**Wemix** (founded in 2019) is a [blockchain](https://iq.wiki/wiki/blockchain)-based decentralized gaming platform owned by the South Korean gaming company [Wemade](https://iq.wiki/wiki/wemade). In October 2022, an upgrade to the system, the WEMIX 3.0 blockchain [mainnet](https://iq.wiki/wiki/mainnet) was launched. [\[7\]](#cite-id-a1npbrt8hms)  
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# Overview  
  
WEMIX was founded by WEMADE TREE, a subsidiary company of [WEMADE](https://iq.wiki/wiki/wemade) on January 29, 2019. It integrates native coins, [NFTs](https://iq.wiki/wiki/non-fungible-token-nft), and [DeFi](https://iq.wiki/wiki/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](https://iq.wiki/wiki/decentralized-exchange) as [fiat](https://iq.wiki/wiki/fiat-money) currency. This cycle of P&E accrues value for the WEMIX token as adoption increases. [\[6\]](#cite-id-bqoe0w0awcs)  
  
In August 2021, the WEMIX platform released its flagship title MIR4 to over 170 countries worldwide, marking it as the world's first commercially successful MMORPG (Massively Multiplayer Online Role-Playing Game) to incorporate a [blockchain](https://iq.wiki/wiki/blockchain) economy. WEMIX2.0, as the second phase in the history of WEMIX, led the industry by pioneering the Play & Earn (P&E) phenomenon. [\[22\]](#cite-id-bd26cfhs96d)  
  
## WEMIX 3.0  
  
WEMIX 3.0 is an EVM-compatible open-source protocol powered by SPoA (Stake-based Proof of Authority) consensus algorithm that went live on the mainnet on October 20, 2022. It is secured by 40 decentralized authority nodes operated by qualified global partners as well as on-chain community DAO([Decentralized Autonomous Organization](https://iq.wiki/wiki/dao)). The platform allows multiple projects and services on [DApps](https://iq.wiki/wiki/decentralized-application) to be added to the ecosystem which includes games, [DeFi](https://iq.wiki/wiki/defi), and DAO. [\[5\]](#cite-id-5qe9bhvpw43)  
  
# WEMIX Ecosystem  
  
## WEMIX Play  
  
Launched in July 2022, WEMIX PLAY is a mega [blockchain](https://iq.wiki/wiki/blockchain) gaming platform that supports the [Web3](https://iq.wiki/wiki/web3) transformation of games. Games with [Tokenomics](https://iq.wiki/wiki/tokenomics), GameFi, Marketplace, and Community cultivate new economic activities that break through the borders between games and reality. [\[8\]](#cite-id-m9xic6xgq8i)[\[9\]](#cite-id-gssz5wdgl9s)  
  
## WEMIX.Fi  
  
Launched in October 2022, WEMIX.Fi is the official on-chain DeFi platform of the Wemix 3.0 ecosystem providing exchange, deposit, asset management, and investment services. Each service is closely connected to the [stablecoin](https://iq.wiki/wiki/stablecoin) WEMIX$, which makes it possible for community members to use the DeFi service through dApps to manage their crypto assets. [\[9\]](#cite-id-m9xic6xgq8i)[\[10\]](#cite-id-6l5tnp606kq)  
  
## NILE  
  
Launched in November 2022, NILE (NFT Is Life Evolution) is a DAO, NFT, and Life dApp platform that creates a civilization based on [blockchain](https://iq.wiki/wiki/blockchain). Based on the Neith Protocol, the DAOs operate transparently and democratically, and provide an organized system through which users can participate in activities on the platform. By implementing blockchain technology and tokenomics, the Life platform offers a variety of dApps, NFT marketplaces, and DAOs that add a meaningful dimension to all types of activities. [\[9\]](#cite-id-m9xic6xgq8i)[\[11\]](#cite-id-a2r9mxbgzsq)  
  
## Papyrus  
  
Launched in Q2, 2023, PAPYRUS is a blockchain-based communication platform that operates through tokenization. It is also a community that connects individuals participating in the WEMIX ecosystem. Users who hold the same type of token, whether it's a DAO, game, NFT, or Fan Token, can engage with each other on this platform and build rapport. [\[12\]](#cite-id-wjkp5zdppao)  
  
## WEMIX$  
  
WEMIX$ is a [stablecoin](https://iq.wiki/wiki/stablecoin) issued in October 2022 on WEMIX3.0 mainnet with a fully backed reserve, stimulating the transition of value within the platform-driven and service-oriented ecosystem. To complement the relatively volatile WEMIX, WEMIX$ can be utilized as a store of value, unit of account, and medium of exchange. Ultimately WEMIX$ contributes to the growth of community and the value of WEMIX. [\[13\]](#cite-id-0yegy0h27w9q)  
  
WEMIX$ maintains its stability by constantly pegging its value to [USDC](https://iq.wiki/wiki/usdc) in the on-chain reserve. DIOS protocol, the value stabilizer for WEMIX$, prevents [depegging](https://iq.wiki/wiki/currency-peg) between WEMIX$ and USDC by depositing/withdrawing and issuing/[burning](https://iq.wiki/wiki/token-burn) through Treasury where the USDC reserve is stored with [smart contracts](https://iq.wiki/wiki/smart-contract) and MINT where WEMIX$ is issued and burned. [\[14\]](#cite-id-0yegy0h27w9q)  
  
A total of one billion WEMIX$ tokens were issued. 10% of the total tokens were allocated to private sales and the initial stage of growth, 9% was allocated over three years to team members, 7% to marketing, and the remaining 74% to support the long-term growth of the ecosystem. [\[23\]](#cite-id-5uiwjm3kvrr)  
  
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## WEMIX Wallet  
  
WEMIX Wallet is the official decentralized wallet service of the WEMIX 3.0 blockchain. It provides an effective way to view and manage digital assets balance. It is the starting point of a user's experience on the WEMIX platform and acts as a means of approval and signature for transactions that occur on the platform. [\[14\]](#cite-id-pjwn7uhk5hf)  
  
## 40 Wonders  
  
40 WONDERS is the governance platform in charge of the operations and development of the WEMIX3.0 blockchain network. 40 Node Partners that represent the community provide the highest levels of security while also contributing to the development and growth of the WEMIX mega-ecosystem. [\[15\]](#cite-id-oo6hybiivv)  
  
## WEMIX Burn  
  
A burning protocol for the WEMIX contraction policy. By utilizing Mass Burn, Batch Burn, and Auto Burn, the growth of the WEMIX3.0 ecosystem can turn real profits for the community and investors. It also guarantees predictable futures that are part of WEMIX’s contraction policy which ensures value appreciation of WEMIX. [\[16\]](#cite-id-j1g3h32qkl)  
  
## Wepublic  
  
Wepublic is a transparent social platform that supports the creation and operation of blockchain-based DAOs (decentralized autonomous organizations). Wepublic was designed to allow users to easily create and transparently operate DAOs by using four decentralized protocols: proof of ID, qualifications, results, and balance. [\[17\]](#cite-id-4d0063lbpc2)  
  
## Eco Fund/PoET  
  
PoET (Proof of Ecological Transaction) is a program that distributes a portion of block-minting rewards to both verified dApps generating meaningful transactions and the users who use these dApps within the WEMIX3.0 ecosystem for their contributions. [\[18\]](#cite-id-48m824zobq4)  
  
## WEMIX Scan  
  
Launched in September 2023, WEMIX Scan is a block explorer and analytics platform built by the team behind [Etherscan](https://iq.wiki/wiki/etherscan) that allows users access to detailed information of block data on the WEMIX3.0 blockchain. Specifically, users can search and explore for transactions, tokens, addresses, tracking gas fees, validators, and others. [\[19\]](#cite-id-72fxp1jirxk)  
  
## Explorer  
  
WEMIX Explorer is an information platform used to view the various activities on the WEMIX3.0 blockchain and their history. It consists of Macroscope, which provides information about the overall ecosystem, and Microscope, which provides detailed information on activities such as block validations and transactions. [\[20\]](#cite-id-bt7mvv9fkpa)  
  
## unagi  
  
unagi pioneers the mass adoption of blockchain by integrating diverse blockchains and services. unagi is an omni-chain protocol that transcends the boundaries between chains and enables unrestricted [Web3](https://iq.wiki/wiki/web3) activities. It puts user experience at the forefront and connects diverse blockchains to facilitate transactions and comprehensive asset management. [\[21\]](#cite-id-rrp7qn4rgg)  
  
# Controversy  
  
On November 23, 2022, Digital Asset eXchange Association (DAXA), composed of major South Korean exchanges [UpBit](https://iq.wiki/wiki/upbit), [Korbit](https://iq.wiki/wiki/korbit), [CoinOne](https://iq.wiki/wiki/coinone), [Bithumb](https://iq.wiki/wiki/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. [\[2\]](https://iq.wiki/wiki/wemix#cite-id-a8em8ajt3ar)  
  
[WeMade](https://iq.wiki/wiki/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. [\[2\]](#cite-id-a8em8ajt3ar)

The platform was launched on January 29, 2019

Date Founded

WEMIX Play Launch

WEMIX.Fi and the WEMIX$ Stablecoin were launched in October 2022

WEMIX.Fi x WEMIX Stablecoin Launch

NILE Launch

WEMIX Scan was launched in September 2023

WEMIX Scan Launch

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

Timeline of Events

Wemix

Date Founded

WEMIX Play Launch

WEMIX.Fi x WEMIX Stablecoin Launch

NILE Launch

WEMIX Scan Launch

IQ

Company

Resources

Policies