Wemade's Jang Hyun-guk: "Wemix's 'Fundamentals' Different from Terra and Luna"

[Asia Economy Reporter Kang Nahum] Jang Hyun-guk, CEO of Wemade, emphasized the stability of the WEMIX system, stating that "Terra, Luna, and WEMIX are fundamentally different," in response to the depegging risk raised ahead of the launch of the company's stablecoin 'WEMIX Dollar.'

At an online press conference held on the 24th, CEO Jang said, "WEMIX represents an economy where game coins and non-fungible tokens (NFTs) are traded. It is different from 'useless coins.'"

Earlier, Wemade announced the 'WEMIX 3.0' plan, which mainly includes the launch of its own mainnet and the issuance of the stablecoin 'WEMIX Dollar.' The plan also includes paying up to 20% interest for staking WEMIX for one year. Since the 'Terra·Luna' coins, which have now become worthless, also offered a 20% yield, concerns arose that WEMIX might be following in Terra's footsteps.

CEO Jang emphasized, "The biggest difference with WEMIX is that it is a coin issued by a listed company," adding, "As a listed company, there are many procedures to follow such as compliance monitoring, internal accounting, and audits. We have also obtained various certifications such as Information Security Management System (ISMS) and International Standards (ISO), so this is not a situation where we can aim for a 'quick win.'"

He continued, "Wemade's stablecoin is intended to ensure stability when trading coins and NFTs from 11 games on the exchange," and said, "We will proceed at a level we can bear."

Regarding the departure from Kakao's Klaytn mainnet to build its own mainnet, CEO Jang explained, "Unlike when WEMIX started with just two people, it has now become the world's number one blockchain game platform in name and reality," adding, "There are already businesses that can be done with the mainnet, and we have the technical capabilities. We judged that our own mainnet is necessary for larger business development."

CEO Jang expressed confidence that the value of WEMIX will increase in the long term. He said, "I am confident that within three years, all games worldwide will become blockchain games," and added, "Because games become much more fun when issuing their own coins and non-fungible tokens (NFTs)." He also said, "There are 50,000 new games released annually, and if WEMIX becomes the base currency for all these games, the price of WEMIX will soar to an unimaginable value at this time."

On the same day, CEO Jang also expressed regret over government regulations on P2E games. He said, "Currently, only Korea and China prohibit the P&E (P2E) market," and argued, "Other countries have allowed the system, so the government should study the pros and cons of P&E and approach how to allow it more smartly." However, he added, "Regardless of how the law is set, we intend to comply with it and conduct business accordingly."