Citadel.One
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Citadel.One

Citadel.one Off-chain Proposal #1 XCT Buyback and Burn Overview

We propose to use accrued rewards from DAO Nodes for XCT buyback from Pancakeswap pools and further burn to create positive buying pressure and increase the trading volume on existing exchanges.

Letter from Citadel.one Foundation

“Dear XCT community,

Citadel.one has seen impressive growth and development over the last year.

The universe of Citadel.one validator nodes has increased from just 5 a year ago up to 21 today, acceding TVL of $200M. Today, the Citadel.one platform supports 11 fully integrated networks providing access to hundreds of crypto-assets (ERC-20, SNIP-20, BEP-20). SCRT / ETH bridge is the first (but not the last) integrated into the platform.

We want to say thank you to all our investors and community, who put a lot of trust and support into this project! As a sign of our gratitude, we would like to announce some exciting news for our token holders.

As you might know, XCT is a securitized token, whose value is partially based on the revenue stream Citadel.one is generating from its nodes. In accordance with our tokenomics, 50% of that revenue goes to the community pool and can be voted to get back into XCT holders’ pockets via a governance proposal.

However, 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. That’s why we`ve come to the idea to do something different — an XCT buyback and burn.

This post is a soft voting proposal to convert community fund pool proceeds into USDT to buyback and burn XCT from now and until the end of the year.

We expect this to create a positive buying pressure on XCT price and bring considerable trading volume needed to improve liquidity. Exact numbers and timings are not disclosed to avoid front-running, however, Citadel.one will release a detailed report after the process is completed.”

- Citadel.one Foundation

List of addresses

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. You can see them in the list below:

  • 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 the community fund and is currently proposed to be used for XCT buyback and burn.

Buyout and burn events

In the 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 the buyout exact time, however Citadel.one will release a detailed report after the process is completed.

How to vote?

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.

You can take part in the vote on our forum by leaving your vote in the comments: https://forum.citadel.one/topic/16/xct-buyback-and-burn-off-chain-proposal-1

If you have further questions, drop us a message to support@citadel.one. You can also join our chat in telegram, there is an active discussion of all current updates, as well as round-the-clock support from our managers.

About Citadel.one

Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.

The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.

One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.

Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.

Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST ($IOST), KAVA ($KAVA), BSC and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the nearest future.

Learn More About Citadel.one

📍Website📍Telegram📍Twitter📍Facebook

📍Reddit📍Instagram📍LinkedIn📍YouTube

📍GitHub📍Weibo

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Citadel.one is a multi-asset non-custodial platform.

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Citadel.One

Citadel.One

Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets

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