Ctrl Wallet Begins $XDEFI to $CTRL Migration and Enhances Tokenomics to Complete Rebrand

4 weeks ago 2

ARTICLE AD BOX

London, United Kingdom, October 17th, 2024, Chainwire

Ctrl Wallet, the leading non-custodial crypto wallet supporting over 2,100 blockchains, has officially commenced the migration of its $XDEFI token to $CTRL. The strategic shift, part of a larger rebranding initiative, will improve liquidity, refine tokenomics, and support the future growth of the Ctrl ecosystem.

The migration process will occur via a user-friendly migration portal. Holders of $XDEFI and $vXDEFI tokens on Ethereum and Arbitrum can swap their tokens at a 1:1 ratio for $CTRL, with Ctrl covering all transaction fees through December 31, 2024. A consistent exchange rate between $XDEFI and $CTRL will be maintained by Ctrl’s market maker throughout the transition period.

Major cryptocurrency exchanges including KuCoin, Gate, Huobi, LAToken, and Bitci have confirmed their support for the migration. To strengthen liquidity, key stakeholders including Ctrl’s co-founders, prominent investors such as Mechanism Capital, Delphi Digital, Morningstar Ventures, and the company’s treasury, have pledged to deposit 32% of the total token supply—capped at 240 million tokens—into liquidity pools for a 12-month period.

The newly introduced $CTRL token will adopt a deflationary model aimed at sustaining its long-term value. 75% of the wallet’s revenue and 100% of liquidity provider (LP) fees will be allocated to buying and burning $CTRL on the open market, effectively reducing its circulating supply.

“The migration from $XDEFI to $CTRL represents a pivotal milestone in our journey,” said Emile Dubié, CEO and Co-founder of Ctrl. “It not only aligns with the evolution of the Ctrl brand but also strengthens our tokenomics, enhancing long-term value for our community. We’ve ensured a seamless migration process, with a 1:1 swap and gas fees covered by Ctrl. This is more than a simple token swap—it’s the beginning of a new chapter for our ecosystem.”

Initially available on Ethereum mainnet, $CTRL will lead as the sole token driving the Ctrl ecosystem forward. $XDEFI is scheduled to deprecate on September 25, 2025.

About Ctrl Wallet

Founded in 2020, Ctrl Wallet is a powerful and intuitive self-custody wallet that gives its 500,000+ users access to opportunities across 2,100+ blockchains. With the ability to buy crypto instantly using 35 fiat currencies and swap millions of tokens within the wallet, Ctrl is revolutionizing the way users manage their assets on chain.