Status Update on WEMIX$. Official WEMIX site announcement :. Greetings from the WEMIX Team.

15 Mar 2025, 04:31

Status Update on WEMIX$ Official WEMIX site announcement : Greetings from the WEMIX Team. We would like to update you on the measures taken so far, as well as our further plans regarding the WEMIX$ depegging. Firstly, we sincerely apologize for the delay in providing information concerning the WEMIX$ depegging. The WEMIX Team has been diligently working on a solution, recognizing the significance of the WEMIX$ depegging. Initially, we had planned to share detailed information after implementing the necessary measures. However, due to the growing concerns within the community about the WEMIX$ depegging, which were interrelated with the recent PLAY Bridge issue, we decided to provide a status update on WEMIX$. Prerequisite for WEMIX$ Issue Resolution In order to address the WEMIX$ depegging, it is essential to establish an environment where reliable stablecoins can flow into the WEMIX 3.0 mainnet. Given that the fundamental causes of the WEMIX$ depegging arose from an issue with an external bridge service connecting the WEMIX chain to other chains, introducing a stable and secure bridge service became a key element. We determined that Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was the most suitable solution, and discussions with the Chainlink team began around mid-2024 to securely bridge USDC, a stablecoin on Ethereum, by integrating WEMIX 3.0 chain to the CCIP. Finalizing Preparations Although the consultation process took longer than expected, most of the preliminary preparations have now been completed through the collaboration between both teams, with only a few practical procedures and development processes remaining. Once all preparations are finalized, we will begin to take follow-up actions to resolve the situation. We expect that these efforts will address the concerns of both the community and the WEMIX$ holders. We would like to apologize once again for not fully understanding the frustration of the community and holders, and for not providing timely updates on our progress. We are committed to communicating more promptly in the future, taking the previous PLAY Bridge issue into account. We anticipate providing detailed plans for the WEMIX$ depegging measures within March. We will promptly notify you as soon as these plans are confirmed. [Disclaimer] Please be advised that this announcement may result in significant volatility of WEMIX$. Market participants are strongly advised to pay particular attention to the slippage and price impact. Thank You. The WEMIX Team