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

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Blockchain-based gaming, also known as GameFi, is a rising sector that could be one of the primary catalysts for the start of mass adoption of blockchain technology.

WEMIX, a gaming protocol running on the Klaytn network, aims to usher in the GameFi revolution, and this week, the project’s original token (WEMIX) surged even as the broader market continued to sell.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.27 on May 12, WEMIX price has surged 269% to a daily high of $4.70 on May 25 as 24-hour trading volume increased to $652 million. .

WEMIX/USDT 1-day chart. Source: TradingView
Three reasons for the price reversal in WEMIX are the upcoming launch of WEMIX 3.0, a series of project launches and partnership agreements, and the introduction of a padlock for token holders.

WEMIX 3.0
The main development attracting attention to WEMIX is the planned launch of the protocol’s mainnet, which is scheduled for June 15.

WEMIX 3.0 will be a public chain compatible with the Ethereum Virtual Machine (EVM) that will use a Proof of Authority (SPoA) consensus algorithm.

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

WEMIX will be a 100% guaranteed stablecoin, backed by US Dollars (USDC) and off-chain assets such as fiat currencies.

New Partnerships Boost Excitement
May was a busy month for WEMIX after several games were released or their upcoming launch dates were announced on the network. New additions include Crypto Ball Z, Four Gods, and Every Farm, as well as a SpoLive sports prediction setting.

Besides launching the protocol, WEMIX has announced several strategic investments including being the lead investor in the Old Fashion Research (OFR) crypto fund as well as investing in a US-based augmented reality startup called Jadu.

On May 17, the team behind WEMIX also signed a Memorandum of Understanding with the Vietnamese Blockchain Association.

Related: Ex-Binance Executives Launch $100M Investment Fund

Increase your staking rewards
WEMIX has also launched Stake360, an incentive that offers WEMIX holders enhanced staking rewards for committing to an extended lock period.

In addition to the standard 7% staking bonus available to all token holders, investors who agree to lock in for 90 to 360 days can earn from 9% to 20.28%.

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

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