Ctrl Wallet Migrates Its $XDEFI Token to $CTRL, Revamps Tokenomics, and Expands Ecosystem Support

The migration process will occur via a user-friendly migration portal. Holders of $XDEFI and $vXDEFI tokens on Ethereum and Arbitrum can swap their tokens at a 1:1 ratio for $CTRL.

London, United Kingdom, October 17th, 2024, Chainwire

Ctrl Wallet, a leading non-custodial crypto wallet supporting over 2,100 blockchains, has officially begun the migration of its $XDEFI token to $CTRL. The move is part of a larger rebranding initiative and will improve liquidity, refine tokenomics, and support the future growth of the Ctrl ecosystem.

The migration will take place through a user-friendly migration portal. Holders of $XDEFI and $vXDEFI tokens on Ethereum and Arbitrum can seamlessly swap their tokens for $CTRL at a 1:1 ratio, with Ctrl covering all transaction fees through December 31, 2024. A consistent exchange rate between $XDEFI and $CTRL will be maintained by Ctrl’s market maker throughout the transition period.

Major cryptocurrency exchanges including KuCoin, Gate, Huobi, LAToken, and Bitci have confirmed their support for the migration. To further strengthen liquidity, key stakeholders including Ctrl’s co-founders, prominent investors such as Mechanism Capital, Delphi Digital, Morningstar Ventures, and the company’s treasury, have pledged to deposit 32% of the total token supply—capped at 240 million tokens—into liquidity pools for a 12-month period.

The new $CTRL token will adopt a deflationary model to sustain its long-term value. 75% of the wallet’s revenue and 100% of liquidity provider (LP) fees will be allocated to buying and burning $CTRL on the open market, reducing its circulating supply.

“The migration from $XDEFI to $CTRL is a key step in the evolution of Ctrl,” said Emile Dubié, CEO and Co-founder of Ctrl. “It not only aligns with the renaming of the Ctrl brand but also strengthens our tokenomics, enhancing the long-term value for our community. We've made the migration as easy as possible, with a 1:1 swap and gas fees covered by Ctrl. This is more than just a token swap; it's the next chapter in the growth of our ecosystem.”

Initially available on Ethereum mainnet, $CTRL will serve as the sole token powering the Ctrl ecosystem. $XDEFI is scheduled to deprecate on September 25, 2025.

About Ctrl Wallet

Founded in 2020, Ctrl Wallet is a powerful and intuitive self-custody wallet that provides its 500,000+ users with opportunities across 2,100+ blockchains. With the ability to buy crypto instantly using 35 fiat currencies and swap millions of tokens within the wallet, Ctrl is revolutionizing the way users interact with their assets on chain.