- Ctrl Wallet announces new liquidity initiative, locking 32% of total supply.
- The initiative aims to boost liquidity provision and enhance commitment to the project.
Web 3 self-custody wallet Ctrl Wallet, formerly known as $XDEFI, announced the launch of its liquidity provision program, following the recent unveiling of its beta access. The initiative will see the largest wallet holders of $XDEFI utility tokens deposit their tokens on Uniswap for 12 months to strengthen the liquidity of its DeFi ecosystem. The move underscores the long-term commitment of the wallet’s major stakeholders and introduces important updates to its tokenomics.
The initiative was unveiled following a governance vote by some of the largest holders of $XDEFI including Delphi Digital, Mechanism Capital and Morningstar Ventures. Others include the company’s two co-founders and the company’s treasury.
“This initiative demonstrates the unwavering belief we have in Ctrl’s potential,” said Emile Dubié, CEO and co-founder 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.”
Ctrl Wallet’s Holders Agree To Lock 50% of Circulating Supply
The initiative confirms a 12-month liquidity provision, which is expected to enhance liquidity across the ecosystem and prove the holders’ long-term commitment to the project. The top ‘shareholders’ of $XDEFI agreed to deposit a total of 76.9 million $XDEFI (32% of the total supply or 50% of the circulating supply) into AMM liquidity pools on Uniswap. The year-long commitment will significantly deepen liquidity and reduce potential sell pressure. The liquidity will include liquid and circulating $XDEFI tokens.
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liquidity provision comes with milestone-based withdrawal options after the initial six-month period: a quarter can be withdrawn when $XDEFI reaches a US$100M fully diluted valuation (FDV), with another quarter released at US$200M FDV, and a quarter at US$300M FDV, and the final quarter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.
The initiative aims to incentivize the holders to keep providing liquidity even when the milestones are reached with a 10% APY on their deposited tokens.
$XDEFI Tokens Rebrands To $CTRL
Earlier in July, Ctrl Wallet announced its official rebranding efforts, migrating the $XDEFI tokens to $CTRL tokens. The migration will be automatic for all holders, no extra efforts are needed. The rebranding will however 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.
The rebranding will also introduce new revenue-generating features on the wallet including
in-wallet quests, a launchpad, and expanded Gas Tank functionality. These new features are expected to increase the revenue for the platform as well as provide new earning channels for $CTRL holders. Moreover, they will increase usage and revenue, directly benefiting $CTRL token-holders through the buy-and-burn mechanism.
