What Are the Differences Between WAX and EOS?

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WAX and EOS seem to have so many things in common. They are part of broader blockchain projects that allow businesses to create and run decentralized apps (dApps). They use the same consensus mechanism and seem to show a similar level of stability in the market. Despite this, some things set these coins apart. So, before you decide to convert WAX to EOS or vice versa, it’s good to know the key differences between these cryptocurrencies. Keep on reading to figure out the distinguishing features of WAX and EOS.

Understanding WAX

Worldwide Asset eXchange, commonly known as WAX, is an eco-friendly blockchain for dApps and non-fungible tokens (NFTs) that runs on a delegated proof-of-stake consensus mechanism. It focuses on trading digital items, in particular video games and collectibles. This blockchain platform provides a secure ecosystem for a successful NFT brand collection. You can mine WAXP tokens (and you don’t need supercomputers) or swap other cryptos for WAX at almost any online crypto exchange

EOS Crypto Review

EOS is a coin circulating on the market to support an EOS Network. It was launched in 2017 aiming to deliver business-friendly tools for creating dApps and speeding up transactions while overcoming common challenges inherent to traditional blockchain platforms like Ethereum. EOS offers free tools for developers and fee-free transactions, but EOS coins are still necessary to buy computing resources to run dApps built on this platform. Similarly to WAX, EOS uses a delegated proof-of-stake consensus approach, offering a greener way of validating transactions and building new blocks.

WAX vs EOS Comparison

At first sight, WAX and EOS have many things in common. But is it really the case? Keep reading to explore what unites and sets WAX and EOS apart.

Blockchain Capacity

A year ago, WAX was ranked as the second-largest crypto in daily and 30-day NFT sales volume. It placed Solana and Flow behind, being outplayed only by Ethereum. WAX NFT sales volume also outpaced Binance Smart Chain in early 2022. It means that WAX has a superior blockchain capacity, while remaining one of the most eco-friendly blockchains in the world. It can process four times more transactions than most other blockchains and five times more than the current limit of Ethereum’s capabilities. In general, it carries more than 26 million daily transactions, which makes it one of the most utilized blockchain technologies.

As EOS is a third-generation blockchain technology, it is also noted for its high speed and great capacity. It supports 1.9 million daily transactions and scales to at least 4,000 transactions per second.

Crypto Purpose

WAX was launched back in 2017 as a safe and convenient way to build, sell, and buy virtual items. It has grown into a leading and the most transacted blockchain ecosystem for NFTs, dApps, and video games. These days, it is recognized as a hub for Web3 gaming. WAX is a home for top blockchain games like Farmer’s World, Alien Worlds, and Prospectors. 

 

For its part, EOS is a blockchain platform used for creating dApps applications across different industries. Apart from the gaming niche, it is also utilized in real estate, supply chain, trading, and other business domains. Its token, EOS, is used for buying the computing resources required to run dApps in the EOS ecosystem.

WAX vs. EOS: Which One to Choose

WAX is the 153rd largest crypto coin out there, while EOS is ranked higher — it made it to the 40th position in the cryptocurrency rating by the market cap. In terms of investment to gain a good return, EOS can be a better choice because it is more tradable and doesn’t have an isolated community like WAX. But if you consider these cryptocurrencies for building and running dApps, you’ve got to carefully study the features of each platform to define what coin to buy.

Images Courtesy of DepositPhotos

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