Ctrl Wallet Launches Major Liquidity Initiative for XDEFI Community

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As an analyst with over two decades of experience in the financial industry, I must admit that Ctrl Wallet’s recent liquidity initiative for their XDEFI tokens is quite intriguing. This move demonstrates a strategic approach to tokenomics and market stability, which I find commendable.

Control Wallet, a well-known multi-blockchain digital wallet, has disclosed information about its significant liquidity project. The top XDEFI token holders have consented to participate in a 12-month liquidity infusion scheme aimed at enhancing token liquidity on Uniswap (UNI), the leading decentralized exchange (DEX).

Ctrl Wallet kickstarts major liquidity initiative for XDEFI tokens

Control Wallet, a prominent self-managed cryptocurrency wallet that supports over 2,100 different blockchains, has launched a substantial liquidity initiative for its XDEFI utility token. The most significant XDEFI token holders have consented to provide liquidity for a duration of twelve months, locking away approximately 32% of the total XDEFI – which equates to about half of the presently circulating supply – within automated market maker (AMM) liquidity pools on Uniswap (UNI), a leading decentralized exchange built on EVM.

XDEFI Wallet has been renamed as “Ctrl”

Experience a single wallet that uses one gas token for all transactions, accommodating every digital asset and blockchain network. Keep track of your portfolio effortlessly with Ctrl.

Be among the first to try out this cutting-edge self-custody solution available on iOS and Android. Follow the link below to join the exclusive beta 🔽

— Ctrl ✜ (fka XDEFI Wallet) (@Ctrl_Wallet) July 17, 2024

The long-term undertaking aims to significantly improve cash flow and lessen possible selling pressure, thereby making the XDEFI supply resilient against manipulation.

The aforementioned group encompasses major investors of Ctrl Wallet, such as Delphi Digital, Mechanism Capital, and Morningstar Ventures, along with the company’s two founders and its own corporate funds.

Emile Dubié, CEO of Ctrl Wallet, stresses the importance of this step for XDEFI’s tokenomics and the upcoming milestones of Ctrl Wallet’s mainnet:

This undertaking underscores our firm confidence in Ctrl’s capabilities. By allocating a substantial amount of tokens towards liquidity, we aren’t just bolstering the token’s current stability, but also setting the stage for potential future expansion.

Together, investors are planning to contribute approximately 76.9 million units of XDEFI into these pools by September 2025. These contributions will consist of both liquid and circulating XDEFI tokens, as confirmed in an official announcement.

Ctrl Wallet accomplishes 100% user count increase in recent quarter

In order to motivate keeping funds readily available even when milestones are achieved, individuals (except for the project’s own reserves) will earn an annual percentage yield of 10% on the tokens they deposit.

The commitment was made ahead of Ctrl Wallet’s planned migration from XDEFI to CTRL over the coming weeks.

In this rebranding process, we’ll transition to a strategy where 75% of our earnings from Ctrl Wallet are spent on buying CTRL tokens in the open market, and those tokens are subsequently destroyed or “burned”.

Just before the migration period began, the wallet showed significant growth in its statistics. It now boasts a weekly user base of 400,000, representing a 2x increase compared to the previous quarter, despite the sluggish conditions in the cryptocurrency market.

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2024-09-10 19:10