Overview

WEMIX on Kroma provides two primary services:

  • Cross-chain Transfer Service: Facilitates the transfer of WEMIX coins between the WEMIX3.0 network and the Kroma network. We do not support any other coins or tokens than WEMIX coin.

  • Liquid Staking Service: Offers liquid staking for WEMIX.e tokens on the Kroma network.

Cross-chain Transfer Service

Deposit

Users can deposit their WEMIX coins from the WEMIX3.0 network to the Kroma network, receiving WEMIX.e tokens in return. This process typically completes in about 20 seconds.

When depositing WEMIX coins, a small portion of the transfer amount is converted to 0.000002ETH to enhance user experience, as Ethereum serves as the native gas token of the Kroma network.

There is a small fee for depositing WEMIX coins from the WEMIX3.0 network to the Kroma network. The fee is the greater between 1 WEMIX and 0.1% of the total transfer amount.

Deposited WEMIX coins are automatically staked in WONDER Staking of WEMIX3.0, earning rewards. These rewards generate new WEMIX.e tokens on the Kroma network daily, and the newly minted WEMIX.e tokens flow into the Liquid Staking Vault for stWEMIX.e, thereby increasing its value.

Withdraw

Users can withdraw WEMIX.e tokens from Kroma network and receive WEMIX coins on the WEMIX3.0 network. The withdrawal process takes approximately 7 days, accounting for the unstaking time required in WONDER Staking on WEMIX3.0. Once initiated, the withdrawal process is irreversible.

Users must manually claim their withdrawn WEMIX coins on the WEMIX3.0 network after the 7-day waiting period.

Liquid Staking Service

Unlike conventional staking services, liquid staking allows users to convert their deposited assets into equivalent ERC-20 tokens, providing more flexibility.

Users can exchange their WEMIX.e tokens to stWEMIX.e tokens on the Kroma network by using our liquid staking service. The exchange rate of stWEMIX.e to WEMIX.e continuously increases over time, reflecting the rewards from WONDER Staking. The rewards are used to mint additional WEMIX.e tokens on the Kroma network, proportionate to the earnings. These tokens are then utilized to enhance the value of stWEMIX.e based on a set ratio (initially, 100%).

In addition to the increase in the value of stWEMIX.e, users who exchange WEMIX.e for stWEMIX.e, as well as stWEMIX.e holders, will receive WEMIX Community Points, redeemable for KRO tokens in the future.

If you want to dive deeper into the technical architecture, please refer to Cross-chain Staking Protocol page.

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