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?
For most WAX Token holders, the primary benefit of owning WAX Tokens is earning rewards in the form of more WAX Tokens. These are called WAX Staking Rewards.
WAX Token holders can earn WAX Staking Rewards by staking their WAX Tokens and then voting (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 Account and stake your WAX Tokens (a one-time process), then vote weekly. Here’s how to set up your WAX Account and stake your WAX Tokens:
- Follow the instructions here to create a WAX Account (note: a WAX Account is a blockchain account and is different from a WAX All Access account).
- Send WAX Tokens to your WAX Account*. Your WAX Account name is formatted as xxxxx.waa
- Stake your WAX Tokens using your Scatter wallet:
- Log into Scatter, then click on the wallet containing your WAX Tokens.
- Click on “Manage” located beneath the CPU and NET options (it doesn’t matter which one you choose).
- Slide the blue circle all the way to the right on CPU and/or NET (it doesn’t matter which one(s) you choose).
- Click “Confirm” and a popup will appear, then click “Allow”
* 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.
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:
- Visit account.wax.io and login
- Click the “Vote” tab
- Select at least 16 WAX Guilds and up to 30, then click “Vote”
That’s it! Vote every week to maximize your WAX Staking Rewards.
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
Let us know what you think by joining the WAX community:
Originally published at https://wax.io.