In defiance of a stagnant crypto market, a blockchain platform centered on gaming surged by 37% this week, buoyed by anticipation surrounding an imminent hard fork and token burn.
WEMIX, identified as an “experience-based, platform-driven, and service-oriented mega-ecosystem,” boasts over 580,000 users on its blockchain gaming platform, WEMIX Play. As of the latest update, its native token trades at $1.37, marking a notable increase from $1.01 just seven days earlier.
The surge in WEMIX’s value can be attributed to the upcoming “Brioche Hard Fork,” scheduled for July 1st. According to WEMIX, this milestone will introduce revamped tokenomics, including a revised minting rule aimed at reducing WEMIX issuance per block across 16 updates. These changes are intended to boost the value and growth potential of WEMIX, signaling the first of many steps toward community-oriented development.
Additionally, WEMIX plans to unveil an enhanced version of WEMIX PLAY, where ecosystem performance will directly influence tokenomics. The primary goal is to ensure that revenue growth generated by expanding games contributes directly to the WEMIX ecosystem.
Highlighting its commitment to community-driven growth, the WEMIX foundation announced intentions to burn approximately 435 million WEMIX tokens from its reserves. This strategic move is expected to decrease the available supply, marking a transition from a foundation-led to a community-centric tokenomics model.
Despite this week’s gains, WEMIX remains significantly down, over 94%, from its peak of $24.71 in November 2021, as reported by CoinGecko.
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Image Credit: Midjourney
