The $XDEFI utility token will power the broader XDEFI Wallet ecosystem including funding emerging DeFi and NFT projects. Token holders will be able to stake their tokens, claim fee rebates, participate in governance systems and earn by learning more about DeFi and DeFi tools. In addition, US$ one million from the IDO will be used as a grant to contribute to xchain.js development growth.
XDEFI Wallet CEO Émile Dubié said, “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 in early November in 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.
Full details on how to participate in the IDO and the exact process will be posted on XDEFI Wallet’s Medium and Twitter. 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. Please refer to XDEFI Wallet’s terms and conditions for further information.
XDEFI Wallet is a browser wallet built for speed thanks to its innovative “Ape Mode” feature, which ensures transactions get into the next block 99% of the time. XDEFI Wallet offers native integrations on THORChain, Terra, Ethereum and several Ethereum Virtual Machine (EVM) networks. In addition, XDEFI Wallet also offers automatic NFT detection and a customisable 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 a number of DeFi-centric funds and venture investors, having recently raised US$6M 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 unveiled the public release of its next-generation browser wallet on the Chrome Store earlier this month, with over 35,000 users to date.