As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I find this move by Ctrl Wallet to be a strategic and bold step towards strengthening their ecosystem. The decision to lock top $XDEFI token holders’ tokens for a year demonstrates a strong commitment from these investors to the project’s success.
The initiative will see the top holders of $XDEFI tokens, lock their tokens for a one-year period.
Control Wallet, a self-managed cryptocurrency wallet with a decentralized structure, has revealed an ambitious plan aimed at boosting interaction within its ecosystem. This initiative will encourage leading holders of $XDEFI (the native token of Ctrl) to secure their tokens for a full year within Automated Market Making (AMM) liquidity pools on Uniswap. This move will increase the circulating liquidity of the $XDEFI token by approximately 76.9 million, which represents around 32% of its total supply.
The announcement also confirmed new tokenomics updates including an updated unlock schedule for the deposited tokens and new revenue-generating features on Ctrl Wallet.
Emile Dubié, CEO and co-founder of Ctrl Wallet believes the initiative shows the “strong commitment and belief” the largest investors and holders of $XDEFI have in the project.
Emile stated, “This action clearly shows our firm conviction in the potential of Ctrl. By dedicating a substantial amount of tokens towards liquidity, we’re not just ensuring the token’s stability but also paving the way for its future expansion.
$XDEFI Holders Agree To 1-Year Token Locks
In summary, the leading holders of $XDEFI have chosen to contribute approximately half of the presently circulating supply (which equates to about 32% of the entire $XDEFI supply) by providing liquidity to Uniswap Automated Market Making pools to foster the decentralized finance ecosystem.
The major stakeholders of the utility token are primarily Ctrl Wallet’s significant backers such as Delphi Digital, Mechanism Capital, and Morningstar Ventures, alongside its two founders and the corporation’s own treasury.
This self-managed digital wallet for cryptocurrencies, supporting more than 2,100 blockchain networks, aims to mitigate price fluctuations, expand trading activity, and draw fresh investors into the system. Moreover, this long-term dedication is expected to bolster liquidity, encourage sustained involvement in the project, and potentially lessen selling pressure.
The tokens will be held starting September 2024 till September 2025.
$XDEFI’s New Token Unlock Schedule And Features
The announcement also verified the new release timeline for unlocking, six months after the lockdown in March 2025. This unlock process is structured according to specific milestones achieved over quarters. Specifically, the first quarter will become accessible once $XDEFI attains a fully diluted valuation (FDV) of $100M, followed by another quarter at $200M FDV, then another at $300M FDV, and finally, the last quarter when $XDEFI hits an FDV of $500M.
In order to motivate keeping funds readily available as milestones are achieved, contributors, with the exception of the project’s treasury, will be rewarded with an annual interest rate of 10% on the tokens they have deposited.
Two months after the announcement of the upcoming transition from $XDEFI to $CTRL, and the launch of beta access earlier this month, the liquidity provision commitments were made. This transition is expected to be finalized in the forthcoming weeks. As part of the rebranding effort, there will be a change to a buy-and-burn model. In this new system, 75% of the revenue generated within the Ctrl Wallet will be utilized to purchase $CTRL tokens from the open market, which will then be destroyed or ‘burned’.
Despite this, Ctrl Wallet unveiled fresh income-producing attributes such as in-wallet challenges, a launchpad, and an expansion of Gas Tank features. These enhancements aim to boost user activity and revenue, which in turn will positively impact the $CTRL token holders through the buy-and-burn system.
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2024-09-10 17:34