The 1st WEMIX AMA held on March 15th was held successfully with WEMADE CEO Henry Chang addressing various questions and views the WEMIX community raised regarding the current condition, achievements, and outlook of WEMIX. A special shoutout to all WEMIX AMA participants and the moderator Joochang Kim of CO9.
Below is a recap of the 1st WEMIX AMA:
Q: How will the relationship between WEMIX and DAXA evolve following the withdrawal of legal action against DAXA’s delisting of WEMIX?
A: Just as cryptocurrency exchanges, coin issuers, and blockchain companies like WEMIX are in a collaborative relationship in creating new industries and markets, WEMIX and the DAXA alliance are fundamentally in a symbiotic relationship. Although there was an unfortunate incident last year where WEMIX/KRW trading was suspended in Korean exchanges by DAXA, the legal procedures are no longer our priority since it has become available again. We have withdrawn all legal action against DAXA since our main objective is to expand and grow the WEMIX ecosystem rather than engage in legal action.
Q: What are your thoughts on the Foundation’s circulation plan and Deflationary Tokenomics?
A: The WEMIX community and the WEMADE management team share the same vision for the growth of the price and value of WEMIX.
On total issuance of WEMIX: New blocks minted on the blockchain typically result in inflation, but a deflationary economy reduces total issuance faster than new blocks are created. We have established this deflationary economy to lay the foundation for a long-term growth of the value of WEMIX.
On WEMIX circulation: Following the circulation plan announced last December, we announced in January an updated circulation plan along with Chairman Park Kwan-ho's purchase of 30 billion won worth of WEMIX. The new policy is to consider only the actual amount of tokens that have been circulated as the circulated amount, rather than the amount available for circulation.
On WEMIX usage: We have been using WEMIX with the perspective that the value of WEMIX increases as the WEMIX ecosystem expands and grows. However, there have been conservative criticisms regarding our proper usage of WEMIX so far. Thus, we intend to seek guidance from an external advisory committee as we proceed with investments and partnerships—rather than relying solely on internal decision-making. An announcement in this regard may be made in the upcoming week. In order to ensure clarity and transparency, we will only proceed with investments and partnerships that are backed by entities that are actively participating in the ecosystem, such as those that are approved by the advisory committee or receive majority votes from our node council partners.
On burning WEMIX: In accordance with the Buyback & Burn policy that was introduced last year, we are currently engaging in the buyback and burning of 25% of the platform's revenue from the market. This policy provides a far more extensive framework than the BNB burn policy of Binance, which only burns 20% of its operating profit. Additionally, we plan to implement real-time burning of revenue from gas fees. By the end of this year, anyone will be able to validate on-chain that more coins are being burned faster than they are being minted.
Overall, the WEMIX tokenomics must be designed to expand the WEMIX ecosystem and increase the value of WEMIX. We will continue to implement best practices in WEMIX management to be able to execute more buyback and burning of WEMIX in the future.
Q: Are there any plans to remove the cash shop in Night Crows, YMIR, MIR4, and MIR M, as Nexon recently announced the removal of its cash shop in ‘MapleStory’ P2E?
A: Games without cash shops (i.e. video games, subscription-based games) are actually more suitable for tokenomics than P2E games. However, cash shops are not simply designed as a means to earn cash, but to provide necessary items for the game's overall business model and in-game economy. Removing cash shops from games pre-designed with these elements in mind may bring both positive effects and negative effects. As some aspects of MIR M and MIR4 are designed based on users’ economic activities through cash items, there is a possibility that the in-game economy for both games could collapse if their cash shops were eliminated.
Games that are built exclusively on in-game economies and based on tokenomics without cash shops have a high potential to succeed in the future. Such a business model exemplifies a more progressive approach.
Q: Are there any concerns about the possibility of Wemade becoming a latecomer in the industry where MapleStory and other blockchain games achieve great success by eliminating the cash shops?
It would be inappropriate to discuss the possibility of the success of MapleStory (or any other blockchain game). Though the blockchain gaming market is currently in its nascent stage, all games will eventually evolve into blockchain games in the future. In this early market, the success of any project can have a positive effect on the overall industry by expanding the market. As such, it would be more suitable to view Nexon and Wemade as collaborators than competitors.
Moreover, MapleStory and WEMIX have fundamentally different goals. WEMIX aims to create an 'open blockchain game platform', rather than focusing on developing a specific game. Once game developers and gamers realize that blockchain games are beneficial for both users and companies through the success of MapleStory, the only platform they can turn to will be WEMIX. Hence, if MapleStory proves to be a success, it will be the best-case scenario for WEMIX just as any persistent efforts made in the industry.
Q: What are the current status and plans regarding Microsoft and Binance Custody?
A: Please understand that it is difficult to disclose any unconfirmed facts related to partnerships. Ever since the investment, there has been an ongoing discussion on various channels and means of collaboration with Microsoft, and details will be shared in due course. As for Binance, we cannot provide any information beyond what has been officially announced. An official statement will be made once the implementation is complete.
Q: What benefits will the WEMIX mainnet—which currently seems overdeveloped compared to its demands—bring to WEMIX holders?
A: Increased transactions on the WEMIX3.0 mainnet will lead to increased gas fees, which will lead to a larger Buyback & Burn in the market. Therefore, it is intuitive to say that the success of the mainnet will lead to an increase in the value of WEMIX.
Q: What are the vision and goals of the WEMX3.0 mainnet?
When we say we aim to be a digital economy platform, our ultimate objective is to become the world's number one mainnet - the largest blockchain in the world in terms of wallet numbers and transaction volumes.
A: While WEMIX started off with games, a mainnet platform is needed in order to expand into NFT, DAO, and DeFi. In the future, all global economic activities—not limited to games—will take place on blockchain in the form of tokens. As a result, a superior mainnet will generate substantial economic returns. Amid the fierce competition in the mainnet landscape, WEMIX is undoubtedly the top project in Korea and ranks 12th to 13th globally. The current objective is to advance to the top 5 by the end of the year. As we aim to become a digital economy platform, the ultimate goal is to become the world’s top mainnet with the largest number of wallets and transactions among all blockchains.
Q: What is the reason for mining dark steel in games and what kind of enjoyment does it bring to the gameplay?
A: Mining Darksteel was originally designed before implementing crypto in the Korean version of the in-game economy. Darksteel, the most essential commodity of the game, was then converted to DRACO, a game token, and is unrelated to Bitcoin. There were players who enjoyed mining Darksteel in the first place. Currently, there are no successful blockchain games that have seamlessly integrated tokenomics from the outset. Existing games can be classified into two categories: mediocre games built with tokenomics from the outset, and successful games that later applied tokenomics, such as MIR4 and MIR M. The blockchain gaming industry will advance through multiple attempts of success and failure and ultimately evolve into triple-A quality games with solid tokenomics and free of cash shops.
Q: Will the WEMIX distribution to the team, planned in October, be transferred at once?
A: Only the actual distribution allocated to the team will be part of the circulating supply. The allocation will be divided into 60 months and reflected in the circulating supply when the locked-up token is unlocked. This structure in itself is one that encourages teams to contribute to the expansion and development of the ecosystem among any existing projects.
Q: When will WEMIX be listed on Binance, Coinbase, and Bithumb?
A: Please understand that it is difficult to disclose information that has not been confirmed yet. Details will be shared and announced once details are confirmed in mutual agreement.
Q: Is there any investment opportunity from Aramco?
A: Despite continuous efforts to attract investments in WEMIX since last year, the results were not up to par as the overall asset market was not favorable. While it is difficult to foresee the financial and crypto markets for this year, efforts to separate the wheat from the chaff have increased compared to last year. WEMIX will actively seek excellent investment partners and deliver results.
Q: When WEMIX prices increase, game token prices tend to decrease. Is there a way for both to increase?
A: The WEMIX$ stablecoin was issued for this reason last year to address this issue. It has been applied to swaps so far, but there are plans to implement it on DEX soon. Upon implementation, game token prices will less likely be influenced by the price volatility of WEMIX.
Q: How will the sidechain WEMIX PLAY and upcoming L2 have a positive impact on the WEMIX3.0 mainnet and WEMIX? Are there any plans to release major DApps on the mainnet?
A: All transactions on the sidechain WEMIX PLAY are part of platform fee sales and will be burned according to the Buyback & Burn policy. In addition, structural changes are underway to connect WEMIX PLAY and WEMIX3.0.
There were several DeFi projects released before the launch of the mainnet last October. Although there were plans to launch a mainnet, other mainnets were considered since the launch may not go according to plan. However, as it has become our top priority to successfully build WEMIX3.0 and boost transactions within the mainnet, upcoming projects initially using a different mainnet are under discussion to be launched on the WEMIX3.0 mainnet. NEITH Station has just launched, and more DApps are on the way.
Q: How is the development status of Aqua Tornado and Fishing Tornado?
A: Our first project launched using Tornadoes did not turn out successful. Despite this setback, we are currently working on improving its tokenomics. The games will be released once our development and business teams build a sustainable tokenomics model.
The WEMIX Team will keep striving for excellence, actively engaging in communication with the community and embracing feedback discussed at the AMA. We ask for your continued support for WEMIX and its progress. Please stay tuned for the next WEMIX AMA!
Thank you.
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