The $XDEFI utility token will aim to support the larger XDEFI Wallet ecosystem including funding various decentralized finance (DeFi) and NFT projects.
Token holders can stake their tokens, claim fee rebates, participate in governance systems and “earn by learning more about DeFi and DeFi tools,” according to an update shared with CI.
In addition, $1 million from the IDO will be “used as a grant to contribute to xchain.js development growth,” the announcement revealed.
XDEFI Wallet CEO Émile Dubié stated:
“We are thrilled to announce the $XDEFI token. $XDEFI will be at the core of the XDEFI Wallet ecosystem and create a long-term incentive for the community to build around the wallet. We will also leverage the token to create an educational framework around DeFi and NFTs to improve knowledge about web3 and encourage wider adoption.”
$XDEFI is an ERC-20 utility token and will be distributed next month as part of an Initial DEX Offering (IDO) on MISO, SushiSwap‘s launchpad. MISO is a suite of open-source smart contracts created to “ease the process of launching a new project on the SushiSwap exchange,” the announcement explained.
Details on how to take part in the IDO and the overall process will be shared on XDEFI Wallet’s official communication channels. The $XDEFI IDO is “not open to persons or legal entities located in a jurisdiction where the holding of, or the use of, Cryptocurrency violates applicable law or regulations,” the update clarified.
XDEFI Wallet is a browser wallet developed specifically for speed “thanks to its innovative ‘Ape Mode’ feature, which ensures transactions get into the next block 99% of the time.”
XDEFI Wallet provides native integrations on THORChain, Terra, Ethereum, and several Ethereum Virtual Machine (EVM) networks.
XDEFI Wallet provides automatic NFT detection along with a “customizable drag-and-drop display grid, as well as a ‘Buy Crypto’ option which enables users to bring their fiat into DeFi via third-party provider Ramp.”
XDEFI Wallet is backed by DeFi-focused funds and venture investors, having secured $6 million from Mechanism Capital, DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures and CoinGecko, as well as DeFi builders like Darren Lau, Mark Zeller, Scoopy Trooples and Mariano Conti.
XDEFI Wallet introduced the public release of its next-gen browser wallet on the Chrome Store recently, with more than 35,000 users “to date,” the update revealed.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!