An open letter by Citadel.one DAO Foundation about XCT buyback results, recent progress and plans.
Dear C1 community!
With the first month of a new year behind us, we are happy to share our latest progress and plans.
Considering multiple community requests we’ve decided to share the intermediate XCT buyback details.
First off-chain proposal to buy back and burn XCT using accumulated commissions from nodes was successfully passed in November. You can learn more about the proposal and nodes’ that were used for buy back here: https://forum.citadel.one/topic/16/xct-buyback-and-burn-off-chain-proposal-1
XCT buy back aims to create positive buying pressure and increase the trading volume on existing exchanges.
Initially, we were planning to conduct the buyback and burn from November 15 to January 31, however, following the recent crypto market conditions Citadel.one team decided to adjust the terms and thus the amounts for buy back.
More info on initial terms of the proposal can be found from the infographics below.
And here are the updated details of the ongoing buyback process.
A little over 13% of the available XCT supply has been taken off the market in just 2 months, making XCT one of the most deflationary assets in the crypto space.
It also proves the concept of the XCT with a securitized cash flow model, where XCT value is based on the basket of broader crypto assets.
With an XCT staked ratio of 64,68%, we want to thank you all for your support and trust.
Earlier in December Citadel.one introduced the first extensions - Uniswap and Pancakeswap. Now users can trade ERC20 and BEP20 tokens using one interface.
More details in this article:
Following Osmosis in December, Juno and Comdex have been integrated into Citadel.one recently and soon will be eligible for the XCT rewards program, so in case you've missed it go and stake your JUNO and CMDX on Citadel.one and wait for further announcements!
In this article you can learn more about features that Citadel.one brings to Juno and Comdex users:
Long-awaited Metamask Support has been added earlier, too. Now users can connect their Ethereum and BSC addresses without manually inputting a seedphrase or a private key.
Meanwhile, the team is working hard to deliver its promises and vision.
Our upcoming releases include:
Mobile wallet 2.0 - completely redesigned and fully synchronized with C1 web;
Citadel.one Browser Extension - your favorite app for Web3 wallet lovers.
Extensions in pipeline:
OSMO Swap and LP - will bring an even better experience and utility to the platform;
COSMOS & OSMO governance - finally, you will be able to vote for proposals on the networks you love;
NFT extension - we are excited to announce the most popular NFT marketplace (OpenSea) is added to our integration roadmap and will be accessible from our platform so you can enjoy your NTFs' collection or trade them;
PStake - following our partnership with Persistence, we are planning to introduce pSTAKE, a liquid staking solution that unlocks the true potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens onto the pSTAKE platform to mint 1:1 pegged ERC-20 wrapped unstaked tokens represented as pTOKENs (e.g. pATOM).
Networks to be integrated: Sentinel ($DVPN), Persistence ($XRPT), Stargaze ($STARS), Chihuahua ($HUAHUA), UMEE ($UMEE), Evmos ($EVMOS)
As a last note, we want to remind you that price does not always reflect the value, especially during the tough market conditions. We will continue building in order to deliver the best crypto experience for our users. Please, stay tuned with our official channels as we are planning to expand the utility of XCT, introducing more use-cases and features.