WEMIX Announces Discontinuation of WENIX Token Minting Rewards Per Block
In Brief
South Korea’s WEMIX announced the decision to cease minting rewards for its native WENIX token at each block.
South Korean blockchain gaming platform WEMIX today announced a shift in its operational framework, as the foundation decided to cease the minting rewards for its native WENIX token at each block, thereby impacting the total supply of the WEMIX token.
As of the forthcoming deployment of WEMIX3.0, the cessation of block reward minting will be a central feature, as this decision not only alters the tokenomics of WEMIX but can be seen as a step by the platform to move towards sustainable development.
The immediate consequence of halting the WENIX token minting rewards is a freeze or potential decrease in the total supply of WEMIX. The project’s leaders emphasize that this decision is a strategic one, laying the groundwork for a more enduring and robust platform.
According to the foundation, it plans to utilize the tokens held in its reserves for incentivizing contributors within the ecosystem. This distribution strategy is not a short-term measure; it is designed to span approximately two decades.
By leveraging the foundation’s holdings, WEMIX aims to strengthen active participation and engagement from contributors, including developers, gamers, and other stakeholders.
Simultaneously, a shift in the treatment of network fees is on the horizon. Currently being automatically destroyed, these fees will now be subject to batch destruction, with the rate to be determined quarterly. This alteration is positioned as a step towards optimizing resource allocation and ensuring a more sustainable economic model for WEMIX.
WEMIX to Release Updated Whitepaper
To provide clarity and transparency amidst these changes, WEMIX will release an updated whitepaper. This document will not only detail the adjustments in tokenomics but also provide insights into how the reallocation of tokens will be executed. Token distribution, a critical aspect of any blockchain project, will be recalibrated in line with the updated strategy, fostering equitable participation and stakeholder satisfaction.
The strategic overhaul culminates in the implementation of WEMIX3.0, marked by a hard fork that will see the cessation of block reward minting. The total supply of WEMIX tokens post-fork will be determined by a specified block height, with this information disseminated through widely used data aggregation platforms like CoinMarketCap and prominent exchanges.
This transparency aims to strengthen investor confidence and provide the community with a clear understanding of the platform’s economic fundamentals.
WEMIX Foundation plans to manage the distribution of the new block rewards through a specially designed ‘block reward’ wallet. This wallet overseen by the foundation, is expected to streamline the distribution process and ensure a fair allocation of rewards.
Amid these changes, the market response is notable, with WEMIX currently trading at $2.93, marking a daily increase of 18.6%. The market’s positive reception could be indicative of investor confidence in the platform’s ability to adapt and thrive in an ever-evolving blockchain landscape.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
