The gaming blockchain network Wemix, headquartered in South Korea, has taken a significant step concerning its WEMIX token. The team has chosen to cease block rewards for WEMIX, which was valued at $2.6 billion when the article was penned. This decision has substantial implications for the total supply of WEMIX.
Wemix Team Makes a Remarkable Decision
As of the January 9 announcement, the WEMIX total supply will be maintained at its current level or reduced until the second quarter of 2024, or until it reaches a point where block rewards persist. Before this update, the WEMIX token had an annual inflation rate of 3.15%.
The Wemix team has announced its commitment to establishing a deflationary economy within the ecosystem. This involves discontinuing block rewards and implementing the burning of tokens associated with transaction fees on the network. Instead of block rewards, the blockchain network has opted to allocate WEMIX tokens from the Wemix Foundation as incentives for the community and decentralized application developers.
The team can sustain the token distribution initiative for approximately 20 years. In response to any changes in block rewards, developers on the Wemix blockchain network may contemplate a fork update.
Web3: Transforming the Gaming Sector into a Decentralized Experience
On December 22, Wemade, the parent company of Wemix, unveiled a $100 million Web3 fund in collaboration with Whampoa Digital, a Singapore-based venture capital fund. The fund aims to support crypto asset projects in the Middle East. In addition to the financial collaboration, Whampoa Digital will serve as an ecosystem partner for Wemade’s Wemix Play Center located at the Dubai International Financial Centre Innovation Hub.
Renowned for developing the acclaimed Legend of Mir series, Wemade asserts that Mir 4, introduced in 2021, achieved significant success as the leading blockchain game during its launch period.
The Web3 gaming sector is experiencing substantial and rapid growth, drawing attention from major Web2 companies and garnering increasing interest from users. As these trends unfold, notable analysts in the cryptocurrency market anticipate significant advancements in the GameFi sector throughout 2024.
