Ctrl Wallet Confirms 12-Month Liquidity Provision by Largest $XDEFI Token-Holders

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by Giorgi Kostiuk

2 years ago

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  1. Liquidity Initiative Announcement
  2. Liquidity Provision Terms and Conditions
  3. Future Changes and Plans


    4. 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.

    Liquidity Initiative Announcement

    Ctrl Wallet announced a significant liquidity initiative involving its $XDEFI utility token. The largest token-holders have committed to a 12-month liquidity provision, depositing 32% of the total $XDEFI into AMM liquidity pools on Uniswap. This is equivalent to 50% of the current circulating supply.

    Liquidity Provision Terms and Conditions

    Ctrl Wallet’s largest investors, including Delphi Digital, Mechanism Capital, and Morningstar Ventures, as well as its two co-founders and the company’s treasury, have committed to depositing a total of 76.9 million $XDEFI tokens into the pools until September 2025. This initiative includes both liquid and circulating $XDEFI tokens.

    According to Emile Dubié, CEO of Ctrl Wallet:

    "This initiative demonstrates the unwavering belief we have in Ctrl’s potential."

    Participants will be able to withdraw portions of their tokens over a six-month lock-up period based on $XDEFI reaching certain fully diluted valuation (FDV) levels of $100M, $200M, $300M, and $500M.

    To encourage maintaining liquidity, participants, excluding the project treasury, will receive a 10% annual percentage yield (APY) on their deposited tokens.

    Future Changes and Plans

    The initiative precedes Ctrl Wallet’s planned migration from $XDEFI to $CTRL in the coming weeks. This rebranding will be accompanied by a shift to a buy-and-burn model, where 75% of all revenue generated by Ctrl Wallet will be used to purchase $CTRL tokens on the open market, which will then be burned.

    The wallet will also add new revenue-generating features, including in-wallet quests, a launchpad, and expanded Gas Tank functionality. These additions are expected to drive increased usage and revenue, directly benefiting $CTRL token-holders through the buy-and-burn mechanism.

    Recent traction includes achieving 400K WAU, a doubling from the previous quarter.

    Ctrl Wallet continues to evolve and strengthen its position in the crypto world, providing users with new opportunities and enhancing their token experience.

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