Blockchain-based gaming, also known as GameFi, is an emerging sector that could potentially be one of the primary catalysts for the mass adoption of blockchain technology.
WEMIX, a gaming protocol that operates on the Klaytn network, aims to join the GameFi revolution and the project’s native token (WEMIX) gained momentum this week, even as the broader market sell-off continued.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.27 on May 12, WEMIX price climbed 269% to reach a daily high of $4.70 on May 25 as its 24-hour Its trading volume increased to $652 million.
Three reasons for WEMIX’s price reversal include the upcoming launch of WEMIX 3.0, a series of project launches and partnership agreements, and the introduction of lockup staking for token holders.
Wemix 3.0
The main development that drew attention to WEMIX is the protocol’s planned mainnet launch, which is scheduled for June 15.
WEMIX 3.0 will be an Ethereum Virtual Machine (EVM) compatible public chain using a stake-based Proof of Authority (SPoA) consensus algorithm.
As part of the mainnet launch, WEMIX will also introduce the WEMIX dollar (WEMIX$) as the ecosystem’s native stablecoin.
WEMIX$ will be a 100% collateralized stablecoin backed by fiat currencies such as USD Coin (USDC) and off-chain assets.
New partnership fuels excitement
May has been a busy month for the WEMIX protocol after several games were launched or their upcoming launch dates were announced on the network. New additions include Krypto Ball Z, Four Gods and Her Farm, as well as onboarding of the Spoilive sports prediction game.
Along with the protocol launch, WEMIX announced a number of strategic investments, including being a major investor in the Old Fashioned Research (OFR) crypto fund, as well as an investment in a US-based augmented reality metaverse startup.
On May 17th, the team behind WEMIX signed a memorandum of understanding with the Vietnam Blockchain Association.
related: Former Binance executive launches $100 million venture fund
increased stake rewards
WEMIX also launched Stake360, an incentive that promotes committed rewards to WEMIX holders for an extended lockup period.
#WEMIX #lockdown #betting Stake360」 Notice
what is #Stake360,
– Stake360 is a 90 days / 180 days / 270 days / 360 days maturity reward staking service.details of #maturity #the prize, #heritage system, and tokens #airdrop Given below: https://t.co/ceeAxW1Z2f pic.twitter.com/u973uVvC6Z
— Wemix (@WemixNetwork) May 19, 2022
In addition to the standard 7% staking reward available to all token holders, investors who agree to a 90- to 360-day lockup can earn anywhere from 9% to 20.28%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
