XDEFI Wallet successfully raises over US$19.4M from 10,736 supporters
We are proud to announce XDEFI Wallet’s successful IDO, which raised over US$19.4M in a crowd sale and Dutch auction hosted on Sushi’s MISO launchpad! The fundraise included 8,227,931 USDC raised from a private crowd sale and 11,221,801 USDC raised during a public Dutch auction.
Read on for a summary of how the IDO went.
Private crowd sale
- Duration: Nov 15 at 14:00 UTC to Nov 16 at 14:00 UTC.
- Price: US$0.65
- Participants: 10,309 whitelisted addresses
- Tokens: 12,658,355 $XDEFI (rounded to the nearest token)
- Raise: 8,227,931 USDC
Public Dutch auction
The remaining 8,880,101 $XDEFI tokens were offered at a public Dutch auction on MISO.
- Platform: MISO, Sushi’s launchpad
- Duration: Nov 17 at 14:00 UTC to Nov 18 at 10:00 UTC.
- Clearing price: US$1.263702
- Participants: 427
- Tokens: 8,880,101 $XDEFI (rounded to the nearest token)
- Raise: 11,221,801 USDC
Listings and liquidity
As of the time of publication, the $XDEFI/$WETH Sushi pool has over US$5.9M TVL (total value locked) and its liquidity is incentivised by Sushi’s Onsen program.
The ERC-20 $XDEFI token was designed by Delphi Digital ($AXS, $YGG, $PERP) and powers the broader XDEFI Wallet ecosystem. Token holders will be able to stake their tokens, receive swap fee rebates, claim staking rewards and participate in governance systems.
$XDEFI will also be leveraged in the Play to (L)earn initiative scheduled to start in Q1 2022, which will incentivise users to learn how to safely use non-custodial wallets and discover new DeFi products.
To learn more, check out our Token Economics blog post.
Use of funds
We will use the IDO proceeds to continue to invest in the XDEFI Wallet experience. Our short term product priorities include plans to:
- Deepen our existing integrations with LUNA, RUNE and our 7 other supported chains
- Integrate SOL, AVAX and FTM
- Launch the XDEFI Wallet mobile app, web app and cross-chain API
- Launch a multichain DEX aggregator within the wallet.
To achieve these results, we intend to continue to grow the XDEFI Wallet team by recruiting top talent from across the industry.
In addition, US$1M from the IDO will be used as a grant to contribute to the xchain.js development. Xchain.js is an open-source cross-chain library.
Note: The $XDEFI IDO was not open to persons or legal entities located in a jurisdiction where the holding of, or the use of, Cryptocurrency violates applicable law or regulations.
We want to take this time to say a big thank you to our community.
Whether you have been here since the beginning or joined recently, you are the heart of the XDEFI Wallet vision. We are proud to have you on this journey with us. As always, please join our community on Twitter and Discord to stay up to date on all the latest exciting news.