WEMIX$ Action Plan

Greetings from the WEMIX Team.

We would like to provide an update regarding the action plan outlined in the ‘Status Update on WEMIX$’ announced on March 15th.

The preparation is progressing smoothly, and the team is actively developing a detailed action plan. Below are the key measures currently in progress :

Action Plan : Enabling 1:1 Exchange of WEMIX$ to USDC
To ensure a stable exchange of WEMIX$ to USDC, we plan to utilize a PSM (Peg Stability Module), enabling users to exchange WEMIX$ for USDC at a fixed 1:1 ratio.
• The foundation will transfer USDC on the Ethereum network to WEMIX3.0 via CCIP (Cross-Chain Interoperability Protocol) and supply it to the PSM.
• Users will be able to exchange WEMIX$ for an equal amount of USDC, regardless of the market price, through the PSM.
* A transaction fee may be incurred during the exchange. The detailed fee policy will be announced separately.
• Users can transfer the exchanged USDC to their personal crypto wallets on the Ethereum network via CCIP if necessary.

The utilization of the PSM was decided considering the following benefits :
• Supporting the WEMIX$ holders to mitigate potential losses by minimizing market price fluctuations and slippage.
• Securing peg stability by enabling a 1:1 exchange of WEMIX$ to USDC, one of the most stable digital assets, at any time.

The ultimate goal of this action plan is to stabilize WEMIX$. As a result, the PSM will only support one-way exchanges from WEMIX$ to USDC. Additionally, the USDC supplied from the foundation will strictly be allocated to the PSM and will not be utilized for other purposes, such as liquidity pools. The WEMIX Team will continuously monitor the stability of WEMIX$ and take necessary actions to optimize its stability.

The team is actively working towards completing the PSM implementation and USDC supply within the first half of 2025. We are committed to executing this process securely, ensuring that no unforeseen variables will affect the resolution. A separate announcement will be made once all preparations are finalized.

The WEMIX team will also contemplate the long-term strategy for stablecoins within the WEMIX ecosystem and develop necessary plans accordingly.

[Disclaimer]
Please be advised that this announcement may result in significant volatility of WEMIX$. Market participants are strongly advised to pay particular attention to the slippage and price impact.

Thank You.

The WEMIX Team

Official WEMIX site announcement :
https://www.wemix.com/communication/wemix-action-plan-1c9a0ead2846

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