WEMIX incinerated(71 million). Information to check!

WEMIX incinerated

WEMIX incinerated. WEMADE will incinerate 71 million units of its virtual asset. WEMIX. It is interpreted as a measure to raise the price of WEMIX. Which has fallen significantly as it has recently been delisted from four exchanges in Korea, and to restore the contracted sentiment.

However, WEMIX said, “It is not a temporary measure to overcome the recent situation.” WEMIX’s position is that it is not a short-term measure. But a long-term vision for the growth of the WEMIX platform.

WEMIX Foundation

On the 13th, the WEMIX Foundation announced that it will incinerate 71,302,181 WEMIX units owned by the foundation. Incineration is done by transmitting coins to the so-called “dead wallet” that cannot be restored and withdrawn.

Earlier, the WEMIX Foundation said it would buy back 13.2 billion won worth of WEMIX by March next year and then incinerate it. This incineration is a separate measure from the buyback plan.

WEMIX announced that the incineration was carried out because the WEMIX platform aims for a “Deflationary Tokenomics.”

Token incineration

The contraction token economy means that the amount of tokens issued decreases over time. At this time, WEMIX explained that if the issuance volume is reduced only by token incineration. It cannot be seen as a true token economy because it lacks the concept of growth.

In response, the WEMIX Foundation devised a plan to enter the contraction token economy after passing the “incineration advantage” where the amount of incineration exceeds the amount of compensation and the amount of incineration as the WEMIX ecosystem grows. We also need to see the impact of the cryptocurrency and bitcoin markets.

Ecosystem growth

In the early stages of ecosystem growth, incineration is small, and on the other hand, the new “block compensation” issued according to block creation is constant. So the token economy becomes in the form of inflation. However. As the ecosystem grows, the amount of incineration increases, and if you design a token economy so that the amount of incineration and block compensation become increasingly equal, you will gradually escape inflation. Since then, when the amount of incineration exceeds the amount of block compensation, it enters the stage of a contraction token economy in which the amount of issuance decreases over time.

WEMIX is in the position that this incineration was carried out to put the first button on it. WEMIX said, “The contraction token economy is the way to go after WEMIX 3.0 is born,” stressing that the incineration is not a temporary measure to overcome the recent delisting.

WEMIX incinerated. Buyback

Meanwhile, on the 9th. The Wemix Foundation announced that it would buy back WEMIX worth $10 million (about 13.2 billion won) and incinerate it. Buyback is similar to the stock market’s treasury stock purchase, where issuers (foundations) buy coins, and after Buyback, distribution is reduced by taking an “incineration” process to remove the coins they bought. It is a method of inducing coin value by reducing the total distribution volume.

WEMIX will carry out bi-back light incineration until March 8, 2023. Regarding how to raise funds for Buyback, WEMIX said, “We will proceed by raising stable funds in consideration of the overall schedule such as the foundation’s investment attraction, asset disposal, and lending to related companies.” It will help you check your future Crypto Stock outlook.

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