WAX token holders will now be able to earn a share of NFTs sold by the most popular brands on WAX!
Regular readers of the EOS Hot Sauce are well aware of the recent surge in popularity for NFTs and we don’t see that slowing down anytime soon! A great quote in the WAX DeFi announcement encapsulates our feelings surrounding the NFT industry: “NFTs will stand side by side with movies, music, and video games as a distinct entertainment format. Every consumer product that can not be eaten will become an NFT.”
So how does this all work exactly? When NFTs are sold on the market, brand creators can assign an author fee. For example, when the very popular KOG NFTs are traded, 8% of the sale price is taken as an author fee. Based on agreements between WAX and various NFT brands, a percentage of these author fees will be collected to feed the new WAX DeFi system.
Of the total fees collected for WAX DeFi, 80% will be distributed to the WAX DeFi system while 20% will be burned. This burn reduces the total supply of WAXP tokens and benefits all WAXP token holders.
For the full details and breakdown we highly recommend you read their article but here is the gist of it:
WAXP tokens can be transferred from the WAX network to the Ethereum network where they’ll become WAXE tokens.
Staking WAXE tokens allows you to earn fees and generate WAXG tokens.
90% of the fees will be sent to WAXE holders and 10% to the WAXG piggy bank.
WAXG is the governance token and can be used to vote on various proposals, like adjusting the above percentages.
WAXG can also be burned to claim your share of the fees held in the piggy bank.
Once WAXP tokens are converted to WAXE via the Ethereum bridge they can no longer be used for:
Staking rewards on the WAX network
Staking for resources (CPU/NET) on the WAX network
Voting on the WAX network
For now, WAXE tokens can’t be converted back to WAXP via the Ethereum bridge, but this functionality may be implemented in the future. The rewards sent to WAXE and WAXG token holders on Ethereum will come in the form of ETH for a nice cross-chain DeFi experience.
While the system may appear complex at first, it’s actually pretty straightforward once you wrap your head around it.
EOSX's DeFi Homepage
EOSX is a premiere EOS block explorer, and we’re constantly working to make it even better. Since our last EOSX recap, we have lots of great updates to share:
The new EOSX DeFi page makes it easy to research projects and claim all your rewards in one place
Quicker homepage load times
EOSDT balance now includes staked tokens
Token transfer page speed and display improvements
MSIG approval & ranking improved
Stablecoins added to account value
BOX token added
WAX Cloud Wallet support
WAX API optimization
Account prediction UI improvements
Updated list of spam accounts
EOS Resource Model Feedback
It’s been great seeing thoughtful opinions being shared by various block producers on the EOS mainnet regarding the new resource model that’s being proposed.
Block.one recently tweeted out a selection of these opinions from teams such as EOS Authority, Blockpool EOS, EOSphere, AtticLab and EOS Argentina. Many more opinions have been submitted publicly and directly to Block.one through their official platform, while discussion in the EOS Resource Model Telegram group has also been quite active. It’s great seeing so much activity surrounding this aspect of EOS governance and we look forward to seeing how this process evolvers in the weeks and months to come. Make sure to check out NodeONE’s Discussion Portal which contains links to many Telegram discussions, block producer submissions, references and useful links. Block.one has also announced that block producers are now required to submit the GitHub accounts of team members in order to be included in the Block.one voting roster. You can look up all the registered GitHub accounts on our EOS Validator and you can stay up to date with the new Resource Model Upgrade progress on our new tracker.
The Atomic Assets NFT standard and Atomic Hub Interface have already sparked a lot of creative activity on the WAX Blockchain and we’re looking forward to seeing how it takes off on EOS.
Jona Wilmsmann of Atomic Assets shared the news on the Mblu Crypto Youtube Show. Along with a general introduction to the platform, they discussed the possibilities of NFTs on EOS and shared an exclusive Uplift.Art NFT giveaway to celebrate the launch.
We also learned that Atomic Hub will introduce a bridge for NFTs to migrate from WAX to EOS.
Great news for all the EOS NFT lovers out there!
Congratulations to the Atomic Hub team for their successful launch on EOS!
The latest episode of Everything EOS was all about Ultra, the much-anticipated gaming platform scheduled to launch its mainnet later this year.
Ultra Co-founder and Co-CEO, David Hanson, and Product Owner, Rami James, answered questions regarding the Ultra SDK and Ultra Resource Model, and gave a great overview of all that Ultra has to offer.
We also learned more details about their exciting partnerships with Theta and AMD.
EOS Nation’s CEO Yves La Rose was happy to co-host this interesting interview.
We’re excited to participate as a Block Producer in all the great stuff that Ultra is going to bring to the world of gaming.
WAX NFT Hype: GPK S2, HotCakes, TokenHead
Long before the current hype around NFTs, the WAX team already laid the foundation for a platform to easily create and trade digital goods. It’s been this vision that led to WAX being adopted by so many projects and how the protocol became known as the King of NFTs.
The Topps GPK Original Season 2 just sold out and collectors are now trading on the secondary markets to complete their sets. OS 2 introduced a lot of designs and variants, which are already gaining popularity among the community. We especially enjoy the super clean frameless raw variant, which puts the full focus on the fun artwork that the Garbage Pail Kids have brought to WAX.
With the new season, Topps Digital has shown that they obviously have a lot of fun themselves designing this brand and that there’s still a lot of room for creativity. We look forward to what they’re going to come up with on the next drop.
Another fun NFT project is “hotcakes on WAX!” If you’ve been browsing Atomic Hub in recent weeks, you probably came across some of these cute stickers. And the team has just recently introduced a bunch of new utility to their NFTs.
You’ll find all relevant links in their article, and learn about the Sticker Book telegram bot, challenges to earn special NFTs, and telegram based games to increase your sticker stack.
In other NFT news, TokenHead will finally bring your WAX NFTs to a native mobile app available on iOS and Android that allows you to easily display your NFTs on mobile and share your collection across social media! We can expect a launch within the next few weeks, but you can already join the TokenHead telegram channel, watch a teaser video, and give feedback to shape the final product.
And in other WAX news, it’s time to prepare for an election. In the month of October, the token holders once again will vote for a community member to hold the office of WAX Inspector General. You’ll find details in the announcement article.
Girl Gone Crypto Talks EOS DeFi with Yves La Rose
Girl Gone Crypto, known for her cheerful crypto-themed TikTok videos, has done a great job engaging with her audience to educate about the world of cryptocurrencies.
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Remember, we neveraccept compensation in exchange for featuring projects in the EOS Hot Sauce. That means if a project is included in the EOS Hot Sauce it’s because we believe that project brings value to the EOSIO ecosystem and we want our community to know about it!
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Thank you for supporting EOS Nation and for reading this week’s edition of EOS Hot Sauce! Want more spicy updates? Check out some of our recent EOS Hot Sauce episodes!
EOS Hot Sauce ingredients: It’s been a huge week for EOS and this edition of the EOS Hot Sauce will focus entirely on the flurry of positive news for the EOS Mainnet and what it means for the future of the network. Google Announces Block Producer Candidacy, Former CFO and CTO of Goldman Sachs Marty Chavez Joins Block.one Advisory Board as Chairman.
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Disclaimer: The information provided above does not constitute investment advice, financial advice, trading advice, or any other type of advice whatsoever, and the information on our website should not be trusted as such. We present this information to you as general market commentary. The information does not constitute investment advice or any professional financial advice of any sort whatsoever. We do not advise or recommend that you buy, sell, or hold any cryptocurrency, digital token, ICO, or digital asset whatsoever. We advise users to conduct their own due diligence and consult with a qualified financial advisor before buying, selling, or holding any type of digital asset or cryptocurrency. We will not be held responsible for any investment decisions made based on the information provided on the website.
Prior to founding the first EOS community in Toronto and co-founding EOS Nation, Daniel spent a decade in the financial technology industry working several diverse roles. His extensive experience in customer service, sales, sales coaching, agent training, digital marketing, digital process management (lean green belt), and product management (certified scrum master, certified product owner) eventually lead him to consulting for a blockchain dev shop.
Daniel earned a Bachelor of Journalism from Ryerson University in 2009 and worked as a chase producer intern at Global TV.
Daniel lives by the principles of Truth, Love, and Freedom.