A blockchain platform focused on gaming defied a sideways crypto market and rallied by 37% this week amid an upcoming hard fork and token burn.
WEMIX is a crypto project that bills itself as an “experience-based, platform-driven, and service-oriented mega-ecosystem.”
More than 580,000 people use its blockchain game platform, WEMIX Play.
The project’s native token is trading at $1.37 at time of writing, up from $1.01 seven days ago.
WEMIX witnessed gains as users look forward to the “Brioche Hard Fork,” which will overhaul the project’s tokenomics. The hard fork is slated for July 1st.
Explains WEMIX,
“This pivotal milestone will introduce a revised minting rule, reducing the issuance of WEMIX per block through 16 updates. This change aims to enhance the value and growth of WEMIX, marking the first step towards mutual growth with the community.
Secondly, WEMIX will unveil an enhanced WEMIX PLAY, where ecosystem performance directly impacts tokenomics. Notably, the objective is to ensure that the revenue growth driven by expanding games directly influences the WEMIX ecosystem.”
The WEMIX foundation also says it plans to burn approximately 435 million WEMIX tokens held in reserve.
“The burning of the foundation reserves will decrease the available supply, transitioning WEMIX from a foundation-driven ecosystem to a community-driven one. This shift fosters a community-friendly tokenomics model that promotes mutual growth.”
Despite the gains this week, WEMIX still remains more than 94% down from its all-time high of $24.71, which it hit back in November 2021, according to CoinGecko.
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Generated Image: Midjourney