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Web3 wallet XDEFI unveils utility token as it sets sights on Metamask

Sean Dickens
·1 min read

Web3 wallet provider XDEFI has revealed details of its long-awaited utility token – $XDEFI.

XDEFI said that the main purpose of its wallet is to create “long-term incentives for ecosystem participants to build into a community” and develop a “suite of products” around the wallet.

The utility token will be used for four main utilities within the XDEFI ecosystem; staking, governance, building and a novel ‘play to (l)earn’ model.

XDEFI Token holders will then be able to stake their tokens using the wallet to claim rewards and participate in future governance decisions of the XDEFI Wallet.

Support will be also provided to community members to help incentivise and encourage users to participate in DeFi platforms and how to “best to use the tools necessary to unlock the full potential of DeFi”.

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The IDO for the $XDEFI token will take place in early November on MISO – SushiSwaps native launchpad platform – in a bid to raise an estimated $12m in funds.

With the rise of DeFi – particularly multi-chain – continuing to change the industry, the need for more Web3 wallets has prompted higher demand for viable products like Metamask.

The wallet was released earlier this month following a successful beta testing round for 27k testers and has attracted hordes of fans due to its friendly interface and notable features such as ‘Ape mode‘,

Since launching, it has been touted as a viable competitor to Metamask and one of the more intuitive DeFi-focused Web3 wallets available on the market today.