFi, GameFi and other projects to build on WAX and reap the benefits.
Stay tuned for announcements regarding funded projects in the coming weeks!
Which brings us to the EVM Machine…
The WAX Ethereum Virtual Machine
Ethereum’s biggest downside is the Proof of Work (PoW) system it’s built upon. Not only is it tough on the environment, we’re talking astronomical gas fees, and rather unfriendly transaction times.
Not only does this affect you as the customer, but also the developers who work so hard to bring you phenomenal tech.
DeFi and GameFi developers are essentially watching their hard-earned cash fly right out the window every time one of their smart contracts is pushed.
But there’s no need to fret, WAX has an answer that will make both sides happy.
Coming soon — WAX Ethereum Virtual Machine (EVM). This. Changes. Everything.
The WAX EVM will act as a way to forge a path for the developers on Ethereum to use WAX’s technology and Proof of Stake (PoS) system to avoid those nasty gas fees and lengthy transaction times, revolutionizing the way blockchains communicate with each other.
It also means that all of the amazing DeFi, GameFi and other technologies that are compatible with Ethereum can also be run on WAX!
It’s a win-win for both parties.
So, how does the WAX EVM work?
Interfacing between blockchains has historically been difficult, if not impossible. However, things are definitely evolving in this arena.
With the WAX EVM, smart contracts used on Ethereum will soon be able to be processed via WAX’s technology.
So that must mean faster transactions and no ridiculous gas fees, right?
If that was your hope, then you’d be correct!
With the use of the WAX EVM, all of the smart contracts compatible with Ethereum can function on the WAX Blockchain without fees — and all of this while avoiding changes to the original coding and providing faster run times for smart contract users.
So, Ethereum DeFi and GameFi projects are just about to get an upgrade. We can’t wait to see it in action and to onboard some fantastic new tech for our community to enjoy.
But that’s not all. Next we have the Ethereum Bridge for token exchanges.
ETH to WAX Made Easy
If you want to exchange your ETH for WAX, or vice-a-versa, this will be your dream come true.
Now available in Alpha, the Ethereum Bridge is accessible through the WAX Cloud Wallet. This means all six million of you (users) can transfer your assets both ways, including ERC20 tokens such as: ETH, BUSD, USDT and DAI.
WAX gives you the freedom to blockchain your way.
All-in-all, this has been an impressive month for WAX.
On a daily basis, we are seeing over 500,000 active users (that’s you guys!) and 16-million daily transactions — making us the most used layer-1 blockchain in the world.
Not to mention, this is all while remaining entirely carbon neutral. In fact, we use 100,000x less energy than Ethereum, as proven by three years of 8,000 transactions per second on the WAX Blockchain.
We’re pretty proud of that, but we’re not stopping here.
With this new technology and the convenience it brings, we expect to see some amazing things happening.
Keep your eyes peeled! More awesome things are heading your way.
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