The WEMIX team has announced progress on the WEMIX$ stabilization plan, including a 1:1 exchange with USDC.
Action Plan for WEMIX$ Stabilization
To ensure a stable exchange of WEMIX$ to USDC, a PSM will be used, allowing users to exchange WEMIX$ for USDC at a fixed 1:1 ratio. The foundation will transfer USDC to the Ethereum network to WEMIX3.0 via CCIP and supply it to the PSM. A transaction fee may be incurred during the exchange, with details to be announced separately.
Benefits of Using PSM
The utilization of PSM helps mitigate potential losses for WEMIX$ holders by minimizing market price fluctuations. The 1:1 exchange with USDC ensures peg stability, as USDC is one of the most stable digital assets.
Next Steps and Implementation Timeline
Completion of the PSM implementation and USDC supply is scheduled for the first half of 2025. The WEMIX team is committed to executing this securely, ensuring no unforeseen variables impact the outcome. Long-term strategies for stablecoins within the WEMIX ecosystem are also being considered.
WEMIX intends to continue monitoring the stability of WEMIX$ and take necessary actions to optimize its stability.
