Leading global blockchain developer WEMIX has unveiled the WEMIX BURN platform to promote the healthy growth of the WEMIX3.0 Mainnet mega-ecosystem by balancing issuance and incineration through the WEMIX BURN Program. The WEMIX BURN platform enables investors, WEMIX holders and community members to easily check the details of each burning process, while the WEMIX BURN program is divided into three stages – Mass Burn, Batch Burn and Auto Burn.
Mass Burn
- Burning based on total issuance volume: In line with the foundation’s policy, the foundation’s holdings are burned to maintain total issuance volume under 1 billion WEMIX.
- 1st Mass Burn Amount: 71,302,181 WEMIX.
- Burning based on price: In line with the foundation’s policy, the price cap is set at $200 and 1% of the total issuance volume is burned from the foundation-owned assets under the condition that the previous top price is renewed after dividing sections of different price ranges in units of $10.
- 2nd Mass Burn Amount: 20,000,000 WEMIX Classic (with top price set at $21.5 by CoinMarketCap standard).
- Next Price of Burn: $30.
Batch Burn
- Batch Burn aims to return some of the investment income of the WEMIX Foundation to the community and market.
- Along with the implementation of the WEMIX BURN program, income settlement, buyback, and incineration are carried out on a quarterly basis.
- As of 9 March 2023, a total of 15,392,444.22 WEMIX has been burned in 3 burning processes.
- Priority fees burned before transferring to the WEMIX3.0 Mainnet’s phase 2 period will be classified as Batch Burn, and as of 10 May 2023, a total of 1,777 WEMIX has been burned.
Auto Burn
- Auto Burn is carried out in such a way that the scale of incineration expands according to the growth of the WEMIX3.0 Mainnet and platform.
- Transaction Fee Burn:
○ Base fees will be burned in real time.
○ Priority fees will be burned in real time after transferring to the WEMIX3.0 Mainnet’s phase 2 period.
- Service Revenue Burn: 25% of all the revenue occurring from currently provided services will be burned to balance WEMIX tokenomics.
- Services provided: WEMIX PLAY, WEMIX.Fi, NILE
○ *KLEVA will be later added after the service system’s establishment.
WEMIX plans to achieve deflationary tokenomics by balancing issuance and incineration based on the WEMIX BURN program’s three types of incineration, while enhancing the value of the Mega-ecosystem at the same time. More details are available at https://wemixburn.com/.
About WEMIX
The blockchain subsidiary of renowned Korea-based game development company Wemade, WEMIX is accelerating the adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem that offers a wide spectrum of intuitive, convenient, and easy-to-use Web3 services for everyone. www.wemix.com