2nd Partial Repayment of KSD loan from KOKOA Finance Greetings from WEMIX team! On October 27th, WEMIX was designated as an “Investment Warning” by DAXA(Digital Asset eXchange Alliance) due to the gap between planned circulation and the actual volume. WEMIX team is under active vindication to be released. During the process, WEMIX team is seeking distinct means to release the collateral borrowed by the KOKOA Finance and trying our best to minimize the liquidation risk due to the price fluctuation of WEMIX. Followed Actions: - Use of recently funded finance, - Has repaid 2,200,000 KSD, a part of KOKOA Finance loan. - 6,700,000 KSD has been repaid through 2nd payment out of a total loan of 16,054,938 KSD. (Remaining balance: 9,363,107 KSD) - This allowed WEMIX’s collateral rate (selected collateral ratio among total deposits) to reduce to 16.09% to ensure collateral stability. - WEMIX team will endeavor to repay the remaining loan thus retrieving full collateral to the reserve, and eliminating doubts and possibilities of circulation. Why was WEMIX set as a collateral? Last Oct. 22nd, WEMIX foundation launched a DeFi platform, WEMIX Fi and needed financial resources to raise funds for issuing WEMIX dollars and forming major trading pools. However, as announced earlier this year, we stopped financing the platform through WEMIX liquidity, and proceeded with collateral loans to secure funds without increasing the circulating supply. During the process more WEMIX was set as collateral than when we have actually liquidated. In this process, there was a difference in the perspective of determining the amount of circulation which has reached the present day, and we are placing all our efforts to repay the loan early and to release collateral to return it to reserve. About multichain WEMIX reserve fund Before WEMIX launched its mainnet, it was operated by Klaytn sidechain for a long time, and during this process WEMIX token was issued and distributed. Following from it, if the mainnet’s native coin WEMIX is issued and bridged with Klaytn, wrapped coin and WEMIX Classic may be mixed up, compromising asset consistency. Accordingly, between WEMIX3.0’s WEMIX and Klaytn’s WEMIX Classic, bridging is supported through the exchange of both chains’ reserve funds. In other words, by bridging WEMIX Classic into WEMIX, WEMIX Classic is bonded and WEMIX is paid in return, and the liquidity provision for reserve funds is a lock-and-release based zero sum system which doesn’t affect the circulating supply. Once again, the supplying 21 million WEMIX and 1 million WEMIX Classic is to allow 21 million WEMIX Classic to bridge to WEMIX3.0, and 1 million WEMIX to bridge to 1 million WEMIX Classic, and this will not result in additional circulation. As such, WEMIX team is placing all the efforts to gain trust from exchanges and communities through explanations and early resolution to overcome the excessive WEMIX circulation issues placed by DAXA and the community. Until the issues are solved, WEMIX team will try our best to immediately announce all the status to resolve uncertainties and gain trust and support. Thank you.