Staked WEMIX

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Discover Staked WEMIX's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Staked WEMIX?

Staked WEMIX (stWEMIX) is a Liquid Staking Token (LST) that represents staked WEMIX on WEMIX.Fi. It is minted through the Liquid Staking program, allowing users to exchange deposited WEMIX for stWEMIX, which can be traded, exchanged, borrowed against, or used for various liquidity purposes, maximizing the utility of the asset and potentially earning additional yield alongside staking rewards.

How is Staked WEMIX used?

Staked WEMIX (stWEMIX) is a token that represents staked WEMIX assets in the LIQUID Staking program on WEMIX.Fi. When users deposit WEMIX into this program, it is exchanged for stWEMIX, which can be freely used for various activities. The value of stWEMIX increases as block rewards are added, allowing users to earn additional revenue.

stWEMIX tokens can be swapped for different assets, deposited in pools with varying APRs, or exchanged back to WEMIX. This flexibility allows users to maintain liquidity while still earning rewards from staking. Additionally, stWEMIX can be used as collateral for borrowing or other economic activities, providing users with a range of options for utilizing their staked assets.

How do I store Staked WEMIX?

To store Staked WEMIX (stWEMIX) tokens, you can use a digital wallet that supports the Ethereum blockchain, as stWEMIX is an ERC-20 token. Here are some steps to follow:

  1. Choose a Wallet: Select a reliable digital wallet that supports Ethereum and ERC-20 tokens. Popular options include MetaMask, Trust Wallet, and Ledger Live.

  2. Create or Access Your Wallet: If you already have a wallet, access it. If not, create a new wallet by following the wallet provider's instructions.

  3. Get Your Wallet Address: Once you have access to your wallet, note down your Ethereum wallet address. This address will be used to receive and store your stWEMIX tokens.

  1. Transfer stWEMIX Tokens: If you have purchased or received stWEMIX tokens, transfer them to your Ethereum wallet address. Ensure that the wallet you are using supports stWEMIX tokens.

  2. Secure Your Wallet: Always keep your wallet secure by using strong passwords, enabling two-factor authentication, and storing your recovery phrases safely.

By following these steps, you can safely store your Staked WEMIX (stWEMIX) tokens in a digital wallet that supports the Ethereum blockchain.

How to buy Staked WEMIX?

To buy Staked WEMIX (stWEMIX) tokens, you can follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange that supports stWEMIX trading. Some popular exchanges include Bitget and Symlix.

  2. Create an Account: If you don't already have an account on the chosen exchange, create one by following their registration process. This typically involves providing personal information and verifying your identity.

  3. Deposit Funds: Deposit the necessary funds, usually in the form of a fiat currency or another cryptocurrency, into your exchange account. The specific deposit methods may vary depending on the exchange.

  1. Find the stWEMIX Trading Pair: Navigate to the exchange's trading platform and locate the stWEMIX trading pair, usually denoted as stWEMIX/USD.

  2. Place a Buy Order: Enter the amount of stWEMIX you want to purchase and the price you are willing to pay. You can choose to place a market order or a limit order, depending on your trading strategy.

  3. Execute the Trade: Once you have set your buy order, execute the trade. The stWEMIX tokens will be credited to your exchange account.

  1. Store Your Tokens: After purchasing stWEMIX, ensure you store them securely in a wallet that supports the token. This can be a software wallet, hardware wallet, or a cold storage solution.

Remember to always follow best practices for cryptocurrency trading, including setting a budget, staying informed about market conditions, and using strong security measures to protect your assets.

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History of Staked WEMIX

Staked WEMIX (STWEMIX) is a Liquid Staking Token (LST) that represents staked WEMIX on WEMIX.Fi, a decentralized finance platform of WEMIX3.0. The token was introduced in January 2024 by Wemade, a leading global blockchain firm, and made its worldwide debut on Bitmart and Gopax.

The stWEMIX token is minted through the Liquid Staking program of WEMIX.Fi. Users can deposit their WEMIX into WEMIX.Fi and receive stWEMIX, which can be traded, exchanged, borrowed against, or used for other liquidity purposes. This allows users to maximize the utility of their assets and potentially earn additional yield alongside staking rewards.

The price history of STWEMIX has been erratic, with significant highs and lows. The token's all-time high was $4.57 on March 12, 2024, and its all-time low was $1.32 on June 11, 2024. As of recent data, the token's price stands at $1.88 with a market capitalization of $6,654,347.

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How Staked WEMIX works

Staked WEMIX, also known as stWEMIX, is a Liquid Staking Token (LST) that represents staked WEMIX, the native coin of the WEMIX3.0 blockchain. This token allows users to participate in staking and earn rewards while maintaining the flexibility to buy, sell, or trade the token, thereby increasing liquidity and usability within the WEMIX ecosystem.

Issuance and Utilization

stWEMIX can be issued by depositing WEMIX in the Liquid Staking program or by trading through Swap on WEMIX.Fi, the first official DeFi platform built on the WEMIX3.0 blockchain. Once issued, stWEMIX can be used as collateral for various DeFi protocols, such as lending and borrowing on WEMIX.Fi, which generates additional yield. It can also be deposited into pools to ensure trading liquidity and earn transaction fees from swaps.

Liquid Staking Program

The Liquid Staking program is designed to address the limitations of traditional staking, where assets are frozen for extended periods. In contrast, Liquid Staking allows users to exchange their deposited WEMIX for stWEMIX, which can then be used in other on-chain activities. The value of stWEMIX increases based on the staking rewards generated by the deposited WEMIX. Users can exchange stWEMIX for another coin through Swap, deposit it in a pool, or exchange it back to WEMIX to earn additional revenue.

Staking Rewards and Fees

When a user deposits WEMIX in the Liquid Staking program, they receive stWEMIX according to the exchange rate. As the value of the staking reward generated by the deposited WEMIX increases, the value of stWEMIX also increases. However, 10% of the staking reward is deducted as a fee and stored in the protocol Treasury.

Trading and Withdrawal

stWEMIX can be traded on various exchanges, including BitMart and GOPAX. Users can also exchange stWEMIX for WEMIX through the stWEMIX-WEMIX pool on WEMIX.Fi. The exchange rate is determined by the market, so there may be a difference between the issuance price and the market price. Withdrawals of stWEMIX are temporarily restricted for about 7 to 14 days during the "Move Wonder" process, where the protocol delegates the volume to another Wonder with a higher distribution rate. Users can trade at market price through the stWEMIX-WEMIX pool during this period.

Impact on the WEMIX Ecosystem

The introduction of stWEMIX is expected to drive robust growth on WEMIX.Fi and throughout the entire WEMIX ecosystem. It empowers users to actively participate in the ecosystem by simply holding stWEMIX, fostering proactive engagement and unlocking the inherent value of staked WEMIX.

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Staked WEMIX's strengths

The token Staked WEMIX (STWEMIX) has several strengths that make it an attractive investment opportunity:

  1. Liquidity and Flexibility: STWEMIX offers users the ability to stake their WEMIX tokens and receive stWEMIX tokens in return. These stWEMIX tokens can be traded, exchanged, borrowed against, or used for various liquidity purposes, providing users with increased flexibility and potential for additional yield alongside staking rewards.

  2. Staking Rewards: Users can earn staking rewards by participating in staking programs on WEMIX.Fi. The rewards are calculated based on the ratio of total circulating stWEMIX tokens to the total number of WEMIX locked in the Governance Contract.

  3. Interoperability: stWEMIX can be utilized across various DeFi protocols within the WEMIX ecosystem, fostering proactive engagement and driving growth throughout the ecosystem.

  1. Unlocking Staked Value: STWEMIX unlocks the inherent value of staked WEMIX, allowing users to maximize the utility of their assets and potentially earn additional yield.

  2. Diverse Staking Options: WEMIX.Fi provides multiple staking programs, including WONDER Staking, DIOS Staking, and LIQUID Staking, each with different purposes and functions. This variety allows users to choose the program that best suits their needs and preferences.

  3. Growing Ecosystem: The increasing usage of various protocols and the potential launch of new ones within the WEMIX ecosystem are expected to drive robust growth, further enhancing the value of STWEMIX.

These strengths position STWEMIX as a versatile and rewarding token that offers users a range of benefits and opportunities within the WEMIX ecosystem.

Staked WEMIX's risks

Staked WEMIX (STWEMIX) is a Liquid Staking Token (LST) that represents staked WEMIX on WEMIX.Fi. Users can deposit their WEMIX into WEMIX.Fi and receive stWEMIX, which can be traded, exchanged, borrowed against, or used for other liquidity purposes. This token is part of the WEMIX3.0 ecosystem and is minted through the Liquid Staking program on WEMIX.Fi.

Financial Risks
  1. Volatility:

    • The value of stWEMIX can fluctuate significantly due to market volatility, which can result in losses if sold during a downturn.
  2. Slashing:

    • Validators can face penalties or "slashing" if they transmit invalid transactions, which can affect the assets of innocent stakers.
  3. Counterparty Risk:

  • Staking service providers can introduce counterparty risk, which can lead to losses if the provider mismanages or is hacked.
  1. Minimum Lock-up Period:

    • Staking often involves a minimum lock-up period, restricting access to assets until they are unstaked, which can be frustrating and delay the retrieval of assets.
  2. Reward Uncertainty:

    • The rewards earned through staking can change over time, adding uncertainty for participants.
  3. Liquidation Risk:

  • Tokens within a staking pool might face liquidation if their value dips below the required collateralization, which can result in losses.
  1. Operational Risks:
    • Staking pool operators can face operational risks such as mismanagement or hacking, which can lead to the loss of staked funds.

These financial risks highlight the importance of adopting a long-term investment strategy and carefully selecting a staking pool to mitigate potential losses.

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Did Staked WEMIX raise funds?

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Staked WEMIX’s team

  • Wemade: The team behind Staked WEMIX (STWEMIX) is Wemade, a renowned global blockchain firm that introduced stWEMIX as the Liquid Staking Token (LST) representing staked WEMIX (the WEMIX3.0 blockchain’s native coin).

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The fundamental analysis assistant for crypto value investors.

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