Ambire Wallet has announced the launch of its $WALLET utility token. The $WALLET token will be available on the Ethereum blockchain soon, and will later on be bridged for cross-blockchain availability on Polygon and Binance Smart Chain.
The new token will be used for governance and to reward Ambire Wallet users, as well as $ADX stakers ($ADX is the native token of the Ambire AdEx ad platform). $WALLET holders will also have the option to stake their tokens to a single staking pool.This will provide them with xWallet tokens that effectively represent their share from the pool.This staking pool has a lock-up period of 20 days, similar to the mechanism in $ADX’s Validator Tom pool. Users may also opt out of the pool with a “ragequit” function which allows them to immediately unstake from the pool.
The new $WALLET token will also gain significant allocation for $ADX stakers. Notably, the $WALLET token is the crypto industry’s first governance token for a DeFi-native wallet.
According to Ambire, WalletDAO will serve a treasury that’s managed by a multisig algorithm operated by delegates. This treasury will then consist of 35% of $WALLET token allocation, including revenues generated from transaction fees and swaps. Proposals involving treasury spending will be submitted by the core dev team, while all token holders are allowed to vote once a quorum for a proposal is called.
Founded in 2016, Ambire is working towards a vision of decentralized finance that appeals to both first-time users and well-versed crypto enthusiasts. Ambire Wallet, one of its two current flagship products, enables users to invest funds through multiple decentralized finance protocols with a seamless and intuitive interface.
Ambire recently secured a funding round led by LAUNCHHub Ventures, which saw $3 million in investments from major private investment firms including Ascensive Assets, a private investment firm specializing in digital assets; MetaCartel Ventures (Venture DAO), a decentralized autonomous organization investing in early-stage dApps; and Zee Prime Capital, a venture capital firm focused on programmable assets and collaborative intelligence. The funding round also saw the participation of bitcoin.com CEO Danish Chaudhry as an angel investor.
The $WALLET token will have a fixed supply of 1 billion, with distribution mechanics working as follows:
- 10% for early backers with 1-year linear vesting (i.e. more tokens unlock with every block, and recipients can claim manually when they want to);
- 10% for the Ambire team with 3-year linear vesting;
- 10% for $ADX stakers, distributed over 18 months as additional staking rewards;
- 30% for early Ambire Wallet users and stakers, distributed over 4 years;
- 35% for the WalletDAO;
- 5% for initial liquidity.
Ambire’s $ADX token, on the other hand, is facing unprecedented growth, with its staking APY (annualized percentage yield) currently running at 46%, incentivizing users with staking functions for usage of the protocol’s advertising functions. According to Ambire, their current inroads in the development of rewarding user attention on the metaverse is projected to increase because of its buyback-and-redistribute mechanism.