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.