Coinspeaker
Ctrl Wallet Expands Liquidity Strategy with Major $XDEFI Token Updates
Ctrl Wallet has launched a significant liquidity plan for its $XDEFI token, creating waves in the cryptocurrency space. Announced on September 10, 2024, the move shows the company’s focus on long-term expansion while introducing key updates to the token’s structure.
Known for its self-custody wallet that supports over 2,100 blockchains, Ctrl Wallet has secured a liquidity agreement with its top token holders. As part of this plan, 32% of all $XDEFI tokens, or half of the circulating supply, will be placed into Automated Market Maker (AMM) pools on Uniswap for 12 months.
This initiative involves a major commitment. Leading investors, including Delphi Digital, Mechanism Capital, and Morningstar Ventures, as well as the company’s co-founders and treasury, will contribute 76.9 million $XDEFI tokens to these pools until September 2025.
Ctrl Wallet’s Liquidity Leap
Emile Dubié, CEO of Ctrl Wallet, expressed firm confidence in the company’s trajectory, stating:
“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.”
The liquidity provision comes with a structured, milestone-based withdrawal system that kicks in after an initial six-month lock-up period. Token holders can withdraw their deposits in 25% increments as the $XDEFI token reaches specific fully diluted valuation (FDV) milestones: $100 million, $200 million, $300 million, and $500 million.
To further incentivize long-term liquidity provision, contributors (excluding the project treasury) will receive a 10% Annual Percentage Yield (APY) on their deposited tokens. This reward structure aims to maintain robust liquidity even as valuation milestones are achieved.
The $XDEFI to $CTRL Transition
This liquidity initiative serves as a prelude to Ctrl Wallet’s impending transition from $XDEFI to $CTRL tokens. The rebranding effort 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 from the open market, which will subsequently be burned.
The wallet provider is also set to introduce 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.
Ctrl Wallet’s recent performance metrics show the timeliness of these initiatives. The platform has achieved an impressive 400,000 Weekly Active Users (WAU), marking a twofold increase within the most recent quarter alone.
Ctrl Wallet Expands Liquidity Strategy with Major $XDEFI Token Updates
