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The South Korea-based popular gaming blockchain network Wemix has made a noteworthy decision regarding the WEMIX token it launched. Accordingly, the team decided to halt block rewards for WEMIX, which had a market value of $2.6 billion at the time the article was written. This development led to a significant decision regarding the total supply of WEMIX.
A Notable Move from the Wemix Team
According to the announcement made on January 9, the total supply of WEMIX will either remain fixed or be reduced until the second quarter of 2024 or until it reaches the height where block rewards continue to be distributed. Before this announcement, the WEMIX token had an annual inflation rate of 3.15%.
The Wemix team has declared its determination to achieve a deflationary economy within the ecosystem by eliminating block rewards and the burning of tokens related to transaction fees used in the network. The blockchain network decided to distribute WEMIX tokens held by the Wemix Foundation as incentives for the community and decentralized application developers instead of block rewards.
The token distribution activity undertaken can be sustained by the team for approximately 20 years. As a result of any developments in block rewards, developers for the Wemix blockchain network may consider a fork update.
Web3 and the Gaming Industry
On December 22, Wemix’s parent company Wemade launched a $100 million Web3 fund in partnership with Singapore-based venture capital fund Whampoa Digital to invest in crypto asset projects in the Middle East. Whampoa Digital will also become an ecosystem partner for Wemade’s Wemix Play Center at the Dubai International Financial Centre Innovation Hub. Wemade is known as the creator of the popular Legend of Mir series and claims that Mir 4, launched in 2021, was the most successful blockchain game at the time.
Recently, the gaming sector in the Web3 space continues to grow rapidly. The area, which is attracting interest from major Web2 companies, is also seeing increasing user interest day by day. With these developments, famous analysts in the crypto market expect significant strides in the GameFi sector in 2024.
