Wemix, a South Korean gaming blockchain, has decided to halt block minting rewards for its WEMIX token in a move aimed at strengthening the fundamental and practical aspects of the token economics. The WEMIX token had a diluted market cap of $2.6 billion at its launch. The announcement on January 9 revealed that, by the end of the first quarter of 2024, the total supply of WEMIX would either remain fixed or decrease once block minting rewards cease.
Before this decision, the WEMIX token had an annual inflation rate of 3.15%. Wemix expressed a commitment to transitioning to "deflationary economics" by discontinuing block minting rewards and ceasing the burning of gas fee tokens utilized on the network. Instead, the blockchain will distribute WEMIX tokens from the Wemix Foundation as an incentive for the community and decentralized application developers, with this allocation expected to last approximately 20 years. The implementation of these changes will require a hard fork for the Wemix blockchain.
On December 22, Wemade, the parent company of Wemix, collaborated with Singaporean venture capital fund Huangpu Digital to launch a $100 million Web3 fund. This fund is designed to invest in digital asset projects in the Middle East. As part of the collaboration, Huangpu Digital will also become an ecosystem partner of Wemade's Wemix Play Center, situated in the Innovation Center of Dubai International Financial Center. Wemade, known for the popular Legends of Legends series, asserts that Legends of Legends 4, released in 2021, is the most successful blockchain game of its time.
