Crypto news

WEMIX positive factors 200%+ after stablecoin and boosted staking rewards announcement

Blockchain-based gaming, also called GameFi, is an up-and-coming sector that would doubtlessly be one of many main catalysts for kickstarting the mass adoption of blockchain expertise.

WEMIX, a gaming protocol that operates on the Klaytn community, goals to get in on the GameFi revolution and this week the undertaking’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.

WEMIX/USDT 1-day chart. Supply: TradingView

Three causes for the worth reversal for WEMIX embrace the upcoming launch of WEMIX 3.0, a sequence of undertaking launches and partnership agreements and the introduction of lockup staking for token holders.

WEMIX 3.0

The primary improvement attracting consideration to WEMIX is the protocol’s deliberate mainnet lauch, which is scheduled to happen on June 15.

WEMIX 3.0 will likely 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 may even be introducing the WEMIX Greenback (WEMIX$) because the native stablecoin of the ecosystem.

WEMIX$ will likely be a 100% collateralized stablecoin that’s backed by USD Coin (USDC) and off-chain property like fiat currencies.

New partnerships enhance 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 embrace Crypto Ball Z, 4 Gods and Each Farm, in addition to the onboarding of the SpoLive sports activities prediction recreation.

Together with protocol launches, WEMIX introduced a number of strategic investments together with being the lead investor within the Outdated Trend Analysis (OFR) crypto fund in addition to an funding in a U.S.-based augmented actuality metaverse startup referred to as Jadu.

On Could 17, the workforce 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.

Along with the usual 7% staking reward accessible to all token holders, buyers who comply with a 90 to 360 day lockup can earn from 9% to twenty.28%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.