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Jehnet al 1
Senior Analyst/Team Lead/
Xangle
Mar 14, 2024

Table of Contents

1. Project Overview

2. 4Q23 Highlights

2-1. Key events & updates

2-2. Key metrics

3. On-chain Performance

3-1. Performance

3-2. Network activity

3-3. Network security

3-4. Development activity

4. Game Ecosystem, Key Events & Partnerships

4-1. Game ecosystem

4-2. Key events

4-3. Partnerships

5. Recap

 

 

 

 

1. Project Overview

WEMIX 3.0 is an EVM-based blockchain operated by the South Korean game company WEMADE. WEMIX 3.0 adopts the SPoA (Stake-based Proof of Authority) method, a combination of PoS and PoA methods, where a node council partner consisting of 40 verified nodes is responsible for block generation, ensuring high security and fast speeds of up to 4,000 TPS. The WEMIX 3.0 ecosystem includes the blockchain gaming platform WEMIX Play, DAO and NFT platform NILE, and DeFi platform WEMIX.Fi.

2. 4Q23 Highlights

2-1. Key events & updates

Key events of 4Q: WEMIX.Fi introduces Shoebill Finance, WEMIX relisting, una Wallet launch

  • WEMIX.Fi introduced its first third party dApp service, Shoebill Finance. This addition will provide WEMIX.Fi users a variety of DeFi services.
  • As of 4Q, WEMIX is relisted on South Korean cryptocurrency exchanges including Bithumb, Korbit, and Gopax. We expect to see transparent disclosure of key project information including circulating supply.
  • The official wallet service of unagi, the una Wallet, was launched to manage and trade various digital assets without network boundaries. This will provide user-friendly environment.

WEMIX Play Game Ecosystem Continue to Expand

  • 48 games have been onboarded, including a total of 8 new additions including ORANGE BANANA PUNCH, Infinity Saga X, Melting Earth, Valkyrious, and The First Hunter.
  • IcarusM: Guild War, Mars4, and GATOR_Zeroverse went live for pre-registration.
  • A total of 10 games signed onboarding deals with WEMIX Play, including Hoomeez, Street Wars: Hero Domination, and Clash Of Orbs. The games not only include RPGs but also shooters, puzzles, simulations, sports, and other genres.

Partnerships to Strengthen the Ecosystem: Chainlink, Chainanalysis, Fingerlabs

  • In partnering with Chainlink, the Cross-Chain Interoperability Protocol (CCIP) was adopted for the omnichain network unagi’s interoperability engine. An interoperable Web3 game ecosystem is to be built through this partnership.
  • Partnering with Chainanalysis to strengthen the risk strategy for unagi’s development and launch.
  • Partnering with Fingerlabs to apply FAVORLET, an on-chain and off-chain customer management solution developed by Fingerlabs, to the WEMIX DAO & NFT platform NILE (NFT Is Life Evolution. This is expected to provide a user-friendly environment.

2-2. Key metrics

3. On-chain Performance

3-1. Performance

WEMIX 3.0 saw a significant increase in revenue in Q4, while losses widened. The increase in fee revenue from the surge in daily transactions that began in September is reflected in the revenue, while the net income deficit reflects the increase in token incentive fees*.

*Token incentive costs are defined as the cost of newly issued tokens for block validation on the network or paid to validators from the reward pool.

3-2. Network activity

The daily transaction count on WEMIX 3.0 has remained largely unchanged until Q2 of 2023, but in Q4, the number increased 302.1% QoQ to 1.3M. This surge is likely due to the launch of the PoET program, which rewards $WEMIX proportional to the number of transactions and is likely driven by increased bot activity. WEMIX 3.0 also saw one significant spike on December 18th, when the transaction volume hit 14.9M due to the inscription craze.

In Q4, the daily active wallet count on WEMIX 3.0 increased by about 187.5% QoQ to 8.02K, with the launch of the PoET program we mentioned above. One thing to note is that while the number of daily transactions expanded to 323.3K (+1565.6% QoQ) in Q3 and 1.3M (+302.1% QoQ) in Q4, the number of daily active wallets grew less rapidly, from 2.79K (-12.8% QoQ) in Q3 to 8.02K (+187.5% QoQ) in Q4. This suggests high volume of transactions from a small number of wallets.

 

TVL for WEMIX 3.0 in Q4 grew 135.1% QoQ to $29.64M. The increase in TVL in Q4 is likely due to the favorable impact of WEMIX's relisting in December on South Korean cryptocurrency exchanges Bithumb, Korbit, and Gopax.

3-3. Network security

The 40 Node Council Partners (40 Wonders) consisting of 40 nodes (Wonders) are responsible for block generation and network security in WEMIX 3.0. As of March 5, 2024, 25 of the 40 nodes have been assigned participants, and global gaming giant Ubisoft joined in January, bringing the total number of confirmed Node Council Partners to 26. There are currently 129.2M $WEMIX staked on the WEMIX 3.0 network, representing 35.3% of the total supply.

3-4. Development activity

Both the number of smart contract deployers and smart contract deployments on the WEMIX 3.0 network increased to 6,268 in Q4, a 1,325% increase over Q3. Q4’s improvement in development activity can be attributed to the December 18 inscription-related contract deployment.

4. Game Ecosystem

4-1. Game ecosystem

The cumulative number of Play Wallet subscribers in Q4 2023 was 9.36 million, an increase of 11.9% QoQ, and has been growing every quarter. The cumulative number of onboarded games on WEMIX Play increased by 12 new games between October 1, 23 and February 24, bringing the total number of onboarded games to 48.

New titles released in Q4 include ORANGE BANANA PUNCH, Infinity Saga X, Melting Earth, Valkyrious, The First Hunter, Summoners League, Ballies, and Amazing Cultivation. Among Q4 releases, Valkyrious was the most notable, ranking #4 in concurrent players as of March 5, 2024. In addition, IcarusM: Guild War, Mars4, and GATOR_Zeroverse went on pre-registration, while Abyss Legend announced its end.

Q4 also saw a flurry of game onboarding deals. A total of 10 games signed onboarding agreements, including Hoomeez, Street Wars: Hero Domination, and Clash Of Orbs. The games included RPGs, casual, sports, strategy, and other genres.

4-2. Key events

WEMIX.Fi introduces Shoebill Finance - Link

WEMIX ($WEMIX) announced the addition of Shoebill Finance, WEMIX.Fi's first third party dApp service. Shoebill Finance is a DeFi protocol that provides leveraged investment services on the WEMIX ecosystem. Thanks to the introduction of Shoebill Finance, users can now deposit stWEMIX earned through liquid staking on WEMIX.Fi, lend WEMIX to earn additional interest, or deposit WEMIX to earn liquidity provision interest.

WEMIX Relisting - Link

WEMIX ($WEMIX) is relisted on South Korean cryptocurrency exchanges Bithumb, Korbit, and Gopax as of Q4. WEMIX was previously delisted by the Digital Asset Exchange Alliance (DAXA) at the end of 2016 due to issues with its circulating supply disclosure. The reason for the delisting has since been resolved by filing corrected quarterly reports, correcting error in disclosed circulating supply, and tracking the circulating supply via Xangle’s Live Watch.

una Wallet Launch – Link

Unagi (Unbound Networking & Accelerating Growth Initiative), the customizable omnichain network built by WEMIX ($WEMIX) operator WEMADE, announced the launch of una Wallet, its first product since its launch last September. Unagi’s official wallet service, una Wallet, supports the management and transaction of various digital assets without network boundaries, enabling users to conveniently view and manage assets from multiple chains in one wallet, as well as safer and faster authentication. The key features of una Wallet include 1) sending and receiving tokens of digital assets (WEMIX, WEMIX$, etc.) based on supported chains, 2) social login, 3) MPC-based private key management, 4) optimal route for transferring assets using una Swap, 5) convenient wallet recovery, and 6) connecting to dApp via QR codes.

4-3. Partnerships

Chainlink Labs - Link

WEMIX ($WEMIX) operator WEMADE announced its partnership with decentralized oracle network Chainlink ($LINK) and selecting Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the exclusive interoperability engine for unagi, the customizable omnichain network built by WEMADE. This partnership aims to build an interoperable Web3 gaming ecosystem. WEMADE also adds Chainlink as the first member of COURT (Certified Organizations for Unagi Round Table), a community dedicated to collaborative R&D and innovation to unify the omnichain ecosystem, removing the existing limitations of cross-chain connectivity and redefining the concept of user-centric experiences.

Chainanalysis – Link

WEMIX ($WEMIX) also announced its partnership with the blockchain data analytics platform Chainalysis, a leader in the field of crypto assets-related crime investigations and customer protection. WEMIX will strengthen its risk strategy through this partnership for the development and launch of the unagi platform, its omnichain initiative. It will also use Chainanalysis to verify wallet addresses without impacting user experience, reduce potential exposure to illegal activities, including money laundering, and implement comprehensive risk and compliance program.

Fingerlabs – Link

WEMIX ($WEMIX) operator WEMADE partnered with Fingerlabs, a subsidiary of KOSDAQ-listed FSN. With this partnership, WEMADE will apply Fingerlabs' on/off-chain CRM solution, FAVORLET, to its WEMIX3.0-based DAO & NFT platform, NILE (NFT Is Life Evolution). The two companies will provide NILE's various blockchain contents such as life dApp, Marketplace, and NFT projects to be useful not only on-chain but also in real life.

5. Recap

WEMIX 3.0 made significant moves to expand its ecosystem in the fourth quarter of 2023. The number of transactions on WEMIX 3.0 increased by more than 300% QoQ in the fourth quarter, and the number of active users increased by nearly 200%, resulting in a significant improvement in network activity. WEMIX also expanded its gaming ecosystem, launching eight new games and signing onboarding deals with 10 more. It also made other moves to strengthen the WEMIX 3.0 ecosystem, including the launch of unagi Wallet to improve the UX and developing the omnichain project unagi, and partnering with Chainlink to ensure interoperability. WEMIX managed to lay the foundation for growth of the ecosystem in Q4, and we expect to see WEMIX 3.0 to take things to the next level in 2024.

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