Wemix Halts Block Minting Rewards to Enhance Tokenomics; Parent Company Wemade Launches $100M Web3 Fund
Summary:
Wemix, a South Korean Blockchain gaming platform with a $2.6 billion diluted market cap, has decided to halt block minting rewards to enhance the practical aspects of WEMIX tokenomics. Its developers have committed to creating a deflationary economy by removing block minting rewards and burning gas fees used on the network. Wemix tokens held by the Wemix Foundation will be provided as incentives to the community and its decentralized application developers. This change will result in a hard fork in the Wemix blockchain. Meanwhile, the platform's parent company, Wemade, has launched a $100 million Web3 fund alongside Singaporean venture capital fund Whampoa Digital, for digital asset projects in the Middle East.
Blockchain gaming platform from South Korea, Wemix, boasting a diluted market cap of $2.6 billion at the news release, has decided to halt block minting rewards in an effort to further bolster the core principles and application of WEMIX tokenomics, as per the announcement on 9th January. The total supply of Wemix may remain the same or be cut down, from the block height following cessation of block minting rewards, by the Q1 of 2024. The annual inflation rate for Wemix tokens prior to the announcement was 3.15%. The developers of Wemix have voiced their commitment to creating a deflationary ecosystem via removal of block minting rewards and the incineration of gas fees utilized on the network. In place of block minting rewards, Wemix tokens under the custody of Wemix Foundation will be dispensed as incentives for its decentralized application developers and the community. The developers claim that this method of distribution can be sustained roughly for two decades. Consequent to this shift, the Wemix blockchain will experience a hard fork with no rewards for minting to follow, and incentives distributed through Wemix Foundation's virtual wallets. On December 22, Wemix's parent company, Wemade, unveiled a $100 million Web3 fund in conjunction with Singaporean venture capital fund Whampoa Digital to bankroll digital asset endeavors in the Middle East. Additionally, Whampoa Digital is set to become a system partner to WEMIX PLAY Center by Wemade based in Dubai International Financial Centre Innovation Hub. Wemade, creator of the renowned Legend of Mir series, purports that Mir 4, released in 2021, topped the chart of blockchain games during its time.
Published At
1/9/2024 7:44:59 PM
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