As previously communicated, the Brioche Hard Fork has been successfully implemented, marking a significant shift in WEMIX tokenomics and introducing a new halving cycle for WEMIX.
Since its establishment in 2018, WEMIX has transformed from a closed chain to a public mainnet by July 2024. The platform now offers various services such as WEMIX PLAY and Wepublic, signifying its continual growth. WEMIX is dedicated to enhancing its tokenomics to foster a sustainable ecosystem in partnership with its community.
The halving cycle adjustment will gradually decrease the current WEMIX issuance rate from one per block. This alteration is aimed at fortifying the tokenomics structure, representing an essential stride towards augmenting the development and value of WEMIX through collaboration with stakeholders.
Halving Cycle The halving of block rewards on the WEMIX3.0 mainnet began at block 53,525,500 on July 1st, 2024, at 00:08:01 (GMT+9). Subsequent halving events will occur every 63,115,200 blocks for a total of 16 cycles. As per the schedule, halving will take place biennially until December 31st, 2100. By this time, the total WEMIX supply will reach 590 million, and block creation will cease. The block cycle duration is aligned with 730.5 days (inclusive of leap years) and a fixed block creation rate of 86,400 blocks per day (730.5 * 86,400 = 63,115,200). Adjustments to the halving cycle will be made if the block creation rhythm changes.
Total Supply Adjustment To establish the total WEMIX supply at 590,000,000, issuance will persist until 2,467,714,000 blocks, beyond which no new WEMIX will be generated. With uninterrupted operations of WEMIX3.0, this target will be met on December 31st, 2100.
Foundation Reserve Burn The essence of WEMIX centers on nurturing collective growth within its community. In line with this ethos, a substantial portion of the reserve, excluding crucial growth funds, has been eliminated.
The burned amount accounts for 434,093,952 WEMIX, while the minimum growth funds total 163,859,469 WEMIX. Of these, the non-circulating supply comprises 119,593,824 WEMIX, and the circulating supply stands at 44,265,672 WEMIX.
Comprehensive details will be furnished in the upcoming quarterly report. The WEMIX team is resolute in transparent disclosures and announcements grounded on trust, overseeing transactions and tokenomics relating to WEMIX with unwavering transparency supported by the community.
This announcement details the implementation of the Brioche Hard Fork, the introduction of halving, and the reserve burn. However, the contents are subject to change without advance notice. The accuracy of the halving predictions based on block height may vary from the anticipated 2-year cycle or the projected conclusion in 2100 due to fluctuations in block generation intervals.
