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32% of all $XDEFI tokens (half of circulating supply) to be locked in Uniswap AMM pools for 12 months.
Key Notes
- Ctrl Wallet launches major liquidity plan, committing 32% of $XDEFI tokens to AMM pools on Uniswap for 12 months.
- Structured withdrawal system allows token holders to withdraw deposits as $XDEFI reaches specific valuation milestones, with 10% APY incentive.
- Ctrl Wallet transitioning from $XDEFI to $CTRL tokens, implementing buy-and-burn model using 75% of revenue to benefit holders.
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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