Advertisement
AD

Main navigation

Ctrl Wallet Launches Major Liquidity Initiative for XDEFI Community

Advertisement
Tue, 10/09/2024 - 16:06
Ctrl Wallet Launches Major Liquidity Initiative for XDEFI Community
Cover image via www.freepik.com
Read U.TODAY on
Google News
Advertisement

Ctrl Wallet, a popular multi-blockchain wallet, has shared the details of its major liquidity initiative. The largest holders of XDEFI tokens agreed to join a 12-month liquidity injection program designed to boost token liquidity on Uniswap (UNI), the largest DEX.

Ctrl Wallet kickstarts major liquidity initiative for XDEFI tokens

Ctrl Wallet, a leading self-custody cryptocurrency wallet providing access to 2,100+ blockchains, started a large-scale liquidity program for its XDEFI utility token. Ctrl’s largest token holders have agreed to commit to a 12-month liquidity provision, depositing 32% of total XDEFI – equivalent to 50% of the current circulating supply – into AMM liquidity pools on Uniswap (UNI), a dominant DEX on EVM.

The year-long commitment is expected to notably enhance liquidity and reduce potential sell pressure, making the XDEFI supply manipulation-resistant.

Advertisement

Those holders include Ctrl Wallet’s largest investors, including Delphi Digital, Mechanism Capital and Morningstar Ventures, in addition to its two cofounders and the company’s treasury. 

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

Collectively, investors are set to deposit a total of 76.9 million XDEFI into the pools until September 2025. This amount includes liquid and circulating XDEFI tokens, the team said in a statement.

Ctrl Wallet accomplishes 100% user count increase in recent quarter

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 was 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.

On the eve of migration, the wallet reports impressive growth statistics. The wallet reached 400,000 weekly users, which is equal to 2x QoQ growth amid the anemic performance of crypto markets.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD