What is the WAX Genesis Member Program?

WAX has announced its Genesis Block Member program where users can swap their WAX tokens for the WAX protocol tokens and double their staked amount in three years.

The news was announced in a WAX Medium blog post. It has announced its upcoming WAX token swap and its upcoming Genesis Block Member (GBM) program.

It reads: “broad community participation is essential for a well-functioning delegated proof-of-stake blockchain. The GBM is designed to encourage civic engagement and reward our long-term-oriented WAX community members”.

The announcement should come as good news to current WAX token holders who – if they swap their current tokens for the Genesis WAX protocol tokens – will be able to stake the newly acquired tokens to receive daily rewards.

Users will be able to swap their ERC-20 WAX tokens for the WAX protocol tokens between June 30 and August 30 2019, at which point the ERC-20 WAX tokens will be burnt and permanently decommissioned. There will only be one type of WAX protocol token and the ones created during the token swap will be designated Genesis WAX protocol tokens.

The Genesis WAX protocol tokens and WAX protocol tokens will be identical, except Genesis WAX protocol tokens will be used to earn GBM rewards. Both will be called WAX and can immediately be used to earn staking rewards and to vote. GBM, staking and voting rewards are immediately available after you receive your Genesis WAX protocol tokens.

During the swap, the ERC-20 WAX tokens will be converted on a 1-to-1 basis for Genesis WAX protocol tokens. For each ERC-20 WAX token burnt users will receive one Genesis WAX protocol token. Each staked Genesis WAX protocol token will earn one WAX protocol token as a GBM reward over the duration of three years.

The example provided by WAX is that one staked Genesis WAX protocol token will produce 1/1096 of a WAX protocol toke each day for 1,096 days.

By staking all of their Genesis WAX protocol tokens without disruption for three full years, users will double their WAX tokens. If a Genesis WAX protocol token is unstaked, it will permanently stop producing GBM rewards.

Users can unstake all or a portion of them at any given time, and those tokens will become WAX protocol tokens instead. Genesis WAX protocol tokens will be automatically staked for the users upon the conversion from an ERC-20 WAX token.

At launch the circulating supply of the WAX protocol tokens will not exceed 943 million, which is equal to the current supply of ERC-20 WAX tokens.

The initial circulating supply of WAX protocol tokens is based on the circulating number of ERC-20 WAX tokens burned during the token swap. The WAX protocol token circulating supply will increase as more ERC-20 WAX tokens are swapped and more token rewards are distributed.

The total supply of WAX tokens will be 3.7 billion when the WAX mainnet launches. Alongside this, the new move will still enable and support cross-chain interoperability.

Interested in reading more blockchain gaming-related stories? Discover more about Project Genesis and its upcoming Alpha phase which is scheduled to go live this summer.