What is XDEFI Wallet (XDEFI)?
XDEFI Wallet is a non-custodial crypto wallet that allows you to manage your digital assets across multiple blockchains. The wallet operates across 15 top blockchains like Bitcoin, Ethereum, Avalanche, BNB Smart Chain, Polygon, and Solana. The wallet’s non-custodial feature ensures that the user retains control of their funds, private information, seed phrase, and private keys.
XDEFI Wallet is a one-stop wallet for all your crypto services. The wallet allows you to swap, trade, transfer, and securely store over 10,000 assets from multiple blockchains. You can even store NFTs on XDEFI Wallet and manage decentralized finance (DeFi) services.
Also, the XDEFI protocol has its native Ethereum-based token called XDEFI, which complements the experience of using the wallet. XDEFI crypto holders can put their tokens to work and earn rewards.
Besides, the XDEFI wallet supports Ledger hardware wallets. Thus, you can connect your Ledger to the XDEFI wallet. Though it also plans to add support for another hardware wallet – Trezor.
Lastly, note that XDEFI Wallet has a wallet extension that is compatible with Chrome, Brave, Opera, and Microsoft Edge browsers.
Use Cases of XDEFI
The primary function of the XDEFI token in the protocol is staking. This means that holders can lock up their tokens for a given period to earn rewards. The staking model deployed is unique, offering users XDEFI crypto assets and NFTs as rewards. For each NFT received, the user gets discounts on transaction fees in the XDEFI Wallet. While staking the token, the holder can decide the amount and period of their stake.
75% of the amount accrued from transaction charges is deployed to purchase XDEFI coins from the open market and then distributed to token holders. XDEFI holders also get the privilege to participate in governance and vote for or against proposals.
Beyond its core functions within the XDEFI ecosystem, the token is also a speculative asset. You can view the XDEFI price on its price chart above to decide whether or not to add the crypto to your crypto portfolio.
Who Founded XDEFI Wallet?
XDEFI was founded in 2020 by David Phan and Emile Dubié. Other team members include Dimitry Kislichenko as the Head of Engineering, Michael de Luca as the Smart Contracts Lead, and Kevin Beardsley as the COO. The London-based protocol received funding from top crypto VCs like Sino Global Capital. This team executes a security-driven approach to design a wallet that users can trust to manage their assets conveniently.
Tokenomics of XDEFI
XDEFI token has a maximum supply of 240 million tokens. The protocol’s deflationary mechanism aims to induce a steady XDEFI price rise over time, given the ever-rising demand and limited token supply.