Wemix (founded in 2019) is a blockchain-based decentralized gaming platform owned by the South Korean gaming company Wemade. In October 2022, an upgrade to the system, the WEMIX 3.0 blockchain mainnet was launched. ^[7]

Overview

WEMIX was founded by WEMADE TREE, a subsidiary company of WEMADE on January 29, 2019. It integrates native coins, NFTs, and DeFi programs to generate investment opportunities for its users. It focuses on the P&E (Play and Earn) aspect for users to earn in-game currency that can be used to help with their progression in the game or exchanged for the native WEMIX token which can be liquidated on DEXs as fiat currency. This cycle of P&E accrues value for the WEMIX token as adoption increases. ^[6]

In August 2021, the WEMIX platform released its flagship title MIR4 to over 170 countries worldwide, marking it as the world's first commercially successful MMORPG (Massively Multiplayer Online Role-Playing Game) to incorporate a blockchain economy. WEMIX2.0, as the second phase in the history of WEMIX, led the industry by pioneering the Play & Earn (P&E) phenomenon. ^[22]

WEMIX 3.0

WEMIX 3.0 is an EVM-compatible open-source protocol powered by SPoA (Stake-based Proof of Authority) consensus algorithm that went live on the mainnet on October 20, 2022. It is secured by 40 decentralized authority nodes operated by qualified global partners as well as on-chain community DAO(Decentralized Autonomous Organization). The platform allows multiple projects and services on DApps to be added to the ecosystem which includes games, DeFi, and DAO. ^[5]

WEMIX Ecosystem

WEMIX Play

Launched in July 2022, WEMIX PLAY is a blockchain-based gaming platform that supports the Web3 transformation of games. It's essentially a one-stop shop for playing, trading, and interacting with all things blockchain gaming related.
WEMIX PLAY contains a large and diverse library of blockchain games, ranging from RPGs and strategy games to action and adventure titles. Many WEMIX PLAY games incorporate play-to-earn mechanics, where players can earn WEMIX tokens and other cryptocurrencies by playing, completing quests, and participating in the game's economy.
WEMIX PLAY also embraces the world of NFTs, allowing players to collect, trade, and utilize NFTs within the games.
^[8][9][24]

WEMIX.Fi

Launched in October 2022, WEMIX.Fi is the official on-chain DeFi platform of the Wemix 3.0 ecosystem providing exchange, deposit, asset management, and investment services. Each service is closely connected to the stablecoin WEMIX$, which makes it possible for community members to use the DeFi service through dApps to manage their crypto assets. ^[9][10]

NILE

Launched in November 2022, NILE (NFT Is Life Evolution) is a DAO, NFT, and Life dApp platform that creates a civilization based on blockchain. Based on the Neith Protocol, the DAOs operate transparently and democratically, and provide an organized system through which users can participate in activities on the platform. By implementing blockchain technology and tokenomics, the Life platform offers a variety of dApps, NFT marketplaces, and DAOs that add a meaningful dimension to all types of activities. ^[9][11]

Papyrus

Launched in Q2, 2023, PAPYRUS is a blockchain-based communication platform that operates through tokenization. It is also a community that connects individuals participating in the WEMIX ecosystem. Users who hold the same type of token, whether it's a DAO, game, NFT, or Fan Token, can engage with each other on this platform and build rapport. ^[12]

NILE and Papyrus are interconnected platforms that create a more vibrant and engaged community within the WEMIX ecosystem. NILE provides the infrastructure for NFTs and DAOs, while Papyrus facilitates communication and interaction among those who participate in these projects. Both platforms contribute to the overall growth and adoption of the WEMIX blockchain by offering innovative services and promoting user engagement.
Underneath it all, the WEMIX blockchain serves as the backbone that enables the seamless operation of both NILE and Papyrus. It provides the secure, transparent, and scalable infrastructure needed for these platforms to function effectively. The interconnectedness of these platforms demonstrates the potential for building a diverse and interconnected ecosystem on top of the WEMIX blockchain.^[8]

WEMIX$

WEMIX$ is a stablecoin issued in October 2022 on WEMIX3.0 mainnet with a fully backed reserve, stimulating the transition of value within the platform-driven and service-oriented ecosystem. To complement the relatively volatile WEMIX, WEMIX$ can be utilized as a store of value, unit of account, and medium of exchange. Ultimately WEMIX$ contributes to the growth of community and the value of WEMIX. ^[13]

WEMIX$ maintains its stability by constantly pegging its value to USDC in the on-chain reserve. DIOS protocol, the value stabilizer for WEMIX$, prevents depegging between WEMIX$ and USDC by depositing/withdrawing and issuing/burning through Treasury where the USDC reserve is stored with smart contracts and MINT where WEMIX$ is issued and burned. ^[14]

A total of one billion WEMIX$ tokens were issued. 10% of the total tokens were allocated to private sales and the initial stage of growth, 9% was allocated over three years to team members, 7% to marketing, and the remaining 74% to support the long-term growth of the ecosystem. ^[23]

WEMIX Wallet

WEMIX Wallet is the official decentralized wallet service of the WEMIX 3.0 blockchain. It provides an effective way to view and manage digital assets balance. It is the starting point of a user's experience on the WEMIX platform and acts as a means of approval and signature for transactions that occur on the platform. ^[14]

40 Wonders

40 WONDERS is the governance platform in charge of the operations and development of the WEMIX3.0 blockchain network. 40 Node Partners that represent the community provide the highest levels of security while also contributing to the development and growth of the WEMIX mega-ecosystem. ^[15]

WEMIX Burn

WEMIX burn refers to the process of permanently removing WEMIX tokens from circulation, essentially taking them out of the market. This is done with the intention of decreasing the overall supply of WEMIX for the potential benefits of increased token value, enhanced token stability, and deflationary tokenomics.
There are several ways WEMIX tokens are burned:

• Mass Burn: The WEMIX Foundation periodically burns a portion of its own WEMIX holdings. This demonstrates the Foundation's commitment to long-term value creation for the WEMIX ecosystem.
• Batch Burn: The WEMIX Foundation uses a portion of its investment income to buy WEMIX tokens from the market and then burn them. This effectively removes tokens from circulation while also injecting capital back into the ecosystem.
• Auto Burn: Certain features and activities within the WEMIX ecosystem, such as using specific game items or paying transaction fees, may automatically trigger the burning of a small portion of the WEMIX tokens involved.

WEMIX burn is a strategic initiative aimed at promoting the long-term health and sustainability of the WEMIX ecosystem. ^[16][25]

Wepublic

Wepublic is a transparent social platform that supports the creation and operation of blockchain-based DAOs (decentralized autonomous organizations). Wepublic was designed to allow users to easily create and transparently operate DAOs by using four decentralized protocols: proof of ID, qualifications, results, and balance. ^[17]

Eco Fund/PoET

PoET (Proof of Ecological Transaction) is a program that distributes a portion of block-minting rewards to both verified dApps generating meaningful transactions and the users who use these dApps within the WEMIX3.0 ecosystem for their contributions. ^[18]

WEMIX Scan

Launched in September 2023, WEMIX Scan is a block explorer and analytics platform built by the team behind Etherscan that allows users access to detailed information of block data on the WEMIX3.0 blockchain. Specifically, users can search and explore for transactions, tokens, addresses, tracking gas fees, validators, and others. ^[19]

Explorer

WEMIX Explorer is an information platform used to view the various activities on the WEMIX3.0 blockchain and their history. It consists of Macroscope, which provides information about the overall ecosystem, and Microscope, which provides detailed information on activities such as block validations and transactions. ^[20]

unagi

unagi pioneers the mass adoption of blockchain by integrating diverse blockchains and services. unagi is an omni-chain protocol that transcends the boundaries between chains and enables unrestricted Web3 activities. It puts user experience at the forefront and connects diverse blockchains to facilitate transactions and comprehensive asset management. ^[21]

Controversy

Delisting from South Korean exchanges - On November 23, 2022, Digital Asset eXchange Association (DAXA), composed of major South Korean exchanges UpBit, Korbit, CoinOne, Bithumb, and Gopax, announced to delist WEMIX from their markets. The association claimed that Wemix shared false information about its coin circulation amount, where the company underreported the actual circulating amount. In their official documentation, the amount of 245 million WEMIX tokens is declared, while the real distributed amount is 314 million tokens. [2]

WeMade CEO Jang Hyun-Kook described the situation as “very unfair”, as he declared that the unlisting decision was made without prior notice and that when the company asked for specific definitions and guidelines when their token was categorized as a cautious investment by UpBit, no clear guideline was provided. ^[2]

WEMIX was removed from UpBit and other major South Korean exchanges (Bithumb, Coinone, and Korbit) on December 8, 2022. The Digital Asset eXchange Alliance (DAXA), a group of these exchanges, cited concerns about discrepancies between the projected and actual circulating supply of WEMIX tokens. WEMADE, the company behind WEMIX, disputed the delisting and filed injunctions against the exchanges, but these were ultimately rejected by a Seoul court.^[26]
As of January, 2024, WEMIX remains delisted from UpBit and the other DAXA exchanges.