Swapping WAX for MATIC Using Godex
As investors wait for the markets to turn green, many of them are looking for the next big thing to carry their portfolio to success. In the bear market, some projects showed incredible strength, despite the market conditions.
Polygon (MATIC) managed to outperform the rest of the market, thanks to the plethora of innovations brought to the industry. On the other hand, WAX turned out to be quite a niche product that many have abandoned since then.
So is it time to convert WAX to MATIC already? We’ll try to answer this question in this article and provide you with some fundamentals regarding these tokens.
Godex — Anonymous Platform for Crypto Exchange
Before you even consider swapping WAX to MATIC, you should ensure that you are using the right platform for it. Anonymity is one of the pillars of security in the blockchain industry. If possible, you should always opt for an exchange that focuses on privacy like Godex.io.
Godex is a cryptocurrency exchange that provides users with easy onboarding thanks to its beginner-friendly interface. What’s more, this exchange doesn’t require any form of registration.
This feature allows you to keep your personal data separate from your crypto holdings, adding another layer of security to your crypto custodianship.
Additionally, Godex allows you to switch tokens across different chains, including Polygon and Wax. This means that you don’t have to go through a stablecoin intermediary, which saves you time and money.
And finally, it’s worth noting that Godex uses your non-custodial wallet to conduct transactions. So you never deposit your crypto in an online hot wallet — this improves your security.
How to Exchange WAX for MATIC?
Before we provide you with the details on how to swap between these two tokens, let’s take a look at their fundamentals.
WAX is short for Worldwide Asset Exchange, and is a blockchain that focuses mainly on non-fungible tokens (NFTs). This scalable platform came out as an alternative to Ethereum, where NFT minting and transaction fees remain incredibly high.
Thanks to its Delegated Proof of Stake (DPoS) consensus mechanism, it provides users with fast transactions and very low fees. Where minting an NFT collection on Ethereum could cost thousands of dollars, it costs mere pennies on WAX.
That said, with the decline of NFT popularity in the industry, WAX has been struggling in the bear market. Even with high-profile partnerships like Funko Pop and Hot Wheels, the chain has been experiencing very low volumes.
Polygon (MATIC) is a layer 2 protocol for Ethereum, aiming to provide scalability for the original smart contract blockchain. Initially a PoS sidechain to Ethereum, Polygon has evolved into a genuine scalability protocol in recent months.
With the release of the ZkEVM chain, Polygon has become one of the leading technology innovators in the industry regarding zero-knowledge proofs. These advancements have allowed the project to perform well during the bear market, with high on-chain volume, new dApp deployment, and user onboarding.
Godex: Swapping WAX to MATIC
Here are the steps that you need to follow:
- Visit the Godex.io website.
- Select WAX in the left drop-down menu and MATIC in the right one.
- Input the amount of WAX you wish to swap and click “Exchange.”
- Provide your wallet where you want to receive MATIC.
- Follow the on-screen instructions to complete the transaction.
That’s it; you should receive your MATIC tokens in a few minutes and have completed your transaction.
WAX to MATIC: Is It Time for Exchange?
Polygon has come out as a clear winner in this bear market. Although MATIC’s price has effectively declined, the on-chain metrics have remained incredibly high. This is not the case for WAX, where volume and price have reached all-time lows.
With more significant upgrades to its ecosystem, such as the upcoming Supernets, Polygon is setting itself up for success. Once the market turns more favorable, it could be one of the high risers in the next cycle.