WAXE is the core governance token in the WAX blockchain ecosystem, based on the Ethereum ERC-20 standard, and has established a smart contract two-way exchange mechanism with the WAX mainnet token WAXP. As an important part of the WAX ecosystem, WAXE supports cross-chain liquidity, decentralized governance, and platform revenue sharing, providing strong support for blockchain games, NFTs, and DeFi services. This article analyzes the technical principles, token economic model, recent market performance, and WAX team's plans for future development, covering important topics such as multi-chain bridge open source. Despite the recent market volatility, WAXE, with its powerful functionality and innovation, remains an important driving force in the blockchain gaming and NFT field.