What is XDEFI Wallet (XDEFI) | What is XDEFI token

In this article, we'll discuss information about the XDEFI Wallet project and XDEFI token. What is XDEFI Wallet (XDEFI) | What is XDEFI token?

You cannot become the gateway to the decentralised web without opening all of the doors available to entrants.

Today a single network, Ethereum, attracts most of the DeFi activity of the crypto ecosystem.

Over the years, numerous projects have been declared the “Ethereum killer,” but so far none have succeeded in dethroning the king. Nevertheless, several projects led by remarkable teams have recently emerged that are creating tangible value and new perspectives for users.

While we are fascinated by and grateful for the innovation and opportunities that Ethereum has created, XDEFI does not believe that the entire crypto ecosystem will exist on one network to rule them all. Instead, we believe in a multichain future. For that future to emerge, we need to build more effective cross chain infrastructure.

We are chain agnostic, connecting to all useful technology and engaged communities.

If our collective ambition is to disrupt the established global financial institutions and centralized Web2 behemoths, all networks need to coexist and grow together harmoniously.

This is why we created XDEFI

We are a decentralised wallet extension that empowers users to easily access the decentralised future via their web browsers, today.

With XDEFI Wallet, users can:

• Receive, send and store digital assets irrespective of their native chains
• Connect to any blockchain applications
• Swap seamlessly between protocols
• Access native DeFi features

All of this, from a single wallet — in which digital assets are safely stored and easily accessible.

Why we chose to start with a browser extension

Over the last few years, we have seen a massive surge in mobile wallets. While we think some of them are amazing and will contribute to democratize access to the decentralised web, the reality is that most of the activity in DeFi is currently via web clients.

XDEFI Wallet was created with DeFi power users in mind, which is why we see a strong and instant market fit to consequently fill a gap that has been left vacant for too long.

Imagine being able to wrap some ETH into WETH directly within your wallet extension, use the WETH to provide liquidity in a Balancer pool, stake the LP tokens in CREAM and monitor the entire strategy using a single Wallet.

Focusing on user experience

Our focus is our users. Our promise is our dedication to continually strive for innovative, user friendly tools that will contribute to greater success for the blockchain ecosystem and support the DeFi community that has built itself around it. We are committed to exceptional customer support and constant iteration based on user-generated feedback.

Delivering empowerment

Ultimately, we aim to contribute to the promise of the decentralised web — to give the people back control over their data, their assets and their identity.

How do I create a Wallet?

1. Download and install the latest available version of XDEFI Wallet on your web browser

• XDEFI Wallet is currently supported on Chrome, Brave and soon Firefox: Download XDEFI Wallet now

2. Click on the XDEFI Wallet extension

3‌. Click on Let’s get started

‌4. Read and agree to the Terms and conditions

‌5. Set a password for your wallet

6. Click on the Next button

7‌. Save your secret phrase

8. Click on the Next button

9. Enter the 4 words of your secret phrase that are requested

10. Click on the Next button

‌11. Choose a name for your wallet

12. Click on the Next button

13‌. Choose whether or not to make XDEFI Wallet your default browser wallet

Note: This option makes XDEFI your default browser wallet when you interact with web applications.

By turning this option on, XDEFI will take priority over other wallet extensions (e.g. MetaMask) you may have installed in your browser when connecting to web applications. This option is easily accessible from the wallet menu in case you change your mind!

14. Click on the Next button

‌15. Confirm which chains to use with XDEFI

16. Click on Complete

‌Done!

You may now open the extension.

‌17. Press the extension icon in the top right corner of your web browser

‌18. Read and close the welcome message

 

Understanding the $XDEFI Token Economics

Max Supply: 240,000,000

The $XDEFI token has four main utilities: staking, governance, building, and play to (l)earn. Token holders will be able to stake their tokens in order to receive rebates, claim rewards and participate in the future governance of the XDEFI Wallet. Community members will be incentivised to learn how best to use the tools necessary to unlock the full potential of DeFi.

Staking

Users can receive rebates on fees incurred when using the swap functionality and claim rewards coming from the trading fees generated. The rebate vault will be available in the first half of 2022 directly in the wallet.

Staking $XDEFI into the rebate vault entitles users to discounts on the trading fees incurred when using the swap functionality of the wallet.

Staking $XDEFI yields rXDEFI (Rebate $XDEFI). The longer the user locks their $XDEFI in the rebate vault, the more rXDEFI the user will accumulate.

There are 5 locking options available: no time lock, 3 months, 6 months, 9 months, or 12 months.

Governance

A percentage of the trading fees will be allocated into a community treasury, which will be governed by the stakers in the future.

Building

$XDEFI tokens will be used to fund strategic projects focusing on growing the DeFi and NFT ecosystems around the wallet.

Play to (L)earn

Users will be incentivised to learn about DeFi and discover the necessary tools to use it to its fullest. $XDEFI token will be leveraged to create an educational framework around DeFi and NFTs to improve knowledge about web3 and encourage wider adoption. More information will be available in the coming months.

How and Where to Buy XDEFI token?

 XDEFI has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy XDEFI token.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since XDEFI is an altcoin we need to transfer our coins to an exchange that XDEFI can be traded. Below is a list of exchanges that offers to trade XDEFI in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase XDEFI from the exchange.

The top exchange for trading in XDEFI token is currently: Uniswap (V3), Sushiswap, and DODO (ERC-20)

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What is BonFire?

Bonfire is a community orientated, frictionless, yield generating contract based on the Binance Smart Chain. The project is based on an RFI tokenomic model that takes a 5% fee on every transaction that is proportionally redistributed to all holders of the Bonfire token, and another 5% fee that goes into the liquidity pool to provide additional security for token holders.

The project maintains the long-term goal of launching a decentralized social media platform, providing a space for NFT sales and sharing, as well as other utilities and sub-projects that are yet to be announced. The strongest asset of Bonfire is the incredible community that has been built around it. Giveaways, competitions and charity donations are an integral part of Bonfire.

BonFire Wallet Address (copy & paste into PancakeSwap): 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590

What is the Trust: Crypto & Bitcoin Wallet?

The best and quickest way to buy the BonFire crypto is through the Trust wallet. The Trust Wallet is a decentralized wallet, that has access to Decentralized Applications – or DApps for short. Its main goal is to make crypto more accessible with an intuitive and easy to understand user interface.

What is PancakeSwap?

PancakeSwap is a Binance Smart Chain-based Decentralized Exchange – or DEX for short - launched by some anonymous developers with a penchant for breakfast food. The great thing about using PancakeSwap is the extremely low fees and all the amazing features and functionality it offers.

I hope you found this video useful and I’d love to hear your thoughts and experiences with BonFire! I’m extremely active in my comments and if you have any questions I am always happy to answer them. Best of luck to all of you and thanks for watching!

📺 The video in this post was made by Will Walker
The origin of the article: https://www.youtube.com/watch?v=0h5QC-h1TKo
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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