Blockchain-based gaming, also referred to as GameFi, is an up-and-coming sector that might doubtlessly be one of many major catalysts for kickstarting the mass adoption of blockchain know-how.
WEMIX, a gaming protocol that operates on the Klaytn community, goals to get in on the GameFi revolution and this week, the venture’s native token (WEMIX) rallied whilst the broader market continued to sell-off.
Information from Cointelegraph Markets Professional and TradingView reveals that since hitting a low of $1.27 on Could 12, WEMIX value climbed 269% to hit a day by day excessive at $4.70 on Could 25 as its 24-hour buying and selling quantity elevated to $652 million.
Three causes for the value reversal for WEMIX are the upcoming launch of WEMIX 3.0, a collection of venture launches and partnership agreements, and the introduction of lockup staking for token holders.
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The primary growth attracting consideration to WEMIX is the protocol’s deliberate mainnet launch, which is scheduled to happen on June 15.
WEMIX 3.0 will probably be an Ethereum digital machine (EVM) suitable public chain that can make the most of a stake-based proof-of-authority (SPoA) consensus algorithm.
As a part of the mainnet launch, WEMIX will even be introducing the WEMIX Greenback (WEMIX) because the native stablecoin of the ecosystem.
WEMIX will probably be a 100% collateralized stablecoin, backed by USD Coin (USDC) and off-chain belongings like fiat currencies.
New partnerships increase pleasure
Could has been a busy month for the WEMIX protocol after a number of video games launched or introduced their upcoming launch dates on the community. New additions embody Crypto Ball Z, 4 Gods and Each Farm, in addition to the onboarding of the SpoLive sports activities prediction sport.
Together with protocol launches, WEMIX introduced a number of strategic investments together with being the lead investor within the Previous Vogue Analysis (OFR) crypto fund in addition to an funding in an U.S.-based augmented actuality metaverse startup known as Jadu.
On Could 17, the crew behind WEMIX additionally signed a memorandum of understanding with the Vietnam Blockchain Affiliation.
Associated: Former Binance executives launch $100 million enterprise fund
Elevated staking rewards
WEMIX additionally launched Stake360, an incentive that provides WEMIX holders boosted staking rewards for committing to an prolonged lockup interval.
– Stake360 is 90 days/180 days/270 days/ 360 days maturity reward staking service.
— WEMIX (@WemixNetwork) May 19, 2022
Along with the usual 7% staking reward accessible to all token holders, traders who comply with a 90 to 360 day lockup can earn from 9% to twenty.28%.
The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your personal analysis when making a call.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.