WAXP is Worldwide Asset eXchange's native utility token and is used in the following functions:
RESOURCES: Similar to other blockchains like Ethereum that require gas fees to operate, WAX requires Resources. These include CPU, NET and RAM. dApp developers and users need NET, CPU, and RAM to perform actions on the WAX Blockchain. Each WAX Token staked corresponds with a certain amount of NET, CPU, and RAM. While NET and CPU are staked for, RAM is bought and sold through the RAM market due to its limited supply. Users can manage these resources directly in the WAX Cloud Wallet. Alternatively, dApp developers can stake these resources or provide RAM on behalf of their users.
STAKING AND VOTING: WAX users that stake tokens also earn the right to vote for block producers and earn voting rewards, paid for out of token inflation. WAX uses a Delegated Proof of Stake system in which these block producers provide computing power to the WAX network in exchange for a fixed monthly fee (paid out of token inflation). The office of inspector general writes reports about current and prospective block producers to allow token stakers to make more informed decisions when voting for block producers.
NFTs: WAX has the largest NFT ecosystem of any blockchain, including more than 100 million NFT assets from more than 30,000 dApps and NFT projects. Users can utilize WAX tokens to buy and sell NFTs in many dApps and marketplaces, such as https://wax.atomichub.io/, https://neftyblocks.com/, and many more. Additionally, many popular dApps, such as https://wdny.io/ sell NFTs directly using WAX tokens. Many emerging play-to-earn games are also significant participants in the WAX NFT ecosystem.
WAX LABS: WAX Labs is a worker proposal system that allows developers to propose WAX projects that are voted on by token stakers. Projects that are successfully voted in receive WAX Labs funds (paid for from token inflation) to pay for WAX development projects.
DEFI: WAXP tokens can be converted to ERC-20 WAXE tokens at a 1,000 WAXP to 1 WAXE ratio. WAX Defi benefits both WAXP and WAXE holders as the WAXP value of 2% of all secondary market NFT transactions on WAX are pooled each month, of which 20% of that amount of WAXP tokens are burned and 80% of that amount of WAXP tokens are distributed to stakers of WAXE. More details are available here.