WEMIX up over 200% after announcement of stablecoin and increased staking rewards

blockchain based games, Also known as GameFiis an emerging industry that could be one of the main catalysts driving the mass adoption of blockchain technology.

WEMIX, a gaming protocol running on the Klaytn network aimed at participating in the GameFi revolution, saw the project’s native token (WEMIX) rallied this week even as the broader market continued to sell off.

data from Cointelegraph Market Pro and Transaction view It shows that since hitting a low of $1.27 on May 12, WEMIX prices rose 269% to a daily high of $4.70 on May 25 as 24-hour trading volume increased to $652 million.

WEIX/USDT 1-day chart. Source: TradingView

The three reasons for the WEMIX price reversal are the upcoming launch of WEMIX 3.0, a series of project launches and partnership agreements, and the introduction of lock-up staking for token holders.

Micromix 3.0

The main development that has caught WEMIX’s attention is the protocol’s planned mainnet launch on June 15.

WEMIX 3.0 will be an Ethereum Virtual Machine (EVM) compatible public chain that will utilize the Stake-based Proof of Authority (SPoA) consensus algorithm.

As part of the mainnet launch, WEMIX will also introduce WEMIX Dollar (WEMIX) as the ecosystem’s native stablecoin.

WEMIX will be a 100% collateralized stablecoin backed by USD Coin (USD/USD) and off-chain assets such as fiat currencies.

Exciting new partnership

May has been a busy month for the WEMIX protocol after multiple game releases or announcements of upcoming dates on the web. New additions include Crypto Ball Z, Four Gods and Every Farm, as well as the onboarding of the SpoLive sports prediction game.

Following the release of the agreement, WEMIX announced several strategic investments, including becoming a lead investor in the Old Fashion Research (OFR) crypto fund and investing in a U.S. company. Augmented Reality A Metaverse startup called Jadu.

On May 17, the team behind WEMIX also signed a memorandum of understanding with the Vietnam Blockchain Association.

related: Ex-Binance exec launches $100 million venture fund

Increase staking rewards

WEMIX also launched Stake360, an incentive offering more staking rewards for WEMIX holders who commit to extended lock-up periods.

In addition to the standard 7% staking bonus available to all token holders, investors who agree to a 90- to 360-day lockup can earn between 9% and 20.28%.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.