- XDEFI Wallet introduced its utility token XDEFI.
- The token will power the XDEFI Wallet ecosystem.
- The team will conduct an IDO for XDEFI on MISO by November.
The XDEFI Wallet team recently announced XDEFI, a utility token that’s created to power the XDEFI Wallet ecosystem. It’s designed by Delphi Digital, the same company that designed AXS, YGG, and PERP. It’s an ERC-20 utility token that will be available through an IDO in early November on MISO, the launchpad of SushiSwap.
The XDEFI token will boost the XDEFI Wallet ecosystem, this includes providing funds to new and promising NFT and DeFi projects. Aside from this, token holders can do the following — staking, claiming fee rebates, governance participation, and earning by learning about DeFi and DeFi tools. Meanwhile, the IDO fund that’s around 1 million USD will be utilized as a grant to further develop xchain.js.
According to XDEFI Wallet CEO Émile Dubié, the team is very excited to announce the XDEFI token. Dubié said,
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.
He added that they will also leverage XDEFI to make an educational framework on DeFi and NFTs with the aim to enhance people’s knowledge on web3 and boost a wider global adoption.
According to the XDEFI Wallet team, interested participants for the IDO can learn more by going to XDEFI Wallet’s official Medium and Twitter (NYSE:TWTR) channels. As a disclaimer, they mentioned that the IDO is not available to users or institutions where holding and using crypto is prohibited by law.