A blockchain video game developer from South Korea named Wemade Co., Ltd. recently unveiled WEMIX$ as its stablecoin for the company’s expanding blockchain ecosystem, which includes non-fungible tokens (NFTs) and decentralized finance (DeFi).
On Saturday, the company distributed 11 million WEMIX$ tokens. According to Wemade’s press release, the new stablecoin will be fully backed by Circle’s USD Coin (USDC) and tethered to it.
Wemade has turned on the DIOS protocol, which generates and burns WEMIX$ to preserve the stablecoin’s value of one US dollar.
“If WEMIX$ operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of WEMIX but also become a key currency for blockchain transactions,” said Henry Chang, chief executive officer (CEO) of Wemade, in the press release.
The company also introduced WEMIX.Fi, their DeFi service that enables users to store, swap, and stake Wemade’s cryptocurrencies, together with the stablecoin.
The modifications are meant to build on Wemade’s Oct. 30 launch of WEMIX 3.0, its most recent blockchain mainnet. The following project for the company is NILE (NFT Is Life Evolution), a platform for creating and managing NFTs in the art, sports, music, and other communities based on decentralized autonomous organizations (DAOs).
One of the top blockchain game producers in South Korea is Wemade, whose play-and-earn MMORPG MIR4 had over 1.3 million concurrent users in 2017.