In March and June 2024, the WEMIX Foundation announced a series of token destruction plans, which included a one-time destruction of a large number of WEMIX tokens held by the Foundation. These destruction activities are part of the Foundation's reorganization of the token economy, with the aim of reducing the total amount of WEMIX in circulation, thereby increasing the scarcity and potential value of the token.
Specifically, the Foundation plans to destroy approximately 435 million WEMIX in the upcoming Brioche hard fork, which is expected to significantly reduce the maximum supply of the token from 980 million to 588 million, a 60% drop.
WEMIX token performance overview: Under the favorable conditions of deflation, the daily increase is close to 30%
On June 26, 2024, the price of WEMIX tokens achieved a significant increase of 28.2%, with the market value reaching US$4.92 million. The price rose from US$1.36 to more than US$1.4 in a single day. This increase reflects the market's high regard for WEMIX's future strategy. Recognition and expectation. This price fluctuation is a direct result after the WEMIX Foundation announced that it will destroy approximately 400 million WEMIX from its total reserves.
In March 2024, the WEMIX Foundation announced its token reorganization plan for the first time, which is expected to fundamentally change WEMIX’s token economy. The foundation announced that it will introduce a halving mechanism to change the block minting structure of WEMIX 3.0, and destroy approximately 400 million WEMIX in the total reserves held by the foundation at one time. This plan is expected to reduce the maximum supply of WEMIX by 60% from 980 million, significantly increasing the scarcity and potential value of the token.
Detailed explanation of the project's token destruction plan and future specific trends
On June 25, the foundation further announced a detailed token burning strategy to be implemented in the upcoming Brioche hard fork. The market reacted positively to the news, with the token price immediately witnessing the aforementioned significant gains. This price dynamic suggests investors are optimistic about WEMIX’s strategy of reducing supply and enhancing network functionality through a hard fork.
The WEMIX Foundation announced that it will implement a hard fork called "Brioche" on July 1, 2024, which is a key component of its token economic and technical architecture reform. Hard fork is a method in blockchain technology whereby an existing protocol is modified and new rules are introduced to fork a new chain from the original chain. The main goal of the Brioche hard fork is to adjust the number of tokens minted through a halving mechanism, enhance the market value of WEMIX, and introduce new network features to expand its ecosystem.
A distinctive feature of the Brioche hard fork is the implementation of the halving mechanism, which will automatically reduce the minting amount of tokens every two years in the future, thereby gradually reducing the supply of new WEMIX. In addition, the WEMIX Foundation also plans to destroy approximately 435 million WEMIX it holds at the time of the fork, which will directly reduce the total amount of WEMIX in circulation. These measures are expected to increase the scarcity of WEMIX, potentially increasing its price.
The Brioche hard fork will also introduce a range of new features designed to enhance the user experience and functionality of the WEMIX platform. These include:
1. Enhanced version of WEMIX PLAY: An upgraded gaming platform that will allow users to participate in on-chain games in a more efficient and interactive way.
2. Technology Integration: Integrate blockchain technology more deeply into games supported by WEMIX, such as Legend of YMIR, to enhance the fairness and transparency of the game.
3. New economic model: After the hard fork, the new economic framework will better reflect resource utilization and user activities within the WEMIX ecosystem, enhancing the overall stability and sustainability of the ecosystem.
The hard fork is expected to be implemented at a specific block time on July 1, 2024. To ensure a smooth transition, the WEMIX team will conduct a series of tests and updates to be compatible with the new chain rules. In the long run, this hard fork will help WEMIX adapt to the changing global regulatory environment while providing global users with more opportunities to participate in blockchain content in real time.
The Brioche hard fork is part of the strategic realignment of the WEMIX ecosystem, which aims to enhance its position in the global blockchain competition through technological innovation and optimization of token economics. This change is not only expected to increase the market value of the WEMIX token, but also enhance user engagement and the overall vitality of the ecosystem.
Introduction to WEMIX Platform: A Blockchain Game Economy Ecosystem
basic concept:
WEMIX is a global digital asset platform based on blockchain founded by Wemade, a Korean game company. With games as its core, the platform is committed to integrating blockchain technology into the game industry and providing a new game economic system. WEMIX is not only a game platform, but also an ecosystem that supports diversified blockchain applications, including digital asset transactions, decentralized finance (DeFi) services, and various blockchain basic services.
WEMIX's technology and features:
The WEMIX platform runs on a self-developed blockchain, which makes it highly flexible and scalable. WEMIX supports fast transaction processing capabilities and low fees, which is especially important for gamers as it can provide a seamless gaming experience. In addition, WEMIX uses a variety of security measures, including distributed ledgers and encryption technology, to ensure the security and transparency of user transactions.
Main applications of WEMIX:
1. WEMIX Play: A comprehensive gaming platform where players can buy, sell and trade in-game items using WEMIX tokens.
2. NILE: WEMIX’s decentralized autonomous organization (DAO) enables community members to participate in project governance and make key decisions together.
3. Wemix Defi: Provides staking, lending and other decentralized financial services, allowing users to earn returns on their digital assets.
Summary: With improved token model and enhanced functions, WEMIX may bring positive changes to the Crypto world
By implementing the token destruction plan, the WEMIX Foundation has effectively adjusted the market demand and supply relationship for WEMIX tokens, resulting in a significant increase in the value of the tokens. This strategy is an important step for the foundation to maintain the stability of the token and increase user confidence. With the upcoming Brioche hard fork and the introduction of more innovative features, WEMIX's market position is expected to be further strengthened, laying a solid foundation for its leadership in the global blockchain game and application market.
