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Tuesday, January 31, 2023

WEMIX gains 200%+ after stablecoin and boosted staking rewards announcement

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Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that would probably be one of many main catalysts for kickstarting the mass adoption of blockchain know-how.

WEMIX, a gaming protocol that operates on the Klaytn community, goals to get in on the GameFi revolution and this week, the undertaking’s native token (WEMIX) rallied whilst the broader market continued to sell-off.

Data from Cointelegraph Markets Pro and TradingView exhibits that since hitting a low of $1.27 on May 12, WEMIX value climbed 269% to hit a each day excessive at $4.70 on May 25 as its 24-hour buying and selling quantity elevated to $652 million.

WEMIX/USDT 1-day chart. Source: TradingView

Three causes for the value reversal for WEMIX are the upcoming launch of WEMIX 3.0, a collection of undertaking launches and partnership agreements, and the introduction of lockup staking for token holders.

WEMIX 3.0

The primary improvement attracting consideration to WEMIX is the protocol’s deliberate mainnet launch, which is scheduled to happen on June 15.

WEMIX 3.0 will likely be an Ethereum digital machine (EVM) suitable public chain that may make the most of a stake-based proof-of-authority (SPoA) consensus algorithm.

As a part of the mainnet launch, WEMIX will even be introducing the WEMIX Dollar (WEMIX) because the native stablecoin of the ecosystem.

WEMIX will likely be a 100% collateralized stablecoin, backed by USD Coin (USDC) and off-chain belongings like fiat currencies.

New partnerships enhance pleasure

May has been a busy month for the WEMIX protocol after a number of video games launched or introduced their upcoming launch dates on the community. New additions embody Crypto Ball Z, Four Gods and Every Farm, in addition to the onboarding of the SpoLive sports activities prediction sport.

Along with protocol launches, WEMIX introduced a number of strategic investments together with being the lead investor within the Old Fashion Research (OFR) crypto fund in addition to an funding in an U.S.-based augmented reality metaverse startup known as Jadu.

On May 17, the crew behind WEMIX additionally signed a memorandum of understanding with the Vietnam Blockchain Association.

Related: Former Binance executives launch $100 million venture fund

Increased staking rewards

WEMIX additionally launched Stake360, an incentive that gives WEMIX holders boosted staking rewards for committing to an prolonged lockup interval.

In addition to the usual 7% staking reward out there to all token holders, traders who conform to a 90 to 360 day lockup can earn from 9% to twenty.28%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.