The $XDEFI utility token will fuel the XDEFI Wallet ecosystem, providing financing for developing DeFi and NFT applications. Token holders will be able to stake their tokens, receive fee refunds, participate in governance processes, and earn money by learning more about DeFi and DeFi tools. Furthermore, US$ one million from the IDO will be utilized as a grant to support the expansion of xchain.js development.
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 that will be issued via an Initial DEX Offering (IDO) on MISO, SushiSwap’s launchpad, in early November. MISO is a collection of open-source smart contracts designed to make it easier to begin a new project on the SushiSwap exchange.
Full instructions on how to participate in the IDO, as well as the entire process, will be given on XDEFI Wallet’s Medium and Twitter accounts. The $XDEFI IDO is not available to individuals or legal organizations residing in jurisdictions where the possession or usage of cryptocurrency is prohibited by relevant law or regulation. For further information, please see the terms and conditions of XDEFI Wallet.
XDEFI Wallet is a web wallet designed for speed, owing to its novel “Ape Mode” function, which assures that transactions are processed in the next block 99 percent of the time. THORChain, Terra, Ethereum, and various Ethereum Virtual Machine (EVM) networks have native integrations with XDEFI Wallet. Furthermore, XDEFI Wallet has automated NFT recognition and a configurable drag-and-drop display grid, as well as a “Buy Crypto” feature that allows users to put their fiat into DeFi through third-party supplier Ramp.
XDEFI Wallet is supported by a number of DeFi-focused funds and venture investors, including Mechanism Capital, DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, and CoinGecko, as well as DeFi builders such as Darren Lau, Mark Zeller, Scoopy Trooples, and Mariano Conti.
Earlier this month, XDEFI Wallet announced the public availability of their next-generation web wallet on the Chrome Store, with over 35,000 users to far.