Overview

WEMIX on Kroma is a cross-chain staking protocol specifically designed for WEMIX coins. WEMIX on Kroma enables the users of WEMIX3.0 to discover the Ethereum ecosystem, leveraging Layer 2 technology powered by Kroma. By using WEMIX on Kroma, users can transfer WEMIX coins between the WEMIX3.0 network and the Kroma network. Also, with WEMIX on Kroma, users can stake WEMIX.e tokens and receive stWEMIX.e tokens to earn more WEMIX.e and WEMIX Community Points, which will later be able to redeem KRO tokens.

WEMIX on Kroma is operated by Lightscale Holdings Pte. Ltd., a subsidiary of WEMIX Foundation.

Why WEMIX?

Backed by the WEMIX Foundation, Lightscale is building a cutting-edge Ethereum Layer 2 solution, Kroma — the first OP stack rollup with active fault proofs using zkEVM. With the help of the WEMIX Foundation, many of the games on WEMIX Play are set to join the Kroma ecosystem in the coming months. Also, Night Crows Global, an MMORPG game that is a global version of NightCrows, which has generated more than 100 million USD as its revenue in the Korean domestic market, is planned to be launched next year and will also onboard Kroma. Therefore, for Kroma to become a game-centric layer 2, the WEMIX community is crucial to its success, and WEMIX on Kroma is the first step for the WEMIX community to explore the Ethereum ecosystem scaled by Kroma’s layer 2 technology.

WEMIX on Kroma facilitates the transfer of WEMIX coins between WEMIX3.0 and the Kroma network, thus building the base infrastructure for the onboarding of the games of the WEMIX ecosystem.

Cross-chain Transfer Service

WEMIX on Kroma is a specialized platform exclusively supporting WEMIX coins. This service employs a cross-chain messaging protocol, where deposited WEMIX coins on the WEMIX3.0 network are automatically staked in WONDER Staking to accrue rewards and mint new WEMIX.e tokens on Kroma network, proving the deposit. These rewards are meticulously calculated off-chain and synchronized to the WEMIX.e supply on the Kroma network, ensuring a balance where the total supply of WEMIX.e is always equal to or less than the sum of deposited and rewarded WEMIX coins.

Deposit

Depositing WEMIX coins from WEMIX3.0 to Kroma is typically completed within 20 seconds. A portion of the transfer amount is converted to 0.002ETH to enhance the user experience for the WEMIX3.0 users, as Kroma uses Ethereum as the native gas token. Deposited WEMIX coins are automatically directed to WONDER Staking, generating new WEMIX.e tokens on Kroma daily.

The image below is a simplified flowchart of the deposit process:

Withdrawal

Withdrawing WEMIX.e tokens back to WEMIX3.0 involves a 7-day waiting period, a necessary step for the unstaking process in WONDER Staking. This process is irreversible, and users must manually claim their WEMIX coins on WEMIX3.0 after the waiting period.

The image below is a simplified flowchart of the withdrawal process:

Liquid Staking Service

Liquid Staking on WEMIX on Kroma offers the ability to convert WEMIX.e tokens to stWEMIX.e tokens and vice versa. The value of stWEMIX.e continuously increases as daily WONDER Staking rewards are added to the Liquid Staking vault.

The image below shows the syncing process of WONDER Staking rewards:

Exchange Ratio

The exchange ratio between stWEMIX.e and WEMIX.e is initially set at 1:1 but continuously increases as the WONDER Staking rewards accumulate in the Liquid Staking contract. This allows users to retain liquidity and flexibility with their assets, while fully enjoying the rewards from the staking.

Below is an example scenario of how the exchange ratio of stWEMIX.e to WEMIX.e grows. Note that the example scenario did not include any fees to simplify the simulation.

WEMIX Community Points: Rewarding Engagement

WEMIX Community Point is a point system that represents the contribution to WEMIX on Kroma. Users earn WEMIX Community Points through various activities involving WEMIX.e or stWEMIX.e tokens. These points, which can be redeemed for KRO tokens in the future, are awarded for actions such as depositing WEMIX to Kroma, staking WEMIX.e, and holding stWEMIX.e.

By combining the security and efficiency of the Kroma network with the flexibility of liquid staking, WEMIX on Kroma offers a comprehensive and user-friendly platform for WEMIX holders. Whether you’re looking to transfer WEMIX between networks or engage in staking opportunities, WEMIX on Kroma provides a robust solution tailored to the evolving needs of both WEMIX3.0 and Ethereum communities.