WEMIX jumps more than 200% after the announcement of a stablecoin and the increase in staking rewards

WEMIX jumps more than 200% after the announcement of a stablecoin and the increase in staking rewards

Blockchain-based video games, also known as GameFi, is an emerging sector that could be one of the main catalysts to drive the mass adoption of Blockchain technology.

WEMIX, a gaming protocol running on the Klaytn network, aims to join the GameFi revolution and this week, the project’s native token, WEMIX, surged even as the overall market continued to trend lower.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.27 on May 12, the price of WEMIX is up 269% to hit a daily high of $4.70 on May 25. Its daily trading volume also increased to reach $652 million.

WEMIX/USDT 1-day candlestick chart. Source: TradingView

Three reasons for the upward reversal of WEMIX price are the upcoming release of WEMIX 3.0, a series of project launches and partnership deals, and the introduction of locked staking for token holders.

WEMIX 3.0

The main news behind the renewed attention on WEMIX is the expected launch of the protocol’s mainnet, which is scheduled to take place on June 15.

WEMIX 3.0 will be an Ethereum Virtual Machine (EVM) compatible public chain that will use a stake-based Proof-of-Authority (SPoA) consensus algorithm.

As part of the mainnet launch, WEMIX will also introduce its WEMIX Dollar (WEMIX) as the ecosystem’s native stablecoin.

WEMIX jumps more than 200% after the announcement of a stablecoin and the increase in staking rewards

WEMIX will be a 100% collateralized stablecoin, backed by USD Coin (USDC) and off-chain assets such as cash.

New Partnerships Increase Investor Enthusiasm

The month of May has been a very busy month for the WEMIX protocol, after several games have been released or have announced their upcoming release dates on the network. New additions include Crypto Ball Z, Four Gods, and Every Farm, as well as the addition of sports prediction game, SpoLive.

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In addition to these launches, WEMIX has announced several strategic investments, including being the lead investor in cryptocurrency fund Old Fashion Research (OFR), as well as an investment in an American augmented reality metaverse startup called Jadu.

On May 17, the team behind WEMIX also signed a memorandum of understanding with the Vietnam Blockchain Association.

Increased staking rewards

WEMIX has also launched Stake360, an incentive that offers WEMIX holders higher rewards for committing to a longer lock-in period.

In addition to the standard 7% reward available to all token holders, investors who agree to a 90-360 day lock-in can earn anywhere from 9% to 20.28% on their holdings.

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