London, United Kingdom, September 10th, 2024,
Chainwire
Largest $XDEFI token-holders confirm 12-month liquidity
provision to prove long-term commitment
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. The move
underscores the long-term commitment of the wallet’s major
stakeholders and introduces important updates to its
tokenomics.
Ctrl’s largest token-holders have agreed to commit to a 12-month
liquidity provision, depositing 32% of total $XDEFI – equivalent to
50% of current circulating supply – into AMM liquidity pools on
Uniswap. The year-long commitment will significantly deepen
liquidity and reduce potential sell pressure.
Those holders include Ctrl Wallet’s largest investors, including
Delphi Digital, Mechanism Capital and Morningstar Ventures, in
addition to its two co-founders and the company’s treasury.
Collectively, the investorsא deposit a total of 76.9 million $XDEFI
into the pools until September 2025. This amount includes liquid
and circulating $XDEFI tokens.
“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 provision comes with milestone-based withdrawal
options after the initial six-month period: a quarter can be
withdrawn when $XDEFI reaches a US$100M fully diluted valuation
(FDV), with another quarter released at US$200M FDV, and a quarter
at US$300M FDV, and the final quarter when $XDEFI reaches US$500M
FDV.
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 has been 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.
New revenue-generating features will also be added to Ctrl,
including in-wallet quests, a launchpad, and expanded Gas Tank
functionality. Such additions are expected to drive increased usage
and revenue, directly benefiting $CTRL token-holders through the
buy-and-burn mechanism.
Recent traction has seen Ctrl Wallet achieve 400k WAU, a 2x
increase within the most recent quarter.
About Ctrl Wallet:
Ctrl Wallet is a self-custody web3 wallet that
supports more blockchains, crypto-assets and NFTs than any other.
Committed to empowering DeFi users of all stripes, the
user-friendly wallet combines robust security features with an
intuitive interface to deliver an unparalleled multi-chain
experience.
Contact
Dan
Edelstein
PR@marketacross.com