Wemix Blockchain Announces Block Minting Reward Discontinuation

Wemix, the South Korean gaming blockchain with a diluted market cap of $2.6 billion at the time of publishing, will discontinue block minting rewards.

They made this decision “to further solidify the fundamentals and practical aspects of WEMIX tokenomics.”

The announcement that was made on January 9 stated that by the end of the first quarter of 2024, the total supply of WEMIX “will either remain fixed or be reduced from the block height at which the discontinuation of block minting rewards is implemented.”

In the time leading up to the announcement, the WEMIX token had a yearly inflation rate of 3.15 percent.

As part of its commitment to “achieving a deflationary economy,” Wemix has announced that it will eliminate block minting rewards and the token burn of gas costs that are currently being used on the network.

The blockchain will issue WEMIX tokens held by the Wemix Foundation as incentives for the community and its decentralized application developers. The blockchain will replace the current distribution of block-minting rewards.

According to the claim, this distribution system can be maintained for approximately twenty years. A hard fork involving the Wemix blockchain is going to take place as a consequence of the transformation.

On the 22nd of December, Wemade, the parent company of Wemix, announced the formation of a $100 million Web3 fund in collaboration with Whampoa Digital, a venture capital fund based in Singapore, to invest in digital asset projects located in the Middle East.

A further development is that Whampoa Digital will become an ecosystem partner for Wemade’s Wemix Play Center, which is located in the Dubai International Financial Centre Innovation Hub.

Wemade, the company responsible for the iconic Legend of Mir series, asserts that Mir 4, launched in 2021, was the most successful blockchain game available at the time.