World Asset eXchange (WAX) announced its Genesis Block Member Program (GBM) this week, which is designed to provide early network supporters with additional daily token rewards for 3 years as part of the WAX mainnet token swap.
WAX Blockchain and Protocol Token Release Update: Introducing the Genesis Block Member Program (GBM). GBM participants will receive daily token rewards for 3 years. To be eligible, you must participate in the WAX Token Swap which begins June 30. Details: https://t.co/VjCsMyC1Lo pic.twitter.com/YXM2xKIb6D
— WAX.io (@wax_io) April 25, 2019
This news comes a week after WAX unveiled its plan to migrate to its blockchain on June 30, which includes a token swap to destroy the old ERC-20 tokens.
According to the latest announcement, Genesis WAX Protocol Tokens provide all of the same access as the normal mainnet Protocol Tokens but with the added passive income reward. Users can choose to swap their ERC-20 tokens for Genesis or normal mainnet tokens.
Genesis Tokens are automatically staked for you once they are swapped for ERC-20 WAX Tokens, and uninterruptedly staking for 3 years will double your WAX Protocol Tokens with daily payouts that can be withdrawn.
WAX is now up 23% over the last 24 hours to $0.077044, giving the altcoin a $72.9 million market cap, which makes it the 2nd-largest constituent in the newly launched AltDex Blockchain Gaming Index (ALTGME).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.