This week, the Blockchain Gaming Platform surprised by recording a 37% increase, despite the imminent prospect of a hard fork and token burn. How can this sudden success be explained, and what are the implications for the platform’s future?
WEMIX: a thriving gaming ecosystem
The WEMIX platform, focused on blockchain gaming, defied the bearish trends of the cryptocurrency market this week, recording a spectacular increase of 37%. WEMIX is defined as a “mega-ecosystem based on experience, platform and service-oriented.” Currently, more than 580,000 people are using its blockchain gaming platform, WEMIX Play, for an engaging and immersive gaming experience.
The skyrocketing value of WEMIX token
The native token of WEMIX is currently trading at $1.37, up from $1.01 seven days ago. This notable increase is primarily attributed to the anticipation of the upcoming update, the Brioche hard fork, scheduled for July 1. This hard fork aims to revise the economic mechanisms of the project, which has generated significant excitement among users.
Impact of the Brioche hard fork on tokenomics
The Brioche hard fork will introduce a new minting rule, reducing the issuance of WEMIX per block through 16 updates. According to WEMIX, this initiative aims to enhance the value and growth of WEMIX by promoting mutual growth with the community. Another major aspect of this update is the improvement of WEMIX PLAY, where the ecosystem’s performance will directly influence the token economy.
The token burn strategy
In parallel with the hard fork, the WEMIX foundation plans to burn approximately 435 million WEMIX tokens held in reserve. This reduction in the available supply represents a strategic move to transition from a foundation-driven ecosystem to a community-driven model.
Towards a community-driven economic model
The shift to a community-driven tokenomics aims to foster mutual growth between players and developers. By reducing the supply of tokens, WEMIX hopes to promote a more balanced token economy, where revenues generated from game expansions directly impact the WEMIX ecosystem.
Ongoing challenges despite recent gains
Although WEMIX has experienced a significant rise in recent days, it is important to note that the token is still well below its all-time high of $24.71 reached in November 2021, according to CoinGecko. The path to a full recovery will require ongoing strategies and prudent decisions from the community and the foundation.
Final thoughts
The ability of WEMIX to navigate through complex challenges and create excitement around its platform illustrates the potential of blockchain-based gaming projects. By revising its economic mechanisms and proactively engaging its community, WEMIX could very well pave the way for other ambitious projects in the blockchain space.
And you, what do you think about the future of blockchain gaming platforms like WEMIX?
