South Korea’s MIR4 maker Wemade launches stablecoin
Wemade Co., Ltd., a South Korea-based mostly blockchain video clip game developer, has recently released its stablecoin, WEMIX$, for the company’s rising blockchain ecosystem, which houses non-fungible tokens (NFTs) and decentralized finance (DeFi).
See linked report: Wemade CEO expects South Korea to elevate ‘absurd’ ban on P2E next 12 months
Quickly information
- Wemade issued 11 million WEMIX$ tokens on Saturday. The new stablecoin will be pegged to and backed wholly by Circle’s USD Coin (USDC), in accordance to Wemade’s press release.
- To manage the stablecoin’s worth to US$1, Wemade has activated the DIOS protocol that concerns and burns WEMIX$ to retain the token’s 1:1 ratio with USDC.
- “If WEMIX$ operates successfully as prepared, it will not only add to the progress of the mainnet ecosystem of WEMIX but also turn out to be a crucial forex for blockchain transactions,” explained Henry Chang, chief government officer (CEO) of Wemade, in the push release.
- Along with the stablecoin, Wemade launched WEMIX.Fi, its DeFi services that allows buyers to shop, swap and stake Wemade’s cryptocurrencies.
- The developments are to further more broaden on Wemade ’s Oct. 30 launch of WEMIX 3., its newest blockchain mainnet. Subsequent up for Wemade is NILE (NFT Is Daily life Evolution), a platform for art, athletics, tunes and other communities primarily based on decentralized autonomous corporations (DAOs) to create and regulate NFTs.
- Wemade is 1 of South Korea’s main blockchain game developers, with participate in-and-receive Mmog MIR4 reaching above 1.3 million in concurrent gamers previous calendar year.
See linked article: Failed guarantees compel South Korea’s video game makers to check out overseas shores