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

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Tokenized Asset Compliance Faces Practical Challenges

The announcement from Further Asset Management highlights significant challenges in the practical implementation and legal interpretation of compliance rules for tokenized assets.

user avatarLucas Weissmann

Chainlink Introduces CustodySync to Enhance Institutional Lending

Chainlink has launched CustodySync in collaboration with Anchorage Digital to synchronize information between custodians and decentralized lending protocols, facilitating institutional borrowing while ensuring compliance with custody regulations.

user avatarFilippo Romano

Uniswap Developer Analytics: A New Tool for Enhanced User Engagement

Uniswap Labs has launched Developer Analytics, a new feature for developers to analyze requests, error counts, and transaction volumes, aimed at improving user retention and overall developer experience.

user avatarEmily Carter

Uniswap Labs Introduces Developer Analytics to Enhance Dashboard Experience

Uniswap Labs has launched Developer Analytics on October 28, 2023, adding new reporting features to its developer dashboard to enhance the developer experience.

user avatarTomas Novak

Bitcoin ETF Outflows Show Contrasting Trends as October Ends

US spot Bitcoin funds faced significant withdrawals at the end of October, with BlackRock's fund attracting nearly $1 billion in net inflows, highlighting contrasting trends in investor demand.

user avatarKaterina Papadopoulou

Theft of iPhone Leads to Significant Financial Loss for Cryptocurrency Executive

Theft of iPhone leads to significant financial loss for cryptocurrency executive Magnus Ahmad, who lost approximately $14,000 after his unlocked device was stolen, resulting in unauthorized access to his financial accounts.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.