CTRL✜: Simplifying Web3 with Enhanced Features and a New Identity
CTRL is redefining the web3 wallet experience with a user-friendly interface, innovative features like chain abstraction and gas management, and a strategic rebrand aimed at broadening crypto adoption
In this edition of Founders Funnel, we sit down with the founder of CTRL, the web3 wallet formerly known as XDEFI, to explore the motivations behind their recent rebranding and the exciting new features they’re bringing to the market. CTRL aims to simplify self-custody and make blockchain interactions as seamless as using a traditional fintech app. From its cutting-edge chain abstraction feature to its innovative gas management system, CTRL is setting a new standard for digital asset management. We also dive into the security measures they've implemented, the future of the $XDEFI token as it transitions to $CTRL, and what users can look forward to in the months ahead. Whether you're a seasoned crypto user or new to the space, CTRL offers a streamlined experience designed to make managing digital assets easier than ever.
Can you give us an overview of CTRL and explain what sets it apart from other web3 wallets currently available?
Ctrl allows anyone to access self-custody without the headaches associated with it. The interface has been designed to be as friendly as a fintech app and abstract the complexity away from managing your own assets.
Can you share the motivation behind this rebranding and what changes or new elements users can expect to see as part of this transformation?
XDEFI felt right as a brand amid DeFi summer, but the reality is that the product is being used for more than just DeFi. We need more accessible brands as we onboard more users into crypto.
As a non-custodial wallet, what security measures does CTRL implement to ensure user funds and data are protected?
The wallet is compatible with the largest hardware wallet solutions. We flag malicious addresses, allow users to easily revoke approval of compromised contracts, provide transaction simulation for most chains, etc. The wallet has been built with the security of the users in mind and is going through an extensive audit as we speak.
CTRL introduced a unique feature called 'Chain Abstraction' that consolidates user assets across various blockchains. Can you describe how this feature works and the benefits it offers to users?
All assets will have consolidated balances irrespective of the chains they live on. If you have ETH on 5 different networks, you will be able to see your total ETH balance in one place. There is no need to toggle between networks to see a consolidated view of your crypto portfolio.
CTRL includes a proprietary DEX and Bridge aggregator. Could you discuss the technology behind this feature and how it supports seamless asset transfers between different blockchains?
We have been working on our own routing API for years and aggregated a large panel of providers such as 1inch, THORChain, Socket, Jupiter, Osmosis and more, which allows us to cover millions of pairs across a multitude of networks.
Innovation in Gas Abstraction:
Gas fees are a significant aspect of blockchain transactions. How does CTRL's gas abstraction feature work, and what advantages does it provide to wallet users?
Users can deposit USDC within the gas tank and not have to worry about gas management anymore. The gas is deducted directly from their gas tank. Given that the first deposit is in USDC, they can directly fund a wallet address with that stability and never have to think about having native assets to pay for gas.
Could you explain the multiple utilities of the $XDEFI token within the CTRL ecosystem?
$XDEFI will migrate to $CTRL in late September. We will use 75% of the revenue to buy back and burn the token. Users will be able to use $CTRL as a universal gas token by filling up the gas tank with it. The token will have additional utility in the future that will be communicated about in due time.
Looking forward, what can users expect from CTRL in the coming months? Are there any exciting new features or partnerships on the horizon?
We are focused on shipping the new products and stabilizing them.