WEMIX

price
change

Discover 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 WEMIX?

WEMIX is a decentralized blockchain platform aiming to revolutionize the entertainment industry by enabling creators to monetize their work. It offers a comprehensive ecosystem with services such as NILE (DAO and NFT platform), WEMIX.Fi (DeFi platform), and WEMIX PLAY (blockchain gaming platform). The native token, WEMIX, is used for transactions, governance, and various other purposes within the ecosystem.

How is WEMIX used?

WEMIX (WEMIX) is the native token of the WEMIX ecosystem, which serves several purposes:

  1. Payments and In-App Purchases: WEMIX is used as a medium of exchange for transactions across the platform, including in-app purchases of items and goods such as weapons, kits, and equipment.

  2. Staking: Users can stake WEMIX tokens, which allows them to participate in the platform's governance process and earn rewards.

  3. Inter-Game Token Swaps: Tokens earned in one game can be swapped and used in another game, enhancing the overall gaming experience.

  1. Crowdfunding: WEMIX tokens can be used as a crowdfunding solution for developers to support their costs and projects.

  2. Airdrops: WEMIX tokens can be used to receive airdrops of different gaming tokens built around the WEMIX ecosystem.

  3. DAO Governance: WEMIX token holders have a say in the platform's decision-making process, ensuring a decentralized and community-driven governance model.

These use cases highlight the versatility and importance of WEMIX within the ecosystem, facilitating various transactions, interactions, and governance processes.

How do I store WEMIX?

To store WEMIX (WEMIX) tokens, you can use the WEMIX Wallet or MetaMask. Here are the steps:

  1. Using WEMIX Wallet:

    • Ensure you have the WEMIX Wallet installed and set up.
    • The wallet already includes WEMIX, WEMIX$, and USDC tokens by default.
    • For other tokens, you can add them manually by clicking the "Add Tokens" button, entering the token address, and the token symbol and decimals will be added automatically.
  2. Using MetaMask:

    • Install and set up MetaMask.
    • Add the WEMIX3.0 network to MetaMask by entering the required network parameters (RPC URL, ChainID, Symbol, and Block Explorer URL).
    • To add a token, go to the "Token Import Menu" and enter the token contract address. The token symbol and decimals will be filled in automatically.
  3. Security:

  • Be cautious when using web wallets, as they store private keys locally and are vulnerable to security risks.
  • Ensure you store your tokens securely by using a reputable wallet and following best practices for managing your private keys.

By following these steps, you can safely store your WEMIX tokens using either the WEMIX Wallet or MetaMask.

How to buy WEMIX?

To buy WEMIX (WEMIX) tokens, follow these steps:

  1. Register on a Cryptocurrency Exchange:

    • Sign up for an account on a reputable exchange like Kriptomat, MEXC, or KuCoin.
    • Verify your email, phone number, and identity to unlock the full potential of the platform.
  2. Add Funds:

    • Deposit funds using a bank transfer, credit card, or other supported payment methods.
  3. Buy WEMIX:

  • Navigate to the exchange's platform and select WEMIX from the list of available cryptocurrencies.
  • Enter the amount you want to purchase and preview the transaction.
  • Confirm your purchase to complete the transaction.

Alternatively, you can also buy WEMIX tokens by first purchasing Bitcoin (BTC) or Ethereum (ETH) on a fiat-to-crypto exchange like CryptoWallet.com and then trading them for WEMIX on an altcoin exchange.

Discover
WEMIX
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of WEMIX

WEMIX was founded in 2019 by WEMADE TREE, a subsidiary of WEMADE, with the vision of establishing a blockchain gaming platform that integrates diverse games with their own tokenomics on the blockchain network. This marked the beginning of WEMIX, which aimed to revolutionize the gaming industry by incorporating blockchain technology and tokenomics into mainstream gaming.

WEMIX2.0

In August 2021, WEMIX released its flagship title MIR4, a massively multiplayer online role-playing game (MMORPG) that incorporated a blockchain economy. This marked a significant milestone as MIR4 became the world's first commercially successful MMORPG to integrate blockchain technology, leading to a paradigm shift in the gaming industry. This event triggered the widespread adoption of blockchain technology in existing games, pioneering the Play & Earn (P&E) phenomenon and marking the beginning of WEMIX2.0.

WEMIX3.0

WEMIX3.0 is the latest phase in the evolution of WEMIX. It is designed as an immersive, platform-driven, and service-oriented mega-ecosystem that aims to enhance the global community's experience by offering user-friendly services and empowering developers to create innovative projects and solutions for the community's benefit. WEMIX3.0 is built on three fundamental pillars: WEMIX Play, NILE, and WEMIX.Fi, which form the cornerstone of the platform and offer essential services to its users.

Key Features of WEMIX3.0
  • EVM Compatibility: WEMIX3.0 is compatible with the Ethereum Virtual Machine (EVM), ensuring high performance and low commissions.
  • Consensus Mechanism: It employs a Stake-based Proof of Authority (SPoA) consensus mechanism, which ensures high security and high transaction throughput.
  • Node Council Partners: The platform is governed by 40 Node Council Partners (NCP), also known as the 40 WONDERS, which ensure transparency and reduce the risk of centralized control.
  • Tokenomics: WEMIX3.0 has a tokenomics and distribution strategy to support the growth and vitality of its ecosystem. The native token, WEMIX, is used for exchange and payment methods, and additional tokens are minted through the Permanent Minting Reward (PMR) mechanism.
  • Stablecoin: WEMIX$ is the official stablecoin protocol of WEMIX3.0, fully collateralized by USDC and fiat currencies, ensuring stability and reliability within the ecosystem.
Evolution and Future Plans

WEMIX3.0 is designed to evolve towards complete decentralization through a multi-phase democratized governance. The platform plans to launch a Layer2 of Ethereum using zero-knowledge proof (ZKP) protocols to improve scalability and ensure user privacy and security. This will enable developers to take advantage of the unique capabilities of blockchain technology and integrate it into their gaming proposals.

Overall, WEMIX has come a long way since its inception, transforming from a singular platform to a comprehensive, platform-driven mega-ecosystem that aims to redefine the gaming landscape by leveraging the power of blockchain technology.

Discover
WEMIX
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How WEMIX works

WEMIX is a comprehensive ecosystem built on blockchain technology, designed to empower creators and provide a decentralized platform for various services. Here's an overview of how it works:

Ecosystem Structure

WEMIX is built on the Ethereum blockchain and uses smart contracts to automate processes such as payments, royalties, and content distribution. The ecosystem includes a variety of services, including a swap service, a lending and borrowing service, and a gaming platform.

Swap Service

The swap service, known as WEMIX.Fi, uses a Constant Product Market Maker (CPMM) algorithm to determine the price of token pairs traded between users and liquidity pools. This algorithm ensures that the product of the token quantities in the liquidity pool remains constant. When a swap occurs, the algorithm adjusts the quantities of the tokens to maintain this constant product, which affects the swap rate of the token pair. The CPMM algorithm is essential for maintaining price stability and ensuring that the liquidity pool remains balanced.

Lending and Borrowing

The lending and borrowing service, also part of WEMIX.Fi, allows users to deposit assets and earn interest. These deposited assets can be used as collateral to borrow other assets. The service uses a Loan-to-Value (LTV) ratio to determine the amount of assets that can be borrowed. Users can borrow and repay assets repeatedly based on their deposited collateral and loan balance. The service includes a Status Monitor to track the risk level of the loan, and users must repay their loans or add more collateral to avoid liquidation.

Gaming Platform

WEMIX has a robust gaming ecosystem with numerous games developed around the platform. The native token, WEMIX, is used for transactions, in-app purchases, and inter-game token swaps. The platform also supports staking and crowdfunding for developers. The use of blockchain technology ensures transparency and security, preventing cheating and ensuring the authenticity of items and NFTs.

Governance and Token

The WEMIX token is used for governance, allowing holders to participate in decision-making processes. The token is also used for various purposes within the ecosystem, such as facilitating transactions, making in-app purchases, and staking. The total supply of the token is distributed among the ecosystem, marketing, team, and private holders.

Security and Consensus

WEMIX 3.0, the latest upgrade, runs on an EVM-compatible open-source protocol with a Stake-based Proof of Authority (SPoA) consensus mechanism. This is secured by 40 decentralized authorities known as WONDERS, which are highly qualified global partners that help the business grow.

Overall, WEMIX is a comprehensive ecosystem that integrates various services, including a swap service, lending and borrowing, and a gaming platform, all built on blockchain technology to ensure transparency, security, and decentralization.

Discover
WEMIX
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

WEMIX's strengths

WEMIX (WEMIX) has several strengths that contribute to its potential in the blockchain gaming industry:

  1. Decentralized and Secure Platform: WEMIX3.0 is built on a decentralized architecture, ensuring security and transparency through its Stake-based Proof of Authority (SPoA) consensus algorithm and the involvement of 40 Node Council Partners.

  2. Scalability: The platform is designed to handle high transaction volumes, with a throughput of up to 4,000 TPS and a 1-second block interval, making it suitable for large-scale gaming applications.

  3. Tokenomics and Economy: WEMIX has a well-defined tokenomics system, with the native WEMIX coin being minted at a rate of one per block and distributed among Node Council Partners, stakers, the ecosystem fund, and maintenance. This ensures a stable and incentivized ecosystem.

  1. Gaming Ecosystem: WEMIX offers a comprehensive gaming ecosystem, including WEMIX Play, which integrates payment processes into gameplay, and NILE, a DAO-powered community platform for project facilitation and creation.

  2. DeFi Integration: The platform includes WEMIX.Fi, a decentralized financial platform providing services like swap, staking, and borrowing, which enhances the overall gaming experience and provides users with a range of financial tools.

  3. NFT and DAO Support: WEMIX supports the creation and management of NFTs through NILE, enabling a trustless NFTFi solution and facilitating the development of decentralized projects.

  1. Experienced Founders: WEMIX was founded by WEMADE TREE (now Wemix PTE. LTD.), a company with a strong vision to create a blockchain gaming platform that integrates tokenomics and real-world economics.

  2. Successful Games: WEMIX has already seen success with its flagship game, MIR4, which has achieved significant user adoption and demonstrates the potential of blockchain gaming.

  3. Community Engagement: The platform has a strong focus on community involvement, with the Node Council Partners representing the community's interests and governing the network.

  1. Innovative Technology: WEMIX utilizes cutting-edge technologies like the Neith Protocol and Ethereum Virtual Machine (EVM) compatibility, ensuring a robust and adaptable infrastructure.

WEMIX's risks

WEMIX (WEMIX) is considered a high-risk investment due to several factors. According to InvestorsObserver, WEMIX achieves a high risk score based on its proprietary system, which analyzes the amount of money required to shift its price over a 24-hour period, along with recent changes in volume and market capitalization. This indicates that the cryptocurrency can be easily manipulated by limited trading activity, making it a relatively high-risk investment.

Additionally, trading WEMIX involves risks such as market volatility, regulatory changes, and technological issues. Prices can fluctuate widely, making it important for investors to be aware of these potential risks.

Furthermore, WEMIX has recently experienced suspected hacking incidents, with users reporting involuntary requests to transfer personal assets. This highlights the importance of personal asset security and the need for users to be vigilant in protecting their assets.

Overall, WEMIX's high risk score, market volatility, and security concerns make it a high-risk investment that may not be suitable for everyone.

Discover
WEMIX
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did WEMIX raise funds?

Discover
WEMIX
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

WEMIX’s team

  • Henry Chang: CEO of WEMADE and WEMIX, actively involved in community engagement through AMAs and staking activities.

Whalee AI

The fundamental analysis assistant for crypto value investors.

WEMIX NEWS REPORT

Latest news

Want an analysis of WEMIX? Tell us on discord.

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM