Wemix blockchain to cease block minting rewards

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South Korean gaming blockchain Wemix, with a diluted market cap of $2.6 billion at the time of publication, will discontinue block minting rewards “to further solidify the fundamentals and practical aspects of WEMIX tokenomics.”

According to the Jan. 9 announcement, the total supply of Wemix “will either remain fixed or be reduced from the block height in which the discontinuation of block minting rewards is implemented” by the end of Q1 2024.

Before the announcement, Wemix tokens had an annual inflation rate of 3.15%. Wemix developers say they are committed to “achieving a deflationary economy” through the removal of block minting rewards and the token burn of gas fees used on the network. 

Instead of block minting rewards, Wemix developers said that they would instead distribute Wemix tokens held by the Wemix Foundation as incentives for the community and its decentralized application developers. “This distribution method can be sustained for approximately 20 years,” developers claimed.

As a result of the change, the Wemix blockchain will undergo a hard fork with no minting rewards thereafter and incentives to be distributed through Wemix Foundation’s digital wallets.

On Dec. 22, Wemix’s parent company, Wemade, launched a $100 million Web3 fund in partnership with Singaporean venture capital fund Whampoa Digital to invest in digital asset projects in the Middle East. Whampoa Digital will also become an ecosystem partner to Wemade’s WEMIX PLAY Center in Dubai International Financial Centre Innovation Hub. 

Related: South Korean lawmakers traded almost $100 million of crypto in 3 years

Wemade is the creator of the popular Legend of Mir series and claims that Mir 4, released in 2021, was the most successful blockchain game at the time.