New partnerships, a main-net upgrade, and plans to launch a stablecoin seem to have triggered a 200% rally in the price of metaverse coin project WEMIX.
Metaverse coin price skyrocketed with three important news!
WEMIX, a metavrese coin project running on the Klaytn network, aims to join the GameFi revolution and this week, the project’s native token (WEMIX) has managed to rise even as sales continue in the wider market.
Data from TradingView shows that since dropping to $1.27 on May 12, WEMIX price’s 24-hour trading volume rose 269% on May 25 to $652 million. It shows that it has reached $.70.
WEMIX 1-day chart / Source: TradingView Three reasons for the price reversal for WEMIX, according to experts, are the upcoming release of WEMIX 3.0, a number of project launches and partnership deals and the introduction of lock staking for token holders.
WEMIX 3.0 is coming!
The main highlight for WEMIX is the protocol’s main-net launch scheduled for June 15th. WEMIX 3.0 will use the Stake-Based Proof-of-Authority (SPoA) consensus algorithm and will be an Ethereum virtual machine (EVM) compatible public chain. As part of the mainnet launch, WEMIX will also introduce the WEMIX Dollar (WEMIX) as the native stablecoin of the ecosystem.
According to the releases, WEMIX will be a 100% collateralized stablecoin backed by off-chain assets such as USD Coin (USDC) and fiat currencies.
New partnerships raise excitement for Metaverse coin
May has been a busy month for the WEMIX protocol after multiple game launches or announcing upcoming launch dates on the network. New additions include Crypto Ball Z, Four Gods and Every Farm, as well as the inclusion of the sports prediction game SpoLive.
Alongside the protocol launches, WEMIX announced several strategic investments, including being a lead investor in the Old Fashion Research (OFR) crypto fund, as well as an investment in a US-based augmented reality metaverse venture called Jadu. In addition, as mentioned in the news of Kriptokoin.com, on May 17, the team behind WEMIX signed a memorandum of understanding with the Vietnam Blockchain Association.
Increased staking rewards
WEMIX has also launched Stake360, an incentive that offers increased staking rewards to WEMIX holders for committing an extended lockdown period.
In addition to the standard 7% stake reward available to all token holders, 90 Traders who accept a 360-day lock-in can earn between 9% and 20.28%.
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