WEMIX is a blockchain gaming ecosystem backed by WEMADE, a Korean game developer. It was previously deployed as a sidechain of Klaytn on June 17, 2020, and then launched its blockchain mainnet on Oct 20, 2022. The primary vision is to create a blockchain gaming platform servicing various games with their own tokenomics on the blockchain network.
WEMIX3.0 comprises a blockchain mainnet, three core platforms (WEMIX PLAY, NILE, WEMIX.FI), and two tokens (a utility and governance token, $WEMIX, and a stablecoin, $WEMIX$).
- WEMIX3.0 mainnet is an EVM-compatible, SPoA-based, Layer1 mainnet built by forking go-Ethereum.
- WEMIX PLAY is an integrated gaming platform where users can find information for all the games and tokens onboard WEMIX Game Chain, a side chain of WEMIX mainnet, and a series of derivative products, such as trading, asset management, marketplace, bridge, etc.
- NILE is a DAO and NFT management platform.
- WEMIX.FI is a platform for WEMIX to issue and manage its native stablecoin ($WEMIX$).
WEMIX3.0 is supported by three layers of logical networks (BPN, ENN, and BNN). Block Producer Network (BPN) is comprised of block producer nodes (limited authority members) that perform consensus as well as generate and propagate blocks. End Node Network (ENN) is the outermost subnetwork. Anyone can be an end node to validate received data, but not participate in the consensus. Bridge Node Network (BNN) functions as a bridge to transmit information between BPN and ENN.
WEMIX applies the SPoA (Stake-based Proof of Authority) consensus mechanism, which is a derivative of PoA. Under PoA, block producers use their identity and reputation as an endorsement to ensure that they will participate in the block generation process fairly and honestly. While based on PoA, SPoA asks the block producers to stake assets to further prevent their inappropriate behaviors (if misbehaving, they will be slashed).
Currently, the network is governed by 40 eligible block producers (known as “Wonders”). These producers are required to sign legal contracts with WEMIX Foundation offline, disclose their basic personal information to the public, and stake 1,500,000 $WEMIX.
$WEMIX is the native coin of WEMIX3.0 with utility and governance functions. It is ERC20-based, which can be used as a medium of exchange and payment method (e.g. gas fee) on the WEMIX mainnet.
$WEMIX was initially deployed on Klaytn, and the token has been converted to $WEMIX coin on the WEMIX3.0 mainnet. The original token is renamed WEMIX Classic.
$WEMIX$ is fully backed by $USDC. When issuing $WEMIX$, the protocol will deposit an equivalent amount of $USDC in its on-chain reserve (Treasury). The pegging value of $WEMIX$ will be maintained by DIOS (Dollar In and Out Stabilizer). When there is a gap between $WEMIX$ and $USDC’s prices, DIOT will modify the supply of $WEMIX$ through buyback, mint & burn. When the exchange rate between the two tokens fluctuates more than a certain threshold, the protocol will temporarily suspend user access to the MLP (main liquidity pool for WEMIX$/USDC) and trigger DIOT until the exchange rate returns to normal.
Phase 01
Node Council Partners, also known as Wonders, are 40 selected members who operate secured validating nodes for the WEMIX3.0 Mainnet.
40 Wonders are constituted by Technology Sponsors that contribute to the secure operation and innovation of WEMIX3.0, and Ecosystem Sponsors that contribute to the establishment of the experience cycle created through the on-chain/off-chain ecosystem via WEMIX3.0.
Each Wonder must stake 1.5M $WEMIX, and the PMR (Permanent Minting Reward) is distributed automatically to Wonder (40%), Stakers (10%), Eco fund (25%) and Maintenance (25%).
WEMIX Grand Staking will become available to the community which will yield the 10% Staking Reward allocated through the PMR. However, staking participants for the WEMIX Grand Staking may not withdraw from the staking pool prior to the implementation of Phase 2.
Phase 2
Upon Phase 2 launch, 1.5M fixed WEMIX Staking per validator node, which encourages active contribution of Wonders to the ecosystem, will be abolished and transformed into competitive staking.
The initial distribution ratio of the PMR will be changed with the discontinuation of 10% staking reward allocated to WEMIX Grand Staking participants in Phase 2.
The 40% PMR allocated as Wonder reward will be increased to 50%.
In doing so, WEMIX Grand Staking participants may then choose to delegate their stake volume to any of the 40 validator nodes, effectively increasing the chosen node's total staked shares above the median; generating increased reward rate for the node and community members that are participating in the delegation.
This method will stimulate active participation of the community in the governance, but if any imposed action by the node operator is regarded as malicious or harmful to the ecosystem, the governance oversight program will confiscate total staked assets of the node’s assets.
This phase is expected to become operational within the first half of 2023, but may be adjusted in accordance with the status of WEMIX3.0.
Phase 3
Validator node operation by 40 selected authority partners known as, Wonders, will be discontinued and the governance module will shift into an open & autonomous node participation system where anyone can become the validators of WEMIX3.0 based on staking volume.
Based on the total $WEMIX staking volume per node, top 40 nodes will be periodically selected to validate transactions, transforming from an SPoA model into a PoS model.
A slashing policy will be implemented to enforce fair operation of validator nodes, especially in the event of willful collusion against the interests of the ecosystem but also the possible result of a misconfiguration of the node. Slashing will penalize the node by removing a portion of its existing stake and is irreversible.
Democratized governance is completed at this stage, and the mainnet will be upgraded to WEMIX4.0. The schedule is yet to be determined.
