Ctrl Wallet, a top self-custody crypto wallet supporting over 2,100 blockchains, has announced a game-changing liquidity initiative for its $XDEFI utility token. This move highlights the wallet’s dedication to long-term growth and introduces key updates to its tokenomics.
Ctrl’s largest $XDEFI token-holders—Delphi Digital, Mechanism Capital, and Morningstar Ventures, along with the company’s co-founders and treasury announced a plan to lock 32% of the total $XDEFI supply (about 50% of the current circulating amount) into liquidity pools on Uniswap for the next 12 months. This total of 76.9 million $XDEFI tokens aims to enhance liquidity and stabilize the token price.
“This initiative demonstrates the unwavering belief we have in Ctrl’s potential,” said Emile Dubié, CEO of Ctrl Wallet. “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.”
The liquidity initiative includes milestone-based withdrawals: 25% can be taken out when $XDEFI’s fully diluted valuation (FDV) hits $100 million, and another 25% will be accessible once $XDEFI reaches a $500 million FDV.
To further incentivize holders, contributors (excluding the project’s treasury) will earn a 10% annual percentage yield (APY) on their deposited tokens.
This announcement comes as Ctrl Wallet prepares to transition from $XDEFI to $CTRL in the upcoming weeks. The rebranding will be accompanied by a shift to a buy-and-burn model, where 75% of Ctrl Wallet’s revenue will be used to buy $CTRL tokens, which will then be burned, reducing supply and potentially increasing value.
Additionally, Ctrl Wallet will introduce new features like in-wallet quests, a launchpad, and enhanced Gas Tank functionality, aiming to boost user engagement and revenue. These changes are expected to benefit $CTRL holders through the buy-and-burn mechanism.
With recent growth, Ctrl Wallet has doubled its weekly active users to 400,000 in the last quarter, underscoring the wallet’s expanding influence in the crypto space.
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