One-year Deferral on Team Compensation

According to the white paper, WEMIX has allocated 90 million WEMIX which corresponds to 9% of the total Genesis minting to be used for team compensation to members who have contributed to the growth of WEMIX and the ecosystem. This compensation serves as a motivator for the team members, encouraging them to perform well and strive towards the goals and vision of WEMIX.

The WEMIX Foundation announced a new vesting plan on December 21st of last year, and the information pertaining to team rewards is provided below;

“Compensation will be rewarded to teams and individuals who have contributed towards the success of the WEMIX project. The lock-up period of 90,000,000 WEMIX will expire in October 2023, and the total amount will be transferred to a designated wallet. The total volume is not fully distributed as compensation after the lock-up period, but rather committed to recipients for collection after 3 consecutive years of employment. WEMIX bestowed as Team Compensation will be deposited into a smart contract and will be divided into 60 transfer cycles to be allocated into the recipient’s wallet once at the beginning of each month over a span of 5 years. Thus, Team Compensation will be available for circulation through its distribution over 60 months.”

After much consideration, the WEMIX Foundation intends to modify its team compensation policy as follows;

• WEMIX is a mega-ecosystem that encompasses collaboration of various members, including the Foundation, node partners, community, investors, strategic partners and DApp developers.
• Moreover, team members who diligently contribute to the growth and advancement of WEMIX are regarded as valuable stakeholders and integral members of the ecosystem as well.
• However, if the team compensation is implemented prematurely in the growth phase without consensus among the market and the community/investors regarding the accomplishments of the WEMIX ecosystem, it would not be in the best interest for the foundation, team, and community alike.
• Thus, the Foundation has opted to postpone the execution of WEMIX team compensation by one year, shifting the original date from October 2023 to October 2024.
• Furthermore, a thorough assessment of the WEMIX ecosystem’s growth rate, expansion achievements, market impact/influence, and community/investor support will determine the implementation or further postponement of the deferred team compensation as the execution date approaches next year.

The WEMIX team compensation wallet will remain locked up until September 30, 2024. The compensation method remains the same; the WEMIX compensation will be distributed in installments over 60 months and can only be received by members during their employment period with the WEMIX Foundation and its affiliated companies.

Furthermore, the Foundation has changed the previous plan to release the entire locked-up amount of team compensation into circulation at one time when the execution period begins; as announced by Henry Chang during the AMA on March 15th, we will disclose the team compensation that will be paid out every month through community announcements and take the actual amount of WEMIX into circulation so as to minimize the impact on the market circulation.

In order to achieve the vision of the Foundation, community, and investors, it is essential to have a dedicated and competitive team. These are the members of the ecosystem who are most passionate about the growth of WEMIX and have aligned their own future with that of WEMIX.

The decision for the deferral of the team compensation by one year was made possible by the agreement and support of team members who carefully considered the future of their own, their families, and the whole WEMIX ecosystem. We kindly ask our community and investors for your continued support and encouragement for the core members of WEMIX.

Thank you.