WEMIX Burn Program Discontinuation. Official WEMIX site announcement :.

02 Aug 2024, 07:07

WEMIX Burn Program Discontinuation Official WEMIX site announcement : The WEMIX Foundation has been continuously striving to achieve a deflationary token economy by implementing various burn policies through the WEMIX Burn program, balancing the issuance and burning of WEMIX. To ensure the stable growth of the ecosystem, a total of six Mass Burns were conducted to burn a large amount of WEMIX held by the Foundation. Meanwhile, a portion of the Foundation’s investment income was redistributed to the community and the market through Batch Burns. Moreover, WEMIX was purchased and burned to further stabilize the ecosystem. Additionally, Auto Burns expanded the burn volume in line with the growth of the WEMIX3.0 mainnet and platform, burning network fees based on the WEMIX3.0 fee structure and continuously burning 25% of WEMIX platform income (with 25% of 2024 platform income allocated to Batch Burn). With the implementation of the Brioche Hard Fork on July 1st, a fundamental change in tokenomics took place by burning 435 million (40% of total issuance) WEMIX held by the Foundation and applying a halving mechanism to block minting, significantly restricting additional supply. This decision reflects the genuine commitment of the WEMIX Foundation and Team to supporting and benefiting the ecosystem participants. The approach was not aimed at short-term effects but rather focused on creating a long-term impact through a substantial reduction in supply and a significant decrease in circulation to build a robust ecosystem. The WEMIX Team believes that both controlling both supply and circulation and ensuring the sustainable growth of the WEMIX ecosystem align with the collective interests of its participants. After thorough deliberation, it has been decided to discontinue the WEMIX Burn program to achieve this endeavor. The conserved resources from discontinuing the WEMIX Burn program will be pivotal in supporting these efforts, as these additional resources will be judiciously utilized to strategically expand the ecosystem. Furthermore, the Team's commitment to realizing a deflationary token economy has already been reaffirmed through the announced WEMIX Pay Buy-Back. By allocating at least 4-5% of WEMIX Pay revenue to operate the Buy-Back program, the goal of implementing a deflationary token economy will be continuously pursued. The journey will continue with unwavering focus, demonstrating that the challenges and successes of WEMIX have not been in vain, and the Team is committed to overcoming the difficult challenges of the blockchain market. For further details, please refer to the following information. [Revison] • WEMIX Burn program discontinuation [Schedule] • Phase 1 : Mass Burn and Batch Burn discontinuation from Q3 2024 • Phase 2 : Auto Burn discontinuation from August 2, 2024 Understanding and support from participants are earnestly sought in striving to build a balanced, competitive, and sustainably growing WEMIX ecosystem. Thank you. [Link] • WEMIX Burn : ※ Data updates on the WEMIX Burn site will cease along with the discontinuation of the WEMIX Burn Program.