Upcoming 2021/12/15, Osmosis Updates from the Lab Guest: Citadel.one
Osmosis Updates from the Lab occurs every Wednesday at 10 AM EST (3 PM UTC) on the Osmosis Zone Twitter Space. We go over all the latest news and plans for Osmosis with hosts Dynamicmanic and Kevin Berrey and co-founders Sunny Aggarwal and Josh Lee. Joining us in the next Updates from the Lab on December 15, 2021, we welcome:
Citadel.one is a non-custodial crypto-asset management platform that aims to simplify the DeFi user experience. Its users experience DeFi completely through one interface, without having to manage multiple wallets and apps.
This ‘wallet-agnostic’ approach allows Citadel.one to include apps from multiple chains. You can see this in the preview above, which features this month’s upcoming integrations: Uniswap, Pancakeswap, and Osmosis.
Once these extensions are live, a DeFi novice will be able to use the Citadel.one dashboard to convert fiat into crypto, connect a hardware wallet, and buy, stake, and trade their assets. Liquid staking derivatives and the ability to create LP positions are coming soon. More advanced DeFi features like borrowing and lending, options, Yearn-style vaults, and synthetics, will take more time.
Making a one-stop DeFi portal that allows access to all of DeFi is a gargantuan technical lift. Yet, if crypto is to become the new rails of the world economy, an aggregation service like Citadel.one is one likely avenue to mainstream adoption. For the moment, aggregation provides a sleek DeFi Lite experience that will appeal to early-majority adopters more than degens chasing yield out on the far reaches of the risk curve. But, iteration will bring ever more DeFi innovations to the average user, normalizing the space and bringing decentralization to the masses.
The DeFi dashboard competition seems likely to play out among three groups: 1) DeFi aggregators like Citadel.one, Shapeshift, and Zapper.fi, 2) popular wallet providers looking to expand their offerings, and 3) non-DeFi providers like CEXs, payment apps, banks, and credit card companies. Each has certain advantages; DeFi-native solutions have a much greater technical knowledge of the space, while centralized options tend to have easier access to new users and a cozier relationship with regulators.
Citadel.one is poised to do well in the competition. It began in 2018 as a Tezos validator (Baker), and launched the first version of the platform in 2019. It started validating on the Cosmos Hub in 2020, and at present validates on 28 chains, many of them in the Cosmos network. It thus has the technical knowledge to compete, connections within the space, and a focus on a smooth, complete user experience that will help them compete against TradFi solutions.
Governance for the platform will be on Binance Smart Chain. The $XCT governance token can either be bought or earned by staking various assets with Citadel.one. The governing parameters have not yet been released, and such a complex platform may be a challenge to govern with a DAO. However, it is promising that as a validator, Citadel.one has been an active governor, diligently reporting its votes on social media.
You can find Citadel.one on Telegram, Twitter, and many other social media outlets, and their Medium is expansive. Look for their mobile platform in the app store of your choice.
We look forward to chatting with the Citadel.one team next Wednesday. Hope to see you there!
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