WAX to MATIC: Time to Swap?
Decentralization has led to the emergence of hundreds of new altcoins, NFTs, and stablecoins with varying use cases. Among these new crypto are WAX and MATIC, two exchangeable tokens that are a must-have for anyone looking to invest in blockchain.
In this article, we highlight the significance of both tokens in the crypto market. We go on a deep dive into the current market analysis to help you decide if it’s the right time to exchange WAX to MATIC or if you are better off hodling your WAX in 2024.
Overview of WAX and MATIC
Both WAX and MATIC have played a huge role in increasing the adoption of cryptocurrencies over the last five years. MATIC has helped ease the pressure on the main Ethereum chain by hosting others on a parallel blockchain allowing for quick transactions and low gas fees. On the other hand, WAX has revolutionized the online gaming industry by allowing participants to easily create and sell collectibles without the need for intermediaries.
MATIC
MATIC is the gas token that helps run the Polygon blockchain. Polygon is a layer-2 platform launched on Ethereum in 2017 as Matic Network — rebranded as Polygon in 2021.
Polygon is considered a Swiss army knife for Ethereum’s scaling problems. The network offers EVM compatibility which increases the network’s scalability and transaction speeds. Polygon uses a proof-of-stake (PoS) mechanism that is made possible by MATIC. The token can be used to stake on 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 the governance of Polygon.
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 weapons and skins from online games. 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 among the ever-evolving use cases of WAX.
Current Market Analysis
Both WAX and MATIC have recently shown a very low risk score, which makes them deal investments for anyone looking to invest in altcoins. WAX is currently trading at $0.1, which is a 54% increase in price compared to last month when it traded at $0.06. The token’s market cap is around $350m. The recent partnerships with huge players in tech such as Amazon and more focus on NFTs have helped with the adoption of WAX in the past few months.
Currently, MATIC is trading at $1, a 3% decrease in price over the last month when it traded at $1.05. The current market cap of MATIC is slightly above $10b. Polygon has been making groundbreaking partnerships with gaming platforms such as Atari and NFT marketplaces including Decentraland all looking to be powered by Polygon’s MATIC.
Price Prediction: MATIC
While it’s currently trading at an average of $1.00, experts predict MATIC will double its value in 2025 before reaching $3.48 by 2026, which makes it a good long-term investment.
Price forecasts show that MATIC’s value will hit double figures in late 2029 at $10.60 before averaging at $13.01 in 2030. The trend is similar to what is portrayed in IOTA price predictions where there is a steady price increase through to 2030.
Price Prediction: WAX
According to price forecasts, WAX’s current price of $0.1 is likely to rise to $0.2648 by the start of 2025 before averaging $0.33 in 2026. What’s more, technical analysis shows that WAX will get back to over $1.00 sometime in 2029.
WAX to MATIC: Is It Time to Exchange?
WAX is revolutionizing online games and in-app purchases while MATIC is bringing scalability to Ethereum and allowing NFT trading and game development. That said, price forecasts show that both WAX and MATIC prices are on a long-term upward trajectory. However, MATIC looks to maintain a higher price than WAX.
If you are looking to trade the pair for short-term profits, it is advisable to analyze the daily price movements of each token before deciding to either sell your WAX for MATIC or vice versa.
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