Wemix blockchain to stop checking rewards
South Korean blockchain game Wemix, with a net market capitalization of $2.6 billion at the time of publication, will stop blocking rewards to “further strengthen the fundamental and functional aspects of WEMIX tokenomics.”
According to the January 9 announcement, Wemix's total supply will “remain constant or decrease at block height where block mining rewards are implemented” by the end of Q1 2024.
Before the ID, the annual inflation rate of Wemix tokens was 3.15%. Wemix developers say they are committed to “achieving inflationary economies” by avoiding the burning of gas bills used on the network.
Instead of blocking rewards, Wemix developers said they will distribute Wemix tokens held by the Wemix Foundation to the community and decentralized app developers as an incentive. “This distribution system can last for 20 years,” developers said.
As a result of the change, the Wemix blockchain will undergo a hard fork with no rewards and no incentive to distribute via the Wemix Foundation's digital wallets.
On December 22, Wemix's parent company, Wemade, launched a $100 million Web3 fund in partnership with Singaporean venture capital fund Whampoa Digital to invest in digital property projects in the Middle East. Whampoa Digital will be an ecosystem partner of Wemade's WEMIX PLAY Center at the Dubai International Financial Center Innovation Hub.
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Wemade is the creator of the popular Legend of Mir series and claims that Mir 4, released in 2021, was the most successful blockchain game at the time.
