South Korean gaming blockchain, Wemix, with a diluted market cap of $2.6 billion, has decided to discontinue block minting rewards in a move aimed at strengthening the fundamentals and practical aspects of WEMIX tokenomics. The announcement on January 9 outlined plans to either maintain or reduce the total supply of Wemix by the end of Q1 2024, marking a significant shift from its previous annual inflation rate of 3.15%.

The developers at Wemix are determined to transition towards a deflationary economy by eliminating block minting rewards and the token burn associated with gas fees on the network. Instead, Wemix tokens will now be distributed from the Wemix Foundation's digital wallets, serving as incentives for the community and decentralized application developers. Developers assert that this distribution method is sustainable for approximately two decades.

In response to these changes, a hard fork is expected for the Wemix blockchain, with no minting rewards going forward and incentives routed through the Wemix Foundation's digital wallets. This strategic shift aims to enhance the tokenomics of WEMIX and aligns with the broader industry trend towards deflationary models.

Wemix's parent company, Wemade, recently made significant moves in the Web3 space by launching a $100 million Web3 fund in collaboration with Whampoa Digital, a Singaporean venture capital fund. This fund is intended to invest in digital asset projects in the Middle East. As part of the partnership, Whampoa Digital is set to become an ecosystem partner for Wemade's WEMIX PLAY Center located in the Dubai International Financial Centre Innovation Hub. Wemade, renowned for creating the popular Legend of Mir series, boasts that its 2021 release, Mir 4, was the most successful blockchain game at the time. The developments in Wemix's tokenomics and the strategic partnerships of its parent company position the blockchain project for a dynamic and transformative trajectory in the evolving landscape of blockchain gaming and Web3 initiatives.