XCT Buyback and Burn Off-chain Proposal #1
Citadel.one Foundation proposes to use accrued rewards from DAO Nodes for XCT buyback from Pancakeswap pools and further burn to create positive buying pressure and increase trading volume on existing exchanges.
Citadel.one DAO is successfully running nodes across multiple networks including The Graph, Injective, Cosmos, Secret and so on. All validator nodes receive a portion of staking rewards depending on commission fee set in each network. Citadel.one nodes standard commission fee ranges from 3% to 5%. In accordance with our tokenomics, half of that revenue goes to the community pool and can be voted to increase the value of XCT token by utilizing a burn function or to drop XCT to it’s stakers.
Citadel.one Validator Universe is an integral part of Citadel.one DAO making XCT token that powers it a securitized asset, whose value is partially based on the revenue stream Citadel.one is generating from its nodes. XCT holders and stakers must benefit from community driven node ownership, thus XCT buyback and burn is the best solution and use case at this stage of development.
To the moment of this proposal Citadel.one is counting 21 nodes in mainnets. All their addresses and balances are public and can be viewed in explorers. From the moment of DAO launch all those addresses were nullified, meaning that current balances are fully DAO community owned.
List of addresses:
- Akash - akashvaloper1a4zxtnu9k0zpl6p5hmduc5zz7xrm2dz8vm2ey8
- Band - bandvaloper10grrhfawl98ypn5x25zmqcp8f20eg9sw56v3e0
- Cosmos - cosmosvaloper1lzhlnpahvznwfv4jmay2tgaha5kmz5qxerarrl
- Graph - 0x8d632dfc2454d624910fe982e85a5b15d2ae93c5
- ICON - hx3aa778e1f00c77d3490e9e625f1f83ed26f90133
- Injective - injvaloper1hsxaln75wjs033t3spd8a0gawl4jvxawn6v849
- IOST - citadeldao
- IRIS - iva12f8cfz4qqtk3qxym94xme5qyqjl3gpw0hv2hs0
- Juno - junovaloper1lzhlnpahvznwfv4jmay2tgaha5kmz5qx4cuznf
- Kava - kavavaloper17u9s2fx5htqdsuk78hkfskw9s5g06tzqyl2m8j
- KiChain - kivaloper1umjuwrcn0vdx6w7nxaemv9s6ds0w860k5nrfyr
- Oasis - oasis1qzu358mpd4z5frmrq6vnwq87cqfvdmfxh5ax57cj
- Osmosis - osmovaloper1lzhlnpahvznwfv4jmay2tgaha5kmz5qxwmj9we
- Persistence - persistencevaloper1tv288tg8fa0a53742949m4swph0x2mfg7jsc22
- Secret - secretvaloper1x76f2c2cuwa4e3lttjgqeqva0725ftmqvgvfnv
- StaFi - 33vpeihzksu2HGtYqjNB9aZbrbwfqNsUC4ZAbMMGmKsXtgPo
- Sentinel - sentvaloper1wmeez9g4tepgfnt66989tf4j2zzfwckfhgy0gh
- Sifchain - sifvaloper1nh90hjeljehpcmuvu3ldw59842kvhgn286nv8k
- Tezos - tz1fUyqYH7H4pRHN1roWY17giXhy1RvxjgUV
- Wanchain - 0xa49a146ddf3c4529fd9bb993e6fed9311588a418
Listed nodes currently have over $200M USD total value staked and over $600,000 accrued in rewards from commissions, half of which is going to community fund and is currently proposed to be used for XCT buyback and burn.
In case of positive feedback, buyout and burn events will be happening in multiple batches in the period from 15.11.21 to 31.12.21.
In order to avoid front-running Citadel.one DAO Foundation will not disclose buyout exact time, however Citadel.one will release a detailed report after the process is completed.
NOTE: This is a soft proposal and will only be discussed on the forum without going on-chain. Our development roadmap is very busy with all the product releases coming till the end of the year. There is no room to integrate a full-scale governance tool into the Citadel.one platform till that time. Once DAO functionality is released, this sort of proposals will be decided on-chain.
papamchik last edited by
Good idea with the burning!
@papamchik Go ahead with the burning
Good idea, we need positive buying pressure and strong hand to hodl
you have my vote !
I agree & recommend passing proposal.
@iamvlad 100% agree ! Thanks for your work, great products and communication !
cryptobike last edited by
Agree with buy back and burn, more and more people will know the real value of citadel as one of the best validators worldwide
SilverDuck last edited by
that sounds promising! Lets see what will come of it. You have my full support)))))
This post is deleted!
agree, also with the methodology of buys
I've been waiting for this!
Expect price increases!
JulianPereiraXCT last edited by
@iamvlad ir would be great!!!
Great idea! I think the rapid increase in circulating supply has tempered price appreciation.
Light the fire! good plan
i was thinking , wouldn't it be able to modify the smart contract so that the inflation becomes dynamic
right now, inflation of the number of coins is a 8% fixed
as there is not a lot of demand yet, because xct is not very well known yet, the new xct tokens made available on a daily basis is far more than the new demand, which leads to a, almost daily, price decrease
because of this, I ,and probably more people, am reluctant to buy new or additional xct tokens, as by design the price is decreasing, untill new demand comes in
so right now i am just waiting untill i see there is a good rise in demand and xct is picked up better by the markets
i know you have , rewarded the initial users with a high APY
but as i bought my tokens not to long after launch i can tell you
this APY does not make up for the loss becuase of the price decrease
i better could have done nothing and buy the tokens at this moment
this is not a complaint, my mistake, should have done better research
but i think that by design the inflation of 8% is limiting the growth of xct
as some way or another you should make the inflation linked to the demand of the token
just an idea
My experience of buy-backs is that they promise a lot, but don't have much effect. Is there not a way to reward the delegators more directly - for instance increasing the rewards payout, or some kind of dividend function (either in XCT or other assets)? Otherwise I fear you simply waste a lot of funds buying up tokens which will have negligible effect on the token price.
@targetd on-platform governance proposals will be integrated on a later stage. It will allow XCT stakers to create a proposal and vote to get funds from community treasury directly into their pockets.
Thank you for your thoughts and suggestions.
I can't think of a way to make apy dependent on the XCT demand, it's also a question of how to measure this demand.
Inflation (that can be shaped by governance in the future btw) that we implemented now is kind of an industry standard. The more users stake - the less APY is. When and if switching to Cosmos APY parameters might also be changed.
We are planning to increase interest in C1 and thus the demand in XCT very soon when we launch first extensions and integrate new networks to the platform.
@iamvlad Hi Vlad, thnx for your reply
I understand and i wasn't saying it is an easy job
my comment was meant as a kind of "brainstorm"
personally i think, that in the field of APY a lot of gains are to be made by projects.
You can stick to the standard...which makes you "standard"...or you can try to set new standards be creating and implementing innovative contracts to create and deliver yields...isn't this was defi is about..or should be
I understand that you guys need to focus and you have a great solution...
right now, the only disappointment for me is this inflation by which the early birds are punished by design...
anyway, keep on building and doing good things
like lighting up the burn!