Ecosystem as well as technology unites WEMIX’s portfolio
It’s a gaming platform. It’s a DeFi (decentralized finance) platform. It’s a launchpad for DAOs (distributed autonomous organizations) and NFTs (non-fungible tokens). WEMIX 3.0 might appear at first glance to be unfocused, but that turns out to be far from true. The blockchain protocol, which is the central project of South Korea-based Wemade, is quite deliberate in its strategy. What seems like diffusion of vision is actually a canny exercise in horizontal integration.
What connects the platforms on the WEMIX 3.0 mainnet is an intrinsic blockchain economy. Based on the cryptocurrency WEMIX and the stablecoin WEMIX$, the three platforms together form what the team calls its “tripod cauldron.” Cryptocurrencies flow freely through the entire ecosystem, enabling and connecting the platforms.
“With our utility coin WEMIX and WEMIX$, a 100% fully reserved stablecoin, we are launching our own mainnet, WEMIX3.0. The mainnet will provide a complete set of games, DAO-based NFTs and DeFi,” Wemade CEO Henry Chang said. “This platform-driven and service-oriented public blockchain will help build a better future for all of us.”
On WEMIX PLAY, users can engage in play-and-earn games and trade NFTs. Tokens and NFTs can be staked, and REFLEX, a synthetic asset token, can be “fusioned” with game coins that can be earned in games onboard the WEMIX platform. As discussed previously in this space, REFLEX fusion is analogous to minting other assets. It is also possible to exchange WEMIX into game coins. WEMIX PLAY’s game portfolio is always expanding; most recently, it announced a plan to service Grand Prix Slots, the first social casino game on the platform, which was developed by Play Links. The company’s recent investment in Planetarium Labs ensures a continuous pipeline of new player experiences.
NILE – an acronym meaning NFT Is Life Evolution – is connected to WEMIX3.0 through the same tokenomics. The underlying Neith Protocol is a smart contract mechanism that enables the community to create, facilitate and manage all aspects of potential projects that include concerts, art exhibits, sporting events, investments and even real estate businesses. NILE capabilities include funding of the DAO that owns the project, day-to-day management and profit distribution. As with WEMIX PLAY, the Neith Protocol revolves around a dual-tokenomics structure. In the case of this platform, though, it involves the distribution of protocol coins through funding of the DAO, which can be staked for governance tokens that function as votes in the decision making of the project.
None of this is to be confused with WEMIX DeFi Service, a fully on-chain platform that supports storage, exchange, lending, settlement and investment of digital assets. WEMIX$, a 100% fully reserved stablecoin that provides the community with a fluid and secure transition in and out of dapps and services available in the ecosystem, along with the WEMIX Token, serves as an essential asset that connects multiple DeFi Services on the mainnet. WEMIX DeFi Service is fully decentralized and directly integrated in the native wallet of WEMIX3.0. This allows the community to easily access crypto assets to be used throughout the blockchain network, providing better accessibility and usability.
WEMIX DeFi Service supports vital functions that sustain and expand the state of the ecosystem – and that includes the gamers, the NFT minters and the DAOs – through stablecoin lending, on-chain swaps, crypto-asset bonds, secure bridges and auctions. At the heart of these functionalities are oracles that collect, analyze and broadcast data in relation to on-chain and off-chain activities, ensuring data values propagated from different sources will be in agreement from one oracle to another prior to confirmation of use.
Sum of the parts
The WEMIX3.0 mainnet is a high-performance, open-source protocol undergirded by a stake-based proof of authority consensus algorithm secured by 40 decentralized authority nodes. Engineered to be Ethereum Virtual Machine-compatible, WEMIX3.0 maintains the balance between decentralization, security and scalability through a variable total gas fee formula. In that way, it resolves the familiar “blockchain trilemma” posed by Ethereum founder Vitalik Buterin.
The mainnet is expected to launch within a matter of days, and then WEMIX DeFi Service, NILE and the WEMIX$ stablecoin are expected to roll out in rapid succession.
The decentralized native wallet of WEMIX3.0 functions like a banking app, but without the bank. The non-custodial crypto wallet, which provides each holder with control over his or her private keys, is available through both the Google Play and Apple App stores.
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