Web3 Self-Custody Wallet Ctrl Wallet Announces the Launch of Its Liquidity Provision Program

The initiative will see the largest wallet holders of $XDEFI utility tokens deposit their tokens on Uniswap for 12 months to strengthen the liquidity

Web 3 self-custody wallet Ctrl Wallet, formerly known as $XDEFI, has 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 also 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, which include 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 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 demonstrate the holders’ long-term commitment to the project. The top ‘shareholders’ of $XDEFI will be depositing 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 deepen liquidity significantly and reduce potential sell pressure. The liquidity will include both liquid and circulating $XDEFI tokens.

The liquidity provision will come with milestone-based withdrawal options after the initial six-month period: a quarter can be withdrawn when $XDEFI reaches a US$100M fully diluted valuation (FDV), with another quarter released at US$200M FDV, and a quarter at US$300M FDV, and the final quarter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 also aims to incentivize the holders to continue 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, which will see the $XDEFI tokens migrate to $CTRL tokens. The migration will be automatic for all holders, and 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. Furthermore, they will increase usage and revenue, which will directly benefit $CTRL token-holders through the buy-and-burn mechanism.