Wemix is a blockchain-based decentralized gaming platform owned by the South Korean gaming company Wemade.

Overview

The platformed was launched on January, 29th 2019. The blockchain platform integrates native coins, NFTs and DeFi programs to generate investment opportunities for its users. It focuses on the P&E (Play and Earn) aspect for users to earn in-game currency that can be used to help with their progression in the game or exchanged for the native WEMIX token which can be liquidated on DEXs as FIAT currency. This cycle of P&E accrues value for the WEMIX token as adoption increases.^[7]

Wemix 3.0

Wemix 3.0 is a EVM compatible platform based on SPoA (Stake-based Proof of Authority) that went live on the main net on October 20th, 2022. It aims to be a highly adaptable and self-sufficient blockchain that focuses on escalating security, decentralization, and scalability: the 3 key components that make a blockchain whole. This open-source, multi chain platform allows multiple projects and services on DApps to be added to the ecosystem that includes games, DeFi, and DAO through the use of three platforms. They are, Wemix Play, Wemix.Fi.^[3]

WEMIX Play

WEMIX Play is the world's largest and fastest P&E gaming platform that provides investment opportunities by implementing a cycle where users can reinvest their earnings in a game in order to boost their in-game performance and income, made possible by WEMIX PLAYER.^[6]

WEMIX.Fi

WEMIX.Fi is the official on-chain DeFi platform of Wemix that offers users access to other crypto currencies through their Swap, Staking, Pool, Burrowing, Bridge functions.^[6]

NILE

NILE or NFT Is Life Evolution is a NFT platform run by DAO based projects that allows members of the Wemix ecosystem to create, fund and manage the space through the use of smart contracts handled by the Neith Protocol.^[6]

Tokenomics

Wemix offers two types of tokens: main tokens used to quantify the value of the entire ecosystem called WEMIX Tokens, and game-specific tokens that are used to play games, known as game tokens, which will give the opportunity for developers to create ecosystems among the game within the WEMIX ecosystem.^[1]

WEMIX Token

The WEMIX Token is a utility token introduced in Wemix 3.0. It is the main medium of transaction for trade activities in the platform, transactable among users playing different games, as well as the payment medium for in-game micropayments. It can also be used for reward payments for users, developers, and platform providers. Other uses are crowdfunding, staking, airdrop, and deposits.^[2]

Token Distribution

A total of one billion WEMIX tokens will be issued:

• 10% private sales and initial stage of growth
• 7% marketing
• 9% allocated over a three-year period to team members
• remaining 74% used to support the long-term growth of the ecosystem^[2]

Token Minting

1 WEMIX token is minted per block, in a time frame of 60 WEMIX Tokens per minute. It is distributed to the following accounts:

1. 50%: Governance Partner - WEMIX Governance Partner Reward. Sequentially distributed to accounts of each Governance Partner in proportion to WEMIX Token staking account
2. 25% : WEMIX ECO Fund - Fund for growth and vitalization of WEMIX Ecosystem
3. 24% : Maintenance - Cost for Maintenance and management of WEMIX Blockchain Network^[2]

Game Token

Game tokens are used inside the ecosystem’s games, and even though each game can have its own token, the same token can be used in several games, which can be the case of being developed by the same developer. Most of the games will have their own in-game stores, where both fiat money and game tokens will be accepted as payment methods. Also, content outside the in-game stores that will be used inside the game can be purchased with the game token.^[2]

Partnerships

• Blockdaemon
• Circle
• DSRV Labs
• Multichain
• AQX
• Algorith Capital
• Allnodes
• Figment
• ANKR
• Cosmostation
• CrossAngle
• ozys
• Blackpour
• Cadenverse
• NGC Ventures
• Fan C^[5][6]

History

On November 23rd, 2022, Digital Asset eXchange Association (DAXA), composed of major South Korean exchanges UpBit, Korbit, CoinOne, Bithumb, and Gopax, announced to delist WEMIX from their markets. The association claimed that Wemix shared false information about its coin circulation amount, where the company underreported the actual circulating amount. In their official documentation, the amount of 245 million WEMIX tokens is declared, while the real distributed amount is 314 million tokens.^[2]

WeMade CEO Jang Hyun-Kook described the situation as “very unfair”, as he declared that the unlisting decision was made without prior notice and that when the company asked for specific definitions and guidelines when their token was categorized as a cautious investment by UpBit, no clear guideline was provided.^[3]