After the successful launch of its wallet, Ambire is launching a governance token to go with the DeFi product.
Ambire (formerly AdEx Network) last month launched a DeFi wallet that now has 45,000 users holding more than $22 million worth of assets. The wallet is popular because of its ease-of-use — something that can be hard-to-find in the DeFi world.
Now, to go with the wallet, Ambire is launching a governance token called $WALLET. It will allow users of the wallet to make decisions on future upgrades to the product.
Users are already able to accrue the token as airdrop rewards — based on how many funds they currently hold in the wallet.
$WALLET will be available on major cryptocurrency exchange Huobi from tomorrow. Those who have already claimed it will be able to hold it shortly after it is made public. 0.6% of the token supply will be launched exclusively on Huobi via a primelist event on the platform.
DeFi, or decentralized finance, refers to a group of experimental peer-to-peer products that allow lending, borrowing, and trading of cryptocurrencies. Such products want to replace banks and have exploded in popularity back in 2020.
The explosion of DeFi in was partly behind the Ethereum — and Bitcoin — bull run. Right now, there is $77.46 billion locked into DeFi products, according to DeFi Pulse data .
Many DeFi applications are built on Ethereum. Ambire’s wallet allows users to buy (with fiat like US dollars), sell and hold various Ethereum tokens but it also supports other major DeFi blockchains like Avalanche and Polygon.
Huobi users will be eligible for token allocation at the opening price if they lock-in and trade assets for allotted tickets during the event period from 20:00 (UTC+8) on Saturday.
Ambire AdEx started in 2017 as a decentralized ad exchange for digital advertising, and subsequently evolved into a full protocol for digital advertising, with over 17K registered users.
Ambire’s wallet is its latest product and is aimed at anyone from absolute beginner to experienced traders.