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XDEFI Wallet Raises Over $19M in IDO, Announces New Sushi Liquidity Program

coinquora.com 23 November 2021 19:49, UTC
Reading time: ~3 m

XDEFI Wallet announces another milestone covered. This time, XDEFI —  the fastest wallet for DeFi and NFTs says it has successfully completed its IDO. According to the report, the event raised over US$19,449,732 through a crowd sale and Dutch auction hosted on Sushi’s MISO launchpad.

In line with its recent breakthrough, XDEFI’s team also discloses that they will host a liquidity pool on Sushi with an XDEFI/WETH trading pair. The pool will be induced through the Sushi Onsen program. What the Onsen integration will do is to propel new liquidity Sushi, broaden pool offerings, and reduce slippage. It will also help facilitate mutual relationships with other DeFi projects.

Just from the crowd sale, XDEFI Wallet reveals it raised around 8,227,931 USDC via the sale of 12,658,355 XDEFI tokens. The XDEFI token was sold at the price of US$0.65 per unit with over 10,000 participants. 

Conversely, a Dutch auction was conducted with the remnant of the tokens. At the auction, the price was fixed based on bids from auction participants that ranged from $4 and $0.65. A quantity of 8,880,101 XDEFI tokens was sold at nearly $1.263702 per unit. Also, a total of 11,221,801 USDC was raised by XDEFI Wallet with 427 people participating in the bid.

As a result, XDEFI Wallet CEO Émile Dubié gave a warm appreciation to the XDEFI community for their support and faith in the project.

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.

As stated by the CEO, the IDO fund will be utilized to develop other projects around the XDEFI Wallet. Besides that, $1 million from the IDO will be used as a grant to contribute to an open-source library for its development — xchain.js.

Elaborating on the use cases of the ERC-20 XDEFI token designed by Delphi Digital, the team says the token will power the larger XDEFI ecosystem. This includes; funding emerging DeFi and NFT projects. Not only that, token holders will be able to stake, receive swap fee rebates, claim staking rewards and also take part in the governance system.

The XDEFI token will be leveraged in a Play-to-Learn initiative anticipated to begin in Q1 2022. The XDEFI team hopes to use the initiative to encourage users to learn more about how to use a non-custodial wallet and also find out more about DeFi tools easily.

XDEFI Wallet is a browser built for speed with the “Ape Mode” feature powered by Blocknative that enables transactions to enter the next block 99% of the time. Comparably, XDEFI Wallet offers native integrations on Terra, THORChain, Ethereum, and many other Ethereum Virtual Machine (EVM) networks.

XDEFI Wallet provides automatic NFT detection and a ‘buy crypto’ option which allows users to put their fiat into DeFi through third-party provider Ramp. It also offers a customizable drag-and-drop display grid.

Going back, XDEFI Wallet revealed the public releases of its browser wallet with over 60,000 Chrome Store users. It also announces a $6 million investment round supported by top DeFi-centric funds. To clarify, the IDO was not open to persons or legal entities located in a jurisdiction where the holding of, or the use of, cryptocurrency breaches applicable regulations or law. 

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