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London, United Kingdom, September 10th, 2024, Chainwire
Largest $XDEFI token-holders confirm 12-month liquidity provision to prove long-term commitment
Ctrl Wallet, a leading self-custody crypto wallet providing access to over 2,100 blockchains, has announced a significant liquidity initiative involving its $XDEFI utility token. The move underscores the long-term commitment of the wallet’s major stakeholders and introduces important updates to its tokenomics.
Ctrl’s largest token-holders have agreed to commit to a 12-month liquidity provision, depositing 32% of total $XDEFI – equivalent to 50% of current circulating supply – into AMM liquidity pools on Uniswap. The year-long commitment will significantly deepen liquidity and reduce potential sell pressure.
Those holders include Ctrl Wallet’s largest investors, including Delphi Digital, Mechanism Capital and Morningstar Ventures, in addition to its two co-founders and the company’s treasury. Collectively, the investorsא deposit a total of 76.9 million $XDEFI into the pools until September 2025. This amount includes liquid and circulating $XDEFI tokens.
“This initiative demonstrates the unwavering belief we have in Ctrl’s potential,” said Emile Dubié, CEO of Ctrl Wallet. “By committing such a significant portion of tokens to liquidity provision, we are not only supporting the token’s stability but also laying the groundwork for future growth.”
The liquidity provision comes with milestone-based withdrawal options after the initial six-month period: a quarter can be withdrawn when $XDEFI reaches a US$100M fully diluted valuation (FDV), with another quarter released at US$200M FDV, and a quarter at US$300M FDV, and the final quarter when $XDEFI reaches US$500M FDV.
To incentivize maintaining liquidity even as milestones are met, contributors – excluding the project treasury – will receive a 10% APY on their deposited tokens.
The commitment has been made ahead of Ctrl Wallet’s planned migration from $XDEFI to $CTRL over the coming weeks. This rebranding effort will be accompanied by a shift to a buy-and-burn model, with 75% of all revenue generated in Ctrl Wallet used to purchase $CTRL tokens on the open market, which will then be burned.
New revenue-generating features will also be added to Ctrl, including in-wallet quests, a launchpad, and expanded Gas Tank functionality. Such additions are expected to drive increased usage and revenue, directly benefiting $CTRL token-holders through the buy-and-burn mechanism.&nbsp;
Recent traction has seen Ctrl Wallet achieve 400k WAU, a 2x increase within the most recent quarter.
About Ctrl Wallet:
<a href="https://ctrl.xyz/" rel="noopener noreferrer nofollow" target="_blank">Ctrl Wallet</a> is a self-custody web3 wallet that supports more blockchains, crypto-assets and NFTs than any other. Committed to empowering DeFi users of all stripes, the user-friendly wallet combines robust security features with an intuitive interface to deliver an unparalleled multi-chain experience.
<h5>Contact</h5>
Dan Edelstein PR@marketacross.com 
The post <a href="https://www.ethnews.com/ctrl-wallet-announces-major-liquidity-initiative-and-xdefi-token-updates/" rel="noopener noreferrer nofollow">Ctrl Wallet Announces Major Liquidity Initiative and $XDEFI Token Updates</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Ctrl Wallet Announces Major Liquidity Initiative and $XDEFI Token Updates

ETHNews

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