WEMIX gains 200%+ after stablecoin and boosted staking rewards announcement

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Blockchain-based gaming, also known as GameFi, is an up-and-coming sector that might doubtlessly be one of many major catalysts for kickstarting the mass adoption of blockchain expertise.

WEMIX, a gaming protocol that operates on the Klaytn community, goals to get in on the GameFi revolution and this week, the challenge’s native token (WEMIX) rallied at the same time as the broader market continued to sell-off.

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that since hitting a low of $1.27 on Could 12, WEMIX worth climbed 269% to hit a each day excessive at $4.70 on Could 25 as its 24-hour buying and selling quantity elevated to $652 million.

WEMIX/USDT 1-day chart. Supply: TradingView

Three causes for the value reversal for WEMIX are the upcoming launch of WEMIX 3.0, a sequence of challenge launches and partnership agreements, and the introduction of lockup staking for token holders.

WEMIX 3.0

The primary improvement attracting consideration to WEMIX is the protocol’s deliberate mainnet launch, which is scheduled to happen on June 15.

WEMIX 3.0 can be an Ethereum digital machine (EVM) suitable public chain that may make the most of a stake-based proof-of-authority (SPoA) consensus algorithm.

As a part of the mainnet launch, WEMIX may also be introducing the WEMIX Greenback (WEMIX) because the native stablecoin of the ecosystem.

WEMIX can be a 100% collateralized stablecoin, backed by USD Coin (USDC) and off-chain belongings like fiat currencies.

New partnerships increase pleasure

Could has been a busy month for the WEMIX protocol after a number of video games launched or introduced their upcoming launch dates on the community. New additions embody Crypto Ball Z, 4 Gods and Each Farm, in addition to the onboarding of the SpoLive sports activities prediction recreation.

Together with protocol launches, WEMIX introduced a number of strategic investments together with being the lead investor within the Outdated Style Analysis (OFR) crypto fund in addition to an funding in an U.S.-based augmented reality metaverse startup referred to as Jadu.

On Could 17, the group behind WEMIX additionally signed a memorandum of understanding with the Vietnam Blockchain Affiliation.

Associated: Former Binance executives launch $100 million venture fund

Elevated staking rewards

WEMIX additionally launched Stake360, an incentive that provides WEMIX holders boosted staking rewards for committing to an prolonged lockup interval.

Along with the usual 7% staking reward out there to all token holders, buyers who comply with a 90 to 360 day lockup can earn from 9% to twenty.28%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a call.