XDEFI Wallet Raises More than $19 Million via Sushi MISO IDO, Launches Liquidity Programme
XDEFI Wallet, a DeFi and NFT-focused browser-based wallet announced the successful conclusion of its IDO on Sushi’s MISO launchpad where it raised $19,449,732 via a crowd sale and a Dutch auction.
XDEFI Wallet Concludes Sushi IDO
XDEFI Wallet, a next-generation, innovative, high-performance digital assets wallet raised more than 8,227,931 USDC through the sale of 12,658,355 $XDEFI tokens at a price of $0.65 per $XDEFI. The crowd sale witnessed participation from more than 10,000 buyers.
The remaining tokens were later moved to the Dutch auction where a price range between $4 and $0.65 was determined basis the bids from auction participants. During the Dutch auction, XDEFI Wallet raised more than 11,221,801 USDC by selling 8,880,101 $XDEFI tokens at a price of around $1.263 per $XDEFI. The Dutch auction witnessed participation from 427 buyers.
In addition, the XDEFI Wallet team announced that it would host a liquidity pool on Sushi with a $XDEFI/$WETH trading pair. The pool will be incentivized via the Sushi Onsen program.
For the uninitiated, the Onsen program aims to bring new liquidity to Sushi, decrease slippage, expand pool offerings, and establish mutually beneficial partnerships with other DeFi projects.
Commenting on the development, XDEFI Wallet CEO Émile Dubié said:
“We are extremely grateful to our community members for their support and faith in the project. We intend to use the IDO funds to develop a suite of products around the wallet, including a mobile app, web app and cross-chain API, as well as a multichain DEX aggregator within the wallet. We also plan to embark on a strong recruitment drive in order to continue to grow our XDEFI team by attracting some of the best available talents in the market.”
The Multiple Utilities of $XDEFI Token
It is worth highlighting that the $XDEFI token has been designed by Delphi Digital ($AXS, $YGG, $PERP) and will power the wider XDEFI Wallet ecosystem that includes funding emerging DeFi and NFT projects.
In addition, $XDEFI holders will be able to stake their tokens, receive swap fees rebates, claim staking rewards, and participate in governance systems. Further, the $XDEFI token will be used in Play-to-Earn initiative that is primed to go live sometime in Q1 2022.
The above-mentioned Play-to-Earn initiative will incentivize users to learn in detail about how to use a non-custodial wallet and discover DeFi tools at their disposal. Moreover, $1M from the IDO will be used as a grant to contribute to the xchain.js development growth — an open-source library.
What does XDEFI Wallet Offer?
XDEFI Wallet is a next-gen, DeFi, and NFT-focused wallet that allows users to benefit from features such as the “Ape Mode” that ensures transactions get into the next block 99% of the time.
XDEFI Wallet can be used seamlessly across multiple chains as it offers native integrations on THORChain, Terra, Ethereum and other Ethereum Virtual Machine (EVM) networks.
Further, XDEFI Wallet offers automatic NFT detection and a customizable drag-and-drop display grid. In addition, there is also a “Buy Crypto” option that allows users to bring their fiat into DeFi via third-party provider Ramp.
XDEFI Wallet unveiled the public release of its browser wallet earlier this year and has already amassed more than 60,000 Chrome Store users to date. In addition, the wallet also raised $6 million in its recent funding round backed by the most influential DeFi-focused funds.
The $XDEFI IDO was not open to persons or legal entities located in a jurisdiction where the holding of, or the use of, cryptocurrency is in direct violation of the applicable law or regulations.
