- Ctrl Wallet launches major liquidity initiative for $XDEFI token, locking 32% of total supply in Uniswap pools.
- Key stakeholders, including top investors and co-founders, commit to 12-month liquidity provision to stabilize token price.
Ctrl Wallet, a leader in self-custody crypto solutions, recently initiated a significant liquidity provision for its $XDEFI utility token, which is designed to fortify its position in the cryptocurrency market. This strategic move underscores the long-term commitment of Ctrl’s principal token holders and introduces essential updates to its economic structure.
This plan includes a commitment from the wallet’s major stakeholders, such as Delphi Digital, Mechanism Capital, and Morningstar Ventures, as well as its co-founders and the company’s own reserves. They have agreed to lock 32% of all $XDEFI tokens—equivalent to half of the tokens currently in circulation—into liquidity pools on the Uniswap platform for 12 months.
Emile Dubié, CEO of Ctrl Wallet, expressed that this move demonstrates the company’s deep trust in the potential growth and stability of the $XDEFI token. By committing a substantial portion of tokens to enhance liquidity, Ctrl is setting the groundwork for sustained growth and stability of its digital asset.
“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.” – said Emile Dubié, CEO of Ctrl Wallet.
Moreover, this liquidity strategy includes provisions for phased withdrawals based on reaching specific market valuations: token holders can withdraw portions of their stakes as the $XDEFI’s market value hits predefined milestones, with additional incentives such as a 10% annual return on the tokens they continue to hold in the liquidity pool.
In the near future, Ctrl Wallet plans to transition from $XDEFI to a new token, $CTRL, incorporating a buy-and-burn policy whereby 75% of the wallet’s revenue will be used to purchase $CTRL tokens and remove them from circulation. This policy is expected to reduce supply and potentially increase the token’s value.
To further drive usage and enhance revenue streams, Ctrl Wallet will introduce new features such as in-wallet quests, a project launchpad, and expanded functionalities for managing transaction fees. These enhancements are anticipated to attract more users and increase transaction volumes, which should benefit $CTRL token holders through the buy-and-burn mechanism.
The recent update also highlighted that Ctrl Wallet has seen increase in active users, doubling its user base in the last quarter, which indicates robust engagement and growing trust in its platform among crypto enthusiasts.
