XDEFI is one of the most powerful cross-chain wallets of the DeFi segment as it works on THORCHAIN, Terra, Ethereum and a number of EVM-compatible networks. Now it introduces its utility token, XDEFI, to crypto enthusiasts.
XDEFI goes live on SushiSwap: details
According to a press release shared with U.Today, XDEFI Wallet is going to release its token, XDEFI, via an initial decentralized exchange offering.
The tokensale will be organized through MISO, a suite of smart contracts that allows for the "self-listing" of Ethereum- and BSC-based tokens on flagship DEX SushiSwap (SUSHI).
The team states that XDEFI token will be a core element of the tokenomics of the upcoming DeFi ecosystem of XDEFI. Its owners will be able to stake and utilize them for governance purposes.
Out of the total IDO cap, $1 million will be contributed to xchain.js development growth as a grant from the XDEFI team and investors.
Next-gen "Metamask Killer" for DeFi era
XDEFI Wallet CEO Émile Dubié stresses that this IDO will be a crucial step for the DeFi, NFT and Web3 segments as a whole. Also, it will be integrated into some educational initiatives:
We are thrilled to announce the $XDEFI token. $XDEFI will be at the core of the XDEFI Wallet ecosystem and create a long-term incentive for the community to build around the wallet. We will also leverage the token to create an educational framework around DeFi and NFTs to improve knowledge about web3 and encourage wider adoption.
XDEFI promotes itself as an alternative to Metamask wallet as it is an in-browser wallet plugin for Google Chrome. XDEFI boasts "Buy Crypto" functionality and NFT-centric features.
As covered by U.Today previously, on Sept. 29, 2021, XDEFI secured $6 million in strategic funding with Mechanism Capital, DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures and CoinGecko onboard.