WEMIX

Since its inception in 2018, WEMIX has evolved from a private chain to a public mainnet, positioning itself to become a leading blockchain platform by 2024. Aspiring to lead the global blockchain landscape, WEMIX has consistently embraced and advanced cutting-edge blockchain technologies. Now, WEMIX is focused on bolstering the sustainability of its ecosystem through strategic decisions and concerted efforts. On July 1st, marking the beginning of the year&#39;s second half, WEMIX will launch the “Brioche Hard Fork,” heralding a new era of innovation. [The Dawn of Change] WEMIX has launched multiple platforms and accumulated extensive experience in the blockchain ecosystem. Building on this foundation, WEMIX plans to upgrade its tokenomics, platform, and gaming experiences to ensure ecosystem sustainability. Firstly, the “Brioche Hard Fork” will signify a comprehensive overhaul of WEMIX&#39;s tokenomics. This pivotal milestone will introduce a revised minting rule, reducing the issuance of WEMIX per block through 16 updates. This change aims to enhance the value and growth of WEMIX, marking the first step towards mutual growth with the community. Secondly, WEMIX will unveil an enhanced WEMIX PLAY, where ecosystem performance directly impacts tokenomics. Notably, the objective is to ensure that the revenue growth driven by expanding games directly influences the WEMIX ecosystem. The enhanced framework will enable Web3 games and the community to contribute to the growth of WEMIX, resulting in a more cohesive community and resilient ecosystem. The new WEMIX PLAY and tokenomics will establish an economic framework where resource utilization and game growth may directly influence WEMIX and its ecosystem, promoting shared advancement. Detailed information will be disclosed at the “WEMIX DAY” event scheduled for Mid-July. Thirdly, drawing on its expertise in developing and managing a Web3-based blockchain gaming ecosystem, WEMIX will integrate blockchain technology into “Legend of YMIR.” This integration aims to enhance game fairness and enjoyment through blockchain technology. Adapting to global regulatory landscapes, WEMIX will enable users worldwide to engage with real-time blockchain content, cultivating a unique gaming ecosystem and creating new value distinct from existing blockchain game ecosystems. By introducing innovative blockchain content, WEMIX will offer unique experiences to both domestic and international gamers alike.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e5864f3f75e9450484e63b6b51ffd1eb.png" />The Brioche Hard Fork and the WEMIX Mass Burn mark the beginning of a new chapter in the vision of WEMIX. This reduction in reserve quantities is not merely about increasing value through limited supply; it signifies the start of the deflationary token economy envisioned by WEMIX. This will lead to expanded utilization of WEMIX and the implementation of an upgraded WEMIX Burn program, contributing to a healthier ecosystem. The year 2024 is pivotal for WEMIX, with future plans gradually unveiled and ongoing, active communication with the community. This is the schedule until September, with additional updates to follow sequentially. For detailed information about the upcoming Brioche Hard Fork, please refer to the following : [WEMIX Tokenomics Halving] The halving mechanism entails progressively reducing the quantity of WEMIX minted. As outlined in the whitepaper, 1 WEMIX is minted per block as a reward for block generation, and the reward is distributed automatically to NCP (50%), Ecosystem (25%), and Maintenance (25%). Currently, 86,400 WEMIX are minted daily, totaling 31,536,000 WEMIX annually. With the introduction of halving, the minting quantity will be reduced by half approximately every two years. Starting July 1st, the minting quantity will decrease to about 15 million WEMIX per year, continuing to halve every two years thereafter. This reduction in the number of WEMIX available for circulation through minting signifies a move towards a more advanced tokenomics model, aiming for a more stable ecosystem.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/316912f255664cecb82f9f41758c6fb6.png" /><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0bd60db466c6460e8413c80093f5033e.png" />• Period : Approximately 2 years, 63,115,200 blocks * Based on 86,400 blocks per year, approximately 730.5 days including leap years. * The schedule may vary depending on the block creation interval. • Cycle : 16 cycles* The schedule is subject to change. [Brioche Hard Fork : Application] A hard fork refers to the creation of a new blockchain. To implement halving, new minting rules must replace the existing ones, necessitating changes and updates to the blockchain system. Given the unique characteristics of blockchain technology compared to conventional software, the hard fork method is adopted. The introduction of halving through the Brioche Hard Fork is scheduled for July 1st and will proceed according to the predetermined block schedule set for that date. The final application of halving will take place on January 1st, 2101, marking the beginning of the 16th cycle and the termination of WEMIX minting. • Hard Fork Implementation Block : 53,525,500 blocks • Hard Fork Implementation Date : July 1st, 2024 at 00:08 (GMT&#43;9) • Minting Termination Block : 2,467,714,000 blocks • Minting Termination Date : January 1st, 2101 at 00:03 (GMT&#43;9) [Brioche Hard Fork : What’s New] The upgraded WEMIX tokenomics, introduced with the Brioche Hard Fork, are detailed in the whitepaper. The primary changes include : 1) Implementation of halving to adjust the minting quantity. 2) Burn of approximately 435 million WEMIX held in reserve by the foundation. 3) Allocation of funds for ecosystem development, non-circulating WEMIX holdings, and development costs based on the circulating supply plan. Additionally, the total supply of WEMIX will be capped at 590 million, marking a 60% reduction from the current maximum supply of 980 million. The burning of the foundation reserves will decrease the available supply, transitioning WEMIX from a foundation-driven ecosystem to a community-driven one. This shift fosters a community-friendly tokenomics model that promotes mutual growth. The reduction policy will be revised in alignment with the updated tokenomics, including the introduction of halving and the mass burning of foundation reserves. Further details will be announced in due course.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fd5850434631441e86c47f4a9028838f.png" />* The quantity is based on data as of June 25th, 2024 at 00:00 (GMT&#43;9). Actual values may vary during the WEMIX Burn and the Brioche Hard Fork execution. * The burn quantity will be adjusted to match the total supply of 590 million by the year 2100, based on the circulating supply at the time of the hard fork. As of the announcement date, the expected burn quantity for the Brioche Hard Fork is 435 million. The distribution will be carried out immediately after hard fork stabilization, with a completion announcement to follow. * Updates to the circulating supply data on Xangle Live Watch, CoinMarketCap, and CoinGecko may not be reflected immediately. Additionally, with the implementation of the hard fork, updates to the tokenomics will change the circulating supply as follows : Change in Circulating Supply Calculation Previously, the circulating supply on Xangle Live Watch combined WEMIX Classic on the Klaytn mainnet and WEMIX on the WEMIX mainnet, resulting in a complex calculation method that often confused users and created inefficiencies in asset management. The circulating supply calculation method on Xangle Live Watch will now only account for WEMIX on the WEMIX chain. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/67cf67070cb041fb83d6a56e2e9dc91d.png" /> Current Calculation Method (Cumulative issuance of WEMIXC (Klaytn) &#43; Cumulative issuance of WEMIX (WEMIX mainnet)) - (Cumulative burn of WEMIXC (Klaytn) &#43; Cumulative burn of WEMIX (WEMIX mainnet)) - (Non-circulating supply of WEMIXC (Klaytn) &#43; Non-circulating supply of WEMIX (WEMIX mainnet)) - (WEMIX chain unmigrated quantity &#43; WEMIX chain migrated quantity) <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/09a98097e892470b8ca49b2ee73e851f.png" /> New Calculation Method Cumulative issuance - Cumulative burn - Non-circulating supply * Unit : WEMIX (WEMIX mainnet) Changes in Planned Circulating Supply Following the hard fork on July 1st, 2024, the planned circulating supply will be adjusted due to the burning of foundation-held reserve quantities, thereby reducing the maximum supply. The new circulating supply will account for : 1) The burning of foundation-held reserve quantities 2) The application of block reward halving 3) The transition of circulation according to the unlock schedule These adjustments aim to achieve a total supply of 588 million WEMIX by year 2100. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3bc838cc7bd2489eac7f15f405b6f064.png" /> * The new circulating supply calculation method will start on June 25th, 2024. * The 2 million unburned quantities in the staking box will be permanently excluded from circulation, resulting in a final planned circulating supply of 588 million. [Note] This announcement provides information on the Brioche Hard Fork implementation, the introduction of halving, and the foundation&#39;s reserve burn. Please note that the contents of this notice are subject to change without prior notice. Since the halving is predicted based on block height actual implementation may not strictly adhere to a 2-year cycle or conclude in the year 2100 as initially anticipated. The timing of its application may vary due to fluctuations in block creation interval. The WEMIX team assumes no responsibility for any losses or profits resulting from the use of this announcement. This announcement does not constitute an offer to buy or sell WEMIX, nor does any part of its content serve as a basis or foundation for investment decisions. All decisions to purchase WEMIX or make any other investments must be made at the investor&#39;s own risk, with the investor solely responsible for any resulting outcomes. To prevent any confusion in the data, the total supply and the permanent supply of WEMIX have been corrected to 590 million. This includes the 2 million WEMIX in the staking box, which are part of the permanently non-circulating supply. Official WEMIX site announcement : <a href="https://www.wemix.com/communication/era-of-change-the-dawn-of-new-tokenomics-with-brioche-hard-fork-759a064f2a1d" rel="noopener noreferrer nofollow">https://www.wemix.com/communication/era-of-change-the-dawn-of-new-tokenomics-with-brioche-hard-fork-759a064f2a1d</a> [WEMIX Community] • WEMIX Official Webpage : <a href="https://www.wemix.com/communication" rel="noopener noreferrer nofollow">wemix.com</a> • Medium : <a href="https://medium.com/wemix-communication" rel="noopener noreferrer nofollow">WEMIX Communication</a> | <a href="https://medium.com/wemix-play" rel="noopener noreferrer nofollow">WEMIX PLAY</a> | <a href="https://medium.com/nile-official" rel="noopener noreferrer nofollow">NILE</a> • WEMIX Channels : <a href="https://twitter.com/WemixNetwork" rel="noopener noreferrer nofollow">X (formerly Twitter)</a> | <a href="https://www.facebook.com/WEMIXBlockchain" rel="noopener noreferrer nofollow">Facebook(WEMIX Platform)</a> | <a href="https://www.facebook.com/WEMIXGames" rel="noopener noreferrer nofollow">Facebook(WEMIX Games)</a> | <a href="https://t.me/WEMIX_ANNouncement" rel="noopener noreferrer nofollow">Telegram</a>

Era of Change : The Dawn of New Tokenomics with Brioche Hard Fork

WEMIX

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