Staked WEMIX price
StWEMIX

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Total supply: 442.95K stWEMIX
Circulating supply: 442.95K stWEMIX

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About Staked WEMIX

Abstract

stWEMIX is a Liquid Staking Token(LST) that represents staked WEMIX on WEMIX.Fi. Users can deposit their WEMIX into WEMIX.Fi and receive stWEMIX which can be traded, exchanged, borrowed against, or used for any other liquidity purposes. This opens up a wide range of possibilities for users to maximize the utility of the asset and potentially earn additional yield alongside the staking rewards.

WEMIX3.0 Governance Summary

Staked-based Proof of Authority(SPoA) serves as the foundational consensus algorithm for the WEMIX 3.0 blockchain architecture. The WEMIX 3.0 staking program has evolved in line with the systematic governance updates, commencing with Grand Staking during Phase 1 and transitioning significantly in Phase 2 to introduce a delegated staking module.

The 40 WONDERS, also known as Node Council Partners(NCPs), are 40 selected members responsible for operating secure validating nodes for the WEMIX 3.0 Mainnet. The 40 WONDERS consist of Technology Sponsors contributing to the secure operation and innovation of WEMIX 3.0, and Ecosystem Sponsors aiding in establishing the on-chain/off-chain ecosystem experience via WEMIX3.0. Each NCP must stake 1.5M WEMIX, and the Permanent Minting Reward(PMR) is automatically distributed to NCPs(40%), Grand Staking(10%), Eco Fund(25%), and Maintenance(25%). Participants in Grand Staking can receive a staking reward of 10% of the PMR based on their stake. However, participants in WEMIX Grand Staking could not withdraw from the staking pool prior to the Phase 2 implementation.

In Phase 2, aiming to incentivize active contribution, the fixed 1.5M WEMIX staking requirement per validator node transitions to competitive staking. As part of this update, Grand Staking is replaced with WONDER Staking, a competitive staking system where WEMIX is delegated to 40 NCPs who participate in WEMIX governance. As a result, the 10% of the PMR distributed to WEMIX Grand Staking participants is removed, and the NCP reward is increased from 40% to 50%, changing the initial PMR distribution ratio.

Goals of stWEMIX

The goal of WEMIX3.0 Liquid Staking is to allow users to participate in staking while preserving the utility of WEMIX. The primary objectives of WEMIX3.0 Liquid Staking include: Allow users with stWEMIX tokens to not only receive staking rewards but also leverage staked assets Unlike staking programs offered by centralized exchanges(CEX), WEMIX3.0 Liquid Staking mitigates the risk of losing staked assets due to software errors or malicious third-party activities Utilization of stWEMIX in various protocols, including DeFi applications Provide an alternative to CEX staking programs, where both services compete to benefit token holders by granting access to staking rewards

Architecture

The stWEMIX token is minted through the Liquid Staking program of WEMIX.Fi, the decentralized finance platform of WEMIX3.0. WEMIX staked by users through the Liquid Staking program is delegated to the WONDER with the highest block rewards and is then locked in the Governance Contract. Staking rewards are calculated based on WONDER’s share of the WEMIX locked in the Governance Contract, determining the WEMIX-stWEMIX exchange rate.

Tokenomics

stWEMIX represents staked WEMIX in the WEMIX.Fi Liquid Staking Program. stWEMIX tokens are minted upon deposited WEMIX and combine both the initial deposit value and accrued staking rewards. Like any other ERC-20 tokens, stWEMIX offers versatility for trading, investing in DeFi protocols, and more.

In Phase 1, users stake WEMIX which is sent to the Governance Contract to be locked and participants receive a corresponding amount of stWEMIX tokens, calculated based on the ratio of total circulating stWEMIX tokens to the overall quantity of WEMIX locked within the Governance Contract. The total stWEMIX tokens account for all WEMIX staked(Grand and Liquid), and the staking rewards(PMR 10%).

During Phase 1, withdrawals for staking were restricted, supporting only the exchange of WEMIX to stWEMIX. The exchanged stWEMIX could be held for an extended period to claim accumulated staking rewards or could be sold through the stWEMIX-WEMIX pair pool.

In Phase 2, users can mint stWEMIX tokens by staking WEMIX, which are then sent to the Governance Contract through the Wonder Staking contract.The amount of stWEMIX tokens to be minted is determined by the ratio of the total number of stWEMIX tokens in circulation to the total number of WEMIX locked in the Governance Contract. The total number of stWEMIX tokens includes the total number of WEMIX staked by users(including WONDER) and the staking rewards(PMR 50%). Upon the launch of Phase 2, users can exchange their stWEMIX for WEMIX in two ways: by unstaking WEMIX after a 7-day unbonding period, enabling bidirectional exchange between WEMIX and stWEMIX.

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