WEMIX Foundation stops WEMIX token destruction plan

Bitget App

Trade smarter

Cointime2024/08/02 08:48

By:Cointime

WEMIX Foundation announced the suspension of the WEMIX token destruction plan and will redirect resources towards ecosystem expansion. The WEMIX team stated that the decision to stop the destruction plan is aimed at balancing supply, circulation, and sustainable growth of the ecosystem. Meanwhile, the team will continue to promote deflationary token economics through the WEMIX Pay buyback plan, committing to using at least 4-5% of WEMIX Pay revenue for repurchases. Previously, the foundation implemented token destruction through various methods, including six large-scale destructions, batch destruction, and automatic destruction. In the Brioche hard fork on July 1st of this year, the foundation destroyed 435 million WEMIX tokens (40% of total issuance) and implemented a block-minting halving mechanism.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34