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XDEFI

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Discover XDEFI's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is XDEFI?

XDEFI is a non-custodial, multichain wallet that securely stores, swaps, and sends cryptocurrencies and NFTs across over 200 blockchains, including Ethereum, Solana, Arbitrum, THORChain, Avalanche, Polygon, and Bitcoin. It supports over 10,000 assets and offers features like smart asset grouping, Ledger and Trezor support, and access to decentralized applications (dApps) on multiple chains.

How is XDEFI used?

The XDEFI token is used within the XDEFI Wallet ecosystem, which is a multi-chain wallet supporting over 200 blockchains, including Bitcoin, Ethereum, Solana, and more. The wallet allows users to securely store, swap, and send cryptocurrencies and NFTs across various chains. It also supports Ledger and Trezor hardware wallets for added security.

Key features of the XDEFI Wallet include:

  • Cross-chain swaps: Users can swap tokens across different blockchains seamlessly, leveraging leading DEXs like 1inch, Jupiter, and Osmosis.
  • dApp connectivity: The wallet connects to various decentralized applications (dApps) on multiple chains, providing a unified interface for users.
  • Multi-chain support: XDEFI supports a wide range of blockchains, allowing users to manage assets from different ecosystems in one place.
  • Security: The wallet emphasizes security with features like IP address protection, no Google Analytics tracking, and a bug bounty program.

The XDEFI token itself is not explicitly described as a means of payment or utility within the wallet. However, it is mentioned as part of the XDEFI ecosystem, suggesting it may have a role in governance, incentives, or other functions within the platform.

How do I store XDEFI?

To store XDEFI (XDEFI) tokens, you can use the XDEFI Wallet, which supports multiple blockchains and allows you to securely store, swap, and send crypto and NFTs across over 200 blockchains. Here are the steps to manage your XDEFI tokens:

  1. Open the XDEFI Wallet extension.
  2. Click on the downward-pointing arrow associated with the asset group of your choice to display the detailed list of assets supported on their respective blockchain.
  3. Click on the '...' associated with the XDEFI token to see the different options:
    • View: View your address and asset on the explorer.
    • Pin to top: Pin the whole asset group to the top of the Home screen.
    • Remove token: Remove the token from your wallet.
    • Copy chain address: Copy the chain address for the XDEFI token.

Additionally, you can back up your wallet to ensure the safety of your XDEFI tokens. To do this:

  1. Open the XDEFI Wallet extension.
  2. Click on the upper-left button related to the current account selected.
  3. Click on the 'Manage' button.
  4. Click on the '...' associated with the wallet of your choice and select the 'Show secret phrase' option.
  5. Enter the local password of your XDEFI Wallet extension to access your secret phrase.

By following these steps, you can securely manage and store your XDEFI tokens within the XDEFI Wallet.

How to buy XDEFI?

To buy XDEFI (XDEFI) tokens, you can follow these steps:

Buying XDEFI (XDEFI) on a Centralized Exchange (CEX)
  1. Register on a CEX:

    • Sign up on a centralized exchange (CEX) that supports XDEFI trading, such as KuCoin.
    • Verify your identity and secure your account by setting up two-factor authentication and a trading password.
  2. Add a Payment Method:

    • Add a credit/debit card or bank account to your CEX account.
  3. Buy XDEFI:

  • Use your added payment method to buy XDEFI tokens on the CEX. You can buy XDEFI directly with fiat currency or first purchase a stablecoin like USDT and then exchange it for XDEFI.
Buying XDEFI (XDEFI) on a Decentralized Exchange (DEX)
  1. Choose a DEX:

    • Select a decentralized exchange (DEX) that supports XDEFI trading, such as Uniswap.
  2. Set Up a Crypto Wallet:

    • Download and install a Web3 crypto wallet like Metamask or a mobile wallet like Trust Wallet.
    • Create and set up a new wallet, ensuring you keep your seed phrase safe.
  3. Transfer Base Currency:

  • Transfer a base currency like ETH or BNB to your wallet address.
  1. Connect to the DEX:

    • Connect your wallet to the DEX by clicking the "Connect Wallet" button and following the instructions.
  2. Swap for XDEFI:

    • Find the "Swap" option on the DEX, select your base currency as the "From" currency, and XDEFI as the "To" currency. Enter the amount you want to swap and confirm the transaction.
Additional Tips
  • Ensure you are using a reliable and secure exchange or wallet to avoid scams and potential losses.
  • Always double-check the smart contract address of XDEFI to avoid buying fake tokens.
  • Be aware of market risks and price volatility, and only invest in products you are familiar with.
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History of XDEFI

XDEFI Wallet, the cryptocurrency behind the XDEFI token, has a history that spans over a year and a half. It was initially incubated as a chain-agnostic wallet by the THORChain protocol, a leading cross-chain liquidity protocol. The need for a multi-chain wallet that could store and manage various digital assets led to the development of XDEFI Wallet.

In September 2021, XDEFI Wallet secured a $6 million Series A investment round led by Mechanism Capital, with participation from prominent investors such as DeFiance Capital, Alameda Research, and Animoca Brands. This investment round was followed by a successful public Initial Decentralized Offering (IDO) in which the project raised over $19.4 million through a crowd sale and Dutch auction hosted on SushiSwap’s MISO launchpad.

The high interest from both venture capitalists and retail investors demonstrated that XDEFI Wallet addressed a significant need in the crypto market, particularly among users who were dissatisfied with existing wallet solutions. Today, XDEFI Wallet has a strong user base, with over 80,000 weekly active users and a vibrant community on social media platforms like Discord.

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How XDEFI works

The crypto XDEFI (XDEFI) is a digital asset that operates within the XDEFI Wallet ecosystem. Here is an overview of how it works:

Key Components
  1. Crypto Addresses and Keys:

    • Public Key/Address: This is the publicly visible address where others can send you coins or tokens. It is linked to a private key and is used to receive assets.
    • Private Key: This is a secure, long string of numbers that should be kept confidential. It is used to control the assets associated with the public key and is generated from a set of mnemonic seed words.
  2. Wallet Management:

    • XDEFI Wallet: This is a multichain wallet that supports over 200 blockchain networks, allowing users to store, swap, and send various cryptocurrencies and NFTs. It also supports hardware wallets like Ledger and Trezor for added security.
  3. Security Features:

  • Biometric Authentication: The wallet incorporates biometric methods like fingerprint scanning or facial recognition to ensure only authorized access.
  • Advanced Encryption: State-of-the-art encryption techniques are used to protect sensitive information and ensure secure data transmission.
Functionality
  1. Multichain Support: XDEFI Wallet allows users to interact with different blockchain networks, such as Ethereum, Cosmos, Binance Smart Chain, and more, from a single interface.
  2. Token Swaps: Users can seamlessly swap tokens within the wallet, leveraging integrated DeFi protocols like 1inch, Jupiter, and Osmosis.
  3. DeFi Strategies: The wallet supports various DeFi strategies like staking, yield farming, and liquidity provision, enabling users to maximize their earnings.
  4. Buying and Trading: Users can purchase and trade XDEFI tokens on reputable cryptocurrency exchanges that list this digital asset.
Additional Features
  1. NFT Management: XDEFI Wallet supports the management of Non-Fungible Tokens (NFTs), allowing users to store and interact with these unique digital assets.
  2. dApp Integration: The wallet enables users to connect to various decentralized applications (dApps) across different blockchain networks, providing a unified interface for DeFi interactions.

Overall, XDEFI is a digital asset that operates within a robust and secure wallet ecosystem, offering users a range of features and tools to manage their cryptocurrencies and engage in DeFi activities.

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XDEFI's strengths

The token XDEFI (XDEFI) has several strengths that contribute to its value and utility in the cryptocurrency market:

  1. Multichain Capabilities: XDEFI supports a wide range of blockchain networks, including Ethereum, Terra, THORChain, Litecoin, Avalanche, Polygon, Binance Smart Chain, Bitcoin, and others. This allows users to manage multiple cryptocurrencies seamlessly within the wallet.

  2. Security Features: XDEFI offers robust security measures, including encryption protocols and decentralized architecture, ensuring the secure management of digital assets.

  3. DeFi Strategies: The wallet enables users to maximize earnings through various DeFi strategies such as staking, yield farming, and liquidity provision. This provides users with opportunities for potential growth and returns.

  1. Token Swap and Bridging: XDEFI allows for permissionless and unlimited swaps, as well as bridging between different blockchain networks. This facilitates the easy exchange of assets across different platforms.

  2. Governance Rights: Token holders have a say in the development of the platform through voting on community proposals, such as native chain integrations, new product features, and fee distribution.

  3. Staking and Rewards: The veModel used by XDEFI allows token holders to stake and earn a share of XDEFI swap and bridge fees. This incentivizes users to participate in the ecosystem and rewards them for their involvement.

  1. Gas Abstraction: XDEFI tokens can be used to cover gas costs for transaction signing within the wallet and when interacting with external dApps, providing a seamless user experience.

  2. Premium Features: Future plans include the introduction of premium features such as wallet skins and preferential access to certain XDEFI campaigns, further enhancing the user experience.

These strengths make XDEFI a versatile and user-friendly platform for managing and utilizing various cryptocurrencies effectively.

XDEFI's risks

XDEFI, a cryptocurrency project, carries several financial risks that investors should be aware of. These risks are inherent to the decentralized finance (DeFi) sector and can impact the performance and security of the XDEFI token.

Risk Management Strategies

Implementing risk management strategies is crucial when investing in XDEFI. Diversification is one such strategy, which helps to minimize exposure to any single asset or market segment. This approach can help mitigate potential losses if one investment performs poorly.

DeFi Risks

DeFi activities, including those facilitated by XDEFI, come with varying degrees of risk. Malicious actors and hackers constantly seek to exploit vulnerabilities in code, take advantage of careless users, and disrupt legitimate financial activities. Users must be cautious when interacting with DeFi protocols, ensuring they keep their wallets and private keys secure and avoid suspicious websites or smart contracts.

Tokenomics Risks

XDEFI's tokenomics, based on the veModel, allows token holders to stake and earn a share of swap and bridge fees. However, this model can be vulnerable to market fluctuations and changes in user behavior, which may impact the token's value and staking rewards.

Yield Farming Risks

Yield farming, a key feature of XDEFI, involves various yield-generating strategies. However, these strategies come with risks such as cyber attacks, rug pulls, and scam tokens. Yield farmers must be cautious and thoroughly research protocols before investing to avoid potential losses.

Regulatory Risks

XDEFI, as a cryptocurrency project, is subject to regulatory requirements. Non-compliance with these regulations can result in legal issues, fines, or even the shutdown of the project. Investors should stay informed about regulatory developments and ensure they comply with all applicable laws and guidelines.

Market Risks

XDEFI's performance is influenced by market conditions, including supply and demand, competition, and global economic trends. Market volatility can lead to significant price fluctuations, impacting the value of the token and the overall performance of the project.

Liquidity Risks

Liquidity risks arise when there is a lack of buyers or sellers for the XDEFI token, making it difficult to execute trades quickly and at a fair price. This can result in significant losses for investors, especially during times of high market volatility.

Smart Contract Risks

XDEFI's smart contracts, which facilitate various DeFi activities, can be vulnerable to exploits and bugs. If these vulnerabilities are not addressed, they can lead to significant financial losses for users and damage to the project's reputation.

User Error Risks

User error, such as incorrect address entries or unauthorized access to wallets, can result in financial losses. Investors must take responsibility for securely managing their wallets and private keys to avoid such risks.

Project Risks

XDEFI, as a project, is subject to risks related to its development, management, and community support. If the project fails to deliver on its promises or experiences internal conflicts, it can negatively impact the token's value and the overall project's success.

In conclusion, XDEFI carries a range of financial risks that investors should carefully consider before investing. It is essential to thoroughly research the project, understand its tokenomics, and implement risk management strategies to minimize potential losses.

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Did XDEFI raise funds?

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XDEFI's ecosystem

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XDEFI’s team

Here is the team behind the crypto XDEFI:

  • Émile Dubié: CEO and Co-Founder
  • David: CTO and Co-Founder
  • Kevin Beardsley: COO
  • Cédric: Community Lead
  • Charlie: Head of Legal
  • Jérémie: Finance Lead
  • Seán: Product Lead
  • Annelise: Product Manager
  • Liam: Front End Lead
  • Amin: Software Engineer
  • Vladyslav: Full Stack Developer
  • Amur: Senior Full Stack Engineer
  • Roman: Front End Developer
  • Andrew: Front End Developer
  • George: Manual QA
  • Andrii: QA Lead
  • Jason: Product Designer
  • Vachagan: Back End Developer
  • Sylwek: Back End Developer
  • Danil: Full Stack Developer
  • Kourosh: Back End Developer
  • Tadas: Back End Lead
  • Nabil: Back End Developer
  • Domagoj: Back End Developer

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