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WAX is a layer-1 network that was launched in 2017 with the goal of creating an ecosystem for dApps, NFT collectibles, and new play-to-earn games. The WAX protocol is a decentralized blockchain system that runs the WAX marketplace and focuses on the exchange and transfer of virtual goods and services.The WAX blockchain's consensus algorithm is delegated proof-of-stake (DPoS). It is completely compatible with EOS and has a WAXP-to-Ethereum (ETH) bridge that allows WAXP token holders to exchange their tokens into WAXE, an ERC20 utility token based on Ethereum.WAXP is WAX's native utility currency, which is used for staking, voting on proposals to affect the network's development, and paying network transaction fees.