Wemix "Actively Communicating with DAXA Regarding Designation as Cautionary Item"

Wemix, the blockchain subsidiary of WeMade, stated on the 11th that it is "actively communicating with DAXA regarding the designation of Wemix as a cautionary item."

Kim Seok-hwan, CEO of Wemix Singapore (Wemix PTE), revealed this at the Wemix Holder Meeting held at the WeMade Tower in Pangyo on the same day.

Wemix is currently under a cautionary item measure from DAXA due to a hacking incident that occurred in February, involving approximately 9 billion KRW. They plan to announce whether the measure will be extended or terminated in the third week of this month.

CEO Kim said, "Holders must have suffered the most. I sincerely apologize," and added, "However, I believe that disclosing the details of our communication with DAXA could have a negative effect, so it is difficult to disclose."

A Q&A session with Wemix investors followed.

The first question was about Wemix's business model. One attendee asked, "I heard that the gacha system in the latest game, Mir 5, is being reduced. Are you considering a revenue model centered on item trading between users?"

In response, CEO Kim stated, "I cannot say there are no probability-based items at all, but we will not proceed in the same direction as Lineage-like games," explaining that "this business model is difficult to survive in the global environment." He added, "This is something I have discussed with Kwan-ho Park, CEO of WeMade."

There was also criticism regarding Wemix's promotional strategy.

Another participant said, "The sponsorship of events like the golf championship by Wemix seems to focus more on promoting Wemix itself rather than its image as a game platform," and asked, "What efforts are being made to increase the token value of Wemix?"

CEO Kim replied, "After the launch of Wemix 3.0, we have made significant efforts to activate the mainnet ecosystem, but the results have been insufficient," and mentioned that they are "reviewing the mainnet strategy." He further explained, "For the strengths of the mainnet called Wemix 3.0, it is not just about distributing grants by the foundation, but a combination of various strategies such as strengthening the community is necessary, so we are considering various strategies."

Additionally, efforts are being made to onboard good games to achieve the goal of a game-centered mainnet. CEO Kim stated, "The killer app for Wemix is most likely to be a game," and "We are considering ways to increase ecosystem transactions and users by effectively utilizing games."

He particularly promised to onboard qualitatively good games. CEO Kim said, "The most successful P2E (Play to Earn) blockchain currently is Immutable X (IMX). However, to differentiate from Immutable X, we aim to select games that can produce definite results rather than focusing on quantity."

CEO Kim also expressed confidence, saying, "I understand there is criticism that only games developed by WeMade are being onboarded to the Wemix platform," but "recently, we signed a contract with an external game company, and I believe it will meet the expectations of the participants in the Wemix ecosystem."