WEMIX surges more than 200% after announcing stablecoins and increasing staking

WEMIX surges more than 200% after announcing stablecoins and increasing staking

Blockchain-based gaming, also known as GameFi, is a promising area that could be one of the main catalysts to start mass adoption of blockchain technology.

WEMIX, a gaming protocol that runs on the Klaytn network and aims to enter the GameFi revolution, has seen gains this week in the project’s native token (WEMIX) even as sales continue across the market.

Since hitting a low of $1.27 on May 12, the price of WEMIX has risen 269% to a daily high of $4.70 on May 25, according to data from Cointelegraph Markets Pro and TradingView, with its 24-hour trading volume increasing to $652 million.

The three reasons for the WEMIX price reversal are the upcoming release of WEMIX 3.0, a series of project launches and cooperation agreements, and the introduction of frozen staking for token holders.

Micromix 3.0

The main development that caught WEMIX’s attention was the mainnet launch of the protocol scheduled for June 15th.

WEMIX 3.0 will be a public Ethereum Virtual Machine (EVM) compatible chain that will utilize the Participation-Based Proof of Authority (SPoA) consensus algorithm.

As part of the mainnet launch, WEMIX will also launch WEMIX Dollar (WEMIX) as the ecosystem’s native stablecoin.

WEMIX will be a 100% backed stablecoin backed by off-chain assets such as USD Coin (USDC) and fiat currencies.

New partnership increases enthusiasm

May was a busy month for the WEMIX protocol after releasing several games or announcing upcoming dates on the web. New additions include Crypto Ball Z, Four Gods and Every Farm, as well as the integration of the SpoLive sports prediction game.

In addition to the agreement launch, WEMIX also announced several strategic investments, including becoming the lead investor in the Old Fashion Research (OFR) crypto fund, and an investment in a U.S.-based augmented reality virtual world startup called Jadu.

On May 17, the team behind WEMIX also signed a memorandum of understanding with the Vietnam Blockchain Association.

Increase staking rewards

WEMIX also launched Stake360, an incentive offering more staking rewards to WEMIX holders for promising extended lock-up periods.

#WEMIX #Lockup #Staking “Stake360” Warning

❓ What is #Stake360?
– Stake360 is a 90-day/180-day/270-day/360-day reward staking service.

Details of #Maturity #reward, #Heritage system and Token #Airdrop are here: https://t.co/ceeAxW1Z2f

— WEIX (@WemixNetwork) May 19, 2022

In addition to the standard 7% bonus available to all token holders, investors who agree to a 90-360 day lock can earn 9%-20.28% per year.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.

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