Wemade's 'Wemix' Surges... Impact of Halving Introduction and Token Burn News
‘Brioche Hard Fork’ to be Applied from the 1st of Next Month
Total Supply Confirmed at 588 Million Units
Wemade's cryptocurrency WEMIX is experiencing a sharp surge. The news of tokenomics restructuring, including the introduction of a halving event and token burn, appears to have influenced this rise.
According to cryptocurrency market tracking site CoinMarketCap on the 26th, WEMIX was trading at 1,930 KRW as of 1:30 PM, up 31% from the previous day.
The price surge occurred after news spread that the new tokenomics "Brioche Hard Fork" would be applied to the WEMIX 3.0 mainnet. The WEMIX Foundation announced in a notice on the morning of the same day that the Brioche Hard Fork would be implemented at 12:08 AM on the 1st of next month. A hard fork is an update that splits the existing blockchain into two branches. Once the Brioche Hard Fork is implemented, a halving event for WEMIX will be introduced. The issuance (minting) rule of one WEMIX per block will be reduced over 16 stages.
Additionally, approximately 435 million tokens held by the foundation are scheduled to be burned. The remaining tokens will be distributed as ecosystem development funds or development expenses according to circulation plans. Afterward, the total supply of WEMIX will be fixed at a maximum of 588 million tokens.
The WEMIX Foundation explained, "To introduce the halving event, a new issuance (minting) rule must be applied instead of the existing one, which is why the hard fork was decided," adding, "This is a change in the virtual asset economy (tokenomics) to transform from a foundation-led ecosystem to a community-led ecosystem."
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Along with this, the WEMIX-based blockchain gaming platform WEMIX Play will also be newly restructured. The plan is to change the use of in-game currency and game growth to lead to the growth of the WEMIX ecosystem, supporting mutual growth between Web 3.0 game users and the community. Detailed information will be disclosed at "WEMIX Day" in mid-next month.
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