Blockchain giant Wemade enters the stablecoin market with WEMIX$
Reacting to recent upheavals in the crypto markets Wemade, the company behind the WEMIX blockchain gaming platform and WEMIX Token, is entering into the stablecoin game with their own WEMIX$ (Wemix Dollar) backed by USDC and fiat currency.
Recent drops in value (dramatic falls in Bitcoin and the total crash out of Terra’s own stablecoin UST and LUNA currencies being the highest profile casualties still being fretted over) have changed the landscape somewhat since the buoyant atmosphere of 2021 and optimism of early 2022.
With casual crypto investors shaken, Wemade feels it’s up to the giants to restore some much-needed confidence so that the bigger picture can once again feel the benefit of the relatively new means of value storing and exchange, and make sustainable growth.
And with the complex intertwining worlds of UST and LUNA effectively propping each other up and showing how it shouldn’t be done, one silver lining on the crypto cloud is that at the very least some valuable lessons have been learnt.
WEMIX staying strong
Wemade’s WEMIX Token has already weathered the storm well, with a notional value directly linked to their own successful blockchain galing platform rather than the more nebulous ‘values’ it’s possible to find elsewhere. The WEMIX platform is the biggest – and they would certainly argue, the best – blockchain gaming platform in the world with thirteen games currently being serviced on it. The firm claims that that number will hit 100 before the end of 2022.
With a strong ethic based on ‘play and earn’ rather than ‘play to earn’, Wemade believes that the games on WEMIX offer entertainment AND financial gain rather than being mechanisms simply to earn with very little fun being accrued in the process. And blurring the lines with pay to win, WEMIX is all about building confidence by delivering quality, with assets flowing both into and out of the games freely.
WEMIX tokens can also be exchanged to purchase NFT game characters and items with real value, taking ownership of them and trading them on when desired. It all adds up to a full rounded out experience with great gaming at centre, and stability and value the result.
And now, with WEMIX$, Wemade is going one step further, creating the official stablecoin of WEMIX3.0 set to be unveiled at their WEMIX3.0 Global Showcase on June 15th. “WEMIX$ will be the standardised currency within their ecosystem, providing a stable, secure and easy to use currency for the community,” they say.
“Our team, which has already issued a utility coin called WEMIX, will launch its own mainnet WEMIX3.0, based on 100% fully collateralized stablecoin WEMIX$, backed by USDC and fiat currency. The platform will have a complete set of DAO-based NFT and DeFi protocols,” said Henry Chang, CEO of Wemade (pictured above).
Impressive and bold stuff. And to prove their point, the heads of Wemade are willing to put their money where their mouths are, having publicly announced their own personal investments in the token previously. Chang announced in April that he will be spending ALL of his salary AND dividend on purchasing WEMIX, while Kwan-ho Park the chairman and founder of Wemade will be spending 30 billion Korean won (approximately $25million) on tokens in the coming six months.
We watch the WEMIX$ introduction and value with interest.