Wemix Blockchain Embraces New Era, Ends Block Minting Rewards

The distribution of token rewards will occur through the digital wallets managed by Wemix Foundation instead.

Wemix, a South Korean gaming blockchain with the WEMIX token at a diluted market cap of $2.6 billion, plans to stop block minting rewards to strengthen WEMIX tokenomics.

As per the announcement on January 9, the overall WEMIX supply will either stay constant or decrease starting from the block height when block minting rewards end, expected by Q1 2024.

Prior to the announcement, the WEMIX token held a 3.15% annual inflation rate. Wemix expressed dedication to creating a deflationary economy by eliminating block minting rewards and burning tokens from network gas fees.

The blockchain intends to substitute block minting rewards with WEMIX tokens from the Wemix Foundation for community and decentralized app developers. They anticipate sustaining this distribution method for about 20 years.

This change will prompt a hard fork in the Wemix blockchain.

On December 22, Wemix’s parent company, Wemade, launched a $100 million Web3 fund in collaboration with Singapore’s Whampoa Digital. The aim is to invest in digital asset projects in the Middle East. Whampoa Digital will also become an ecosystem partner at Wemade’s Wemix Play Center within the Dubai International Financial Centre Innovation Hub.

The renowned creator of the beloved Legend of Mir series, Wemade, asserted that Mir 4, launched in 2021, stood as the most prosperous blockchain game during that period.

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