Today, XDEFI Wallet is proud to unveil its utility token. $XDEFI is an ERC-20 token designed by Delphi Digital. Its main purpose is to create a long-term incentive for ecosystem participants to build into a community and maintain a suite of products around the wallet.
Read on to learn more about the $XDEFI token and its utilities.
Understanding the $XDEFI Token Economics
The $XDEFI token has four main utilities: staking, governance, building, and play to (l)earn. Token holders will be able to stake their tokens in order to receive rebates, claim rewards and participate in the future governance of the XDEFI Wallet. Community members will be incentivised to learn how best to use the tools necessary to unlock the full potential of DeFi.
Users can receive rebates on fees incurred when using the swap functionality and claim rewards coming from the trading fees generated. The rebate vault will be available in the first half of 2022 directly in the wallet.
Staking $XDEFI into the rebate vault entitles users to discounts on the trading fees incurred when using the swap functionality of the wallet.
Staking $XDEFI yields rXDEFI (Rebate $XDEFI). The longer the user locks their $XDEFI in the rebate vault, the more rXDEFI the user will accumulate.
There are 5 locking options available: no time lock, 3 months, 6 months, 9 months, or 12 months.
A percentage of the trading fees will be allocated into a community treasury, which will be governed by the stakers in the future.
$XDEFI tokens will be used to fund strategic projects focusing on growing the DeFi and NFT ecosystems around the wallet.
Play to (L)earn
Users will be incentivised to learn about DeFi and discover the necessary tools to use it to its fullest. $XDEFI token will be leveraged to create an educational framework around DeFi and NFTs to improve knowledge about web3 and encourage wider adoption. More information will be available in the coming months.
If you’re interested in participating in our upcoming IDO in early November, please stay tuned for more information in the coming days.