Ctrl Wallet, a leading self-custody crypto wallet with access to over 2,100 blockchains, has introduced a series of updates to its liquidity model and XDEFI token, as revealed to Finbold on Tuesday, September 10.
The new updates come as Ctrl prepares for a transition from XDEFI to CTRL tokens.
XEDFI token updates
Ctrl Wallet’s key stakeholders, major investors such as Delphi Digital, Mechanism Capital, and Morningstar Ventures, and the company’s co-founders and treasury have collectively deposited 32% of the total XDEFI supply into Uniswap’s (UNI) liquidity pools.
A total of 76.9 million XDEFI tokens will be locked into these pools until September 2025, with milestones in place for partial withdrawals.
After the first six months, 25% can be withdrawn when the token reaches a fully diluted valuation (FDV) of $100 million, with additional withdrawals allowed at $200M, $300M, and $500M FDV.
Emile Dubié, CEO of Ctrl Wallet, characterized the liquidity initiative as groundwork for future growth:
“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.”
Rewarding liquidity providers on Ctrl Network
To reward liquidity providers, Ctrl is offering a 10% annual yield on deposited tokens, excluding the project’s treasury contributions, which further aligns the interests of investors with the project’s overall growth objectives.
This token rebranding, expected to unfold over the coming weeks, introduces a buy-and-burn model where 75% of Ctrl Wallet’s revenue will be used to purchase and burn CTRL tokens, driving up value.
The wallet is also rolling out new revenue-generating features such as in-app quests, a launchpad, and an enhanced Gas Tank function.
With 400,000 weekly active users and growing engagement, Ctrl Wallet is upping the ante on its efforts to drive growth and provide value to token holders.
The post Ctrl Wallet makes new liquidity moves and announces XDEFI token updates appeared first on Finbold.