Altcoins
WAX to MATIC: time to swap?
Decentralization has led to the emergence of hundreds of new altcoins, NFTs and stablecoins with varied use cases. Among these new cryptos are WAX and MATIC, two must-have tradable tokens for anyone looking to invest in blockchain.
In this article, we highlight the importance of both tokens in the crypto market. We dig deeper into current market analysis to help you decide if it’s the right time to exchange WAX for MATIC or if you’re better off holding on to your WAX in 2024.
Overview of WAX and MATIC
Both WAX and MATIC have played an important role in increasing the adoption of cryptocurrencies over the past five years. MATIC helped alleviate pressure on the Ethereum main chain by hosting others on a parallel blockchain allowing for fast transactions and low gas fees. On the other hand, WAX revolutionized the online gaming industry by allowing participants to easily create and sell collectibles without the need for middlemen.
MATIC
MATIC is the gas token that runs the Polygon blockchain. Polygon is a layer 2 platform launched on Ethereum in 2017 as Matic Network – renamed Polygon in 2021.
Polygon is considered a Swiss army knife for Ethereum scaling issues. The network offers EVM compatibility which increases network scalability and transaction speeds. Polygon uses a proof-of-stake (PoS) mechanism made possible by MATIC. The token can be used to stake Polygon and interact with all other popular crypto blockchains that were previously only accessible through the main Ethereum blockchain.
MATIC can be used to help developers build dapps in the Polygon ecosystem. It is also used in Polygon governance.
WAX
Worldwide Asset Exchange (WAX) is a gaming-focused layer 1 blockchain with a native token called WAX. The platform was launched in 2015 by QPSkins as a centralized marketplace for trading online game weapons and skins. With WAX smart contracts, players can now create virtual goods and sell them securely and transparently without the need for traditional cross-border payment systems.
The project recently made news after signing a deal with Amazon Web Services (AWS) that would allow its developers to deploy nodes through Amazon’s managed blockchain services. This is one of the ever-evolving use cases for WAX.
Current market analysis
WAX and MATIC have recently displayed a very low risk score, which allows them to offer investments to anyone looking to invest in altcoins. WAX is currently trading at $0.1, which is a 54% increase from last month when it was trading at $0.06. The market capitalization of the token is around $350 million. Recent partnerships with huge tech players like Amazon and a greater focus on NFTs have contributed to the adoption of WAX in recent months.
Currently, MATIC is trading at $1, down 3% from last month when it was trading at $1.05. MATIC’s current market capitalization is just over $10 billion. Polygon has formed groundbreaking partnerships with gaming platforms such as Atari and NFT marketplaces, including Decentraland, all of which seek to be powered by Polygon’s MATIC.
Price prediction: MATIC
Although it currently trades at an average of $1.00, experts predict that MATIC will double its value in 2025 before reaching $3.48 by 2026, making it a good long-term investment.
Price predictions show that MATIC’s value will reach double digits in late 2029 at $10.60 before reaching an average of $13.01 in 2030. The trend is similar to that described in IOTA Price Forecast where prices will experience a constant increase until 2030.
Price Forecast: CIRE
According to price predictions, WAX’s current price of $0.1 is expected to reach $0.2648 by early 2025 before reaching an average of $0.33 in 2026. Additionally, technical analysis shows that WAX will return to over $1.00 in 2029.
WAX to MATIC: is it time to swap?
WAX is revolutionizing online gaming and in-app purchases, while MATIC brings scalability to Ethereum and enables NFT trading and game development. That said, price predictions show that WAX and MATIC prices are on a long-term upward trajectory. However, MATIC seeks to maintain a higher price than WAX.
If you are looking to trade the pair to make short-term profits, it is advisable to analyze the daily price movements of each token before deciding to sell your WAX for MATIC or vice versa.
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