Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets
Andrew:
Hi everyone and welcome to the Citadel.one AMA!
neshtedle | Citadel.One:
Hi there!
AlFa13:
Hi, thanks for having us!
Andrew:
Of course, thanks for being here today to tell us more about your project
Okay let’s get started
1. Can you first please introduce yourselves as well as give us some background info?
neshtedle | Citadel.One:
Sure! I’m Rina Shtedle, CMO & blockchain analyst at Citadel.one. My journey in crypto has started almost 3 years ago, and for about 1,5 years I’m with Citadel – so far I’m involved with this project since it’s very inception and I’ve never been so enthusiastic with any other project before😊 I’m currently responsible for BD side of Citadel.one, strategic partnerships&integrations, and all marketing-related activities.
AlFa13:
My name is Alex and I`m a CFO of Citadel.one. I bought my first Bitcoin back in 2013 and have been in crypto space since then. I was a private investor till 2018 when we started a fund with my partners. Our first Tezos node was launched in September same year under the brand Tezocracy, and Citadel appeared as a project in may 2019. Since that time I`m committed to the project.
Andrew:
Oh wow, okay so you two do have some extensive knowledge about the whole crypto space, I would say more than most people who have gotten in during this 2020-2021 bull run
AlFa13:
I guess so, but it`s really hard to follow all the developments as the scape is becoming really huge.
Andrew:
Yes it’s growing insanely fast
But to touch more about your project
2. What is Citadel.one? What is your overall vision with this project?
neshtedle | Citadel.One:
Sure, let me cover this
Citadel.one has 4 main features that make it a crypto super app. The team has built these features from the ground up with their core philosophies of sleek UI and UX. Their focus is to provide a range of high-quality Decentralized Finance (DeFi) products that are encased in a single platform.
These features include:
– Citadel.One Validator Service
The fundamental part of the Citadel.one concept is its Staking-as-a-Service business model. Currently, Citadel.one validates over 20 networks, including Tezos, Cosmos, Solana, and others with a Total Value Locked (TVL) over $85 million and more than 6,500 delegators.
– Citadel.One DAO
This is something that is pretty unique for wallets and asset-management platforms. With Citadel.one DAO users can actually get more from their staking as XCT is rewarded for staking with Citadel.one nodes via Citadel.one platform. In that sense XCT is a securitized token, meaning it has intrinsic value based on basket of other crypto assets. XCT token also operates as a governance token, so users can be involved in platform activities directly – they can choose networks and features to integrate, vote for DAO financial and governance settings.
– The Citadel.one platform (Mobile and Web)
Citadel one-seed wallet enables users to create addresses for all the networks integrated into the platform using only one mnemonic phrase. Thus, there is no need to store and remember multiple seeds for various wallets. In any case, we don’t limit anyone to using Citadel.one platform with our one-seed wallet. We are a wallet-agnostic platform, so you can import addresses with seed-phrase or private key created in other services; you can also use Citadel.one with your Ledger or Trezor device. Later on, you will be able to connect your Web3 wallet and enjoy Citadel.one functionality.
– Extensions
The most exciting part about Citadel platform, is its ability to become a crypto operating system. Call it iOS for crypto. With the introduction of extensions Citadel will be able to natively support any DeFi protocol or Dapp. We will focus on integrating most popular protocols like AAVE, Uniswap and Pancakeswap natively as well as provide our SDK for outside developers. Think of it as of Wechat, a Super App with Dapps inside. You can learn more in the article – medium.com/citadel-one/citadel-one-dao-features-extensions-4db5c464b100?source=collection_home—4——3———————–
Andrew:
Wait so with your platform you will be able to access DeFi protocols and Dapps on your phone?
neshtedle | Citadel.One:
Right
Andrew:
That’s awesome
So with so many different features you offer, it must take a big team to make this all possible
How many do you have on your team?
neshtedle | Citadel.One:
More than 35 people in our international team;)
Andrew:
Okay so big team haha
neshtedle | Citadel.One:
Ready to deliver!
Andrew:
3. What networks does your platform support? Do you plan on expanding this list?
AlFa13:
sure
Currently our platform supports 10 networks including Bitcoin, Ethereum (and all ERC-20), BSC, Band, Cosmos, KAVA, SCRT(+all SNIP-20), BAND, Icon, IOST and Tezos with Polkadot and AKASH coming really soon.
So altogether we support more than 900 crypto assets. The list is not final as we are actively adding new networks. Until the end of the year we expect to add all major networks and assets.
Andrew:
10 Networks? I didn’t even know there were that many haha
So to make this happen, do you have a smaller group of your team dedicated to each network? Or does everyone do a little of everything?
AlFa13:
We have a small team which is solely focused on adding new networks which we had already integrated. Adding a new Cosmos based network takes us about a week. Also we have a separate research team for new Layer 1 networks such as Polkadot and Solana. After integrating those all Substrate networks can be quickly integrated
Andrew:
I see, thank you for that answer
So while we did touch on features
4. Can you tell me about the features you offer as well as how that makes your project unique?
neshtedle | Citadel.One:
Briefly describing,
We provide an easy-to-use staking platform with:
– Basic functionality: send/receive, staking (with support of full validators list), rewards claiming, voting (in beta)
– Advanced: built-in cross chain bridges ETH><SCRT (live), BSC><SCRT (in beta), ETH><Cosmos (coming). More bridges will be added upon respectful releases.
– Cross-chain assets management with unique features such as:
1) Portfolio dashboard
2) Network metrics
3) Customisable side bar with support of sub-portfolios
4) Built-in Extensions (end of Q3)
– Besides, our uniqueness is powered by the additional incentive customers have with our platform – for staking with our nodes & via our platform, users are getting XCT token in reward. By staking XCT, users earn even more rewards and can affect the future of Citadel.one – with DAO, they can vote on networks and features to integrate, governance and financial settings to implement.
Andrew:
Amazing, thanks for that clarification
This actually leads me right into my next question
5. How are users rewarded for staking their crypto assets? In addition, what are XCT tokens?
neshtedle | Citadel.One:
So yeah, I’ve touched upon it previously 🙂 Let me clarify a bit!
Besides pure governance functions, XCT has what we call a securitized cash flow model, or Positive Loop.
Positive Loop is a core concept of Citadel.one tokenomics. This mechanism creates an economic incentive not only to stake XCT tokens but to stake more on Citadel.one nodes.
The more funds users stake on Citadel.one nodes (1), the more staking rewards (2) and XCT tokens they receive from the Emission pool (3). This increases the capital allocated on DAO nodes and rewards generated by them. 50% of those rewards are distributed to the Community Funds pool (4). Later, they can be voted (5) to get back into the pocket of XCT stakers (6). To further increase gains, users can stake received XCT (7) to get additional rewards (8). We believe this incentive model will allow Citadel.one to become one of the largest validators in the field of Staking as a Service.
I think that’s it
Andrew:
I see, a great explanation
Is the token deflationary?
AlFa13:
We have a max supply limited at 1bln coins, so it is a subject of inflation if you mean that. But those who will choose staking XCT from starters will benefit greatly.
Andrew:
Great, thanks for your answer!
6. What does it mean that you are a non-custodial platform? How does this benefit users?
AlFa13:
It means that Citadel.one does not have access to users’ funds as keys are generated locally on users side. So only the user is in control of his funds and responsible for managing his keys.
Andrew:
I see, so it is to reassure the user essentially?
AlFa13:
Not exactly. In crypto there are 2 basic approaches, custodial and non custodial. Custodial – is any CEX such as Binance or Coinbase. They hold your funds just like bank does. Non custodial – is Metamask, then user is in control of funds and has no counterparty risk.
Andrew:
Gotcha
7. What is “Staking Derivatives”?
AlFa13:
Take it this way – if you don`t like banks – non custodial solution is the way to go
Staking derivatives is a new concept, it indicates the derivatives of your staked asset. In the normal staking process of a PoS project, you stake your tokens to prevent your from dilution by earning inflated reward, while staked tokens are locked on the consensus. The tokens that have been staked are locked by the system for a certain period. Although the token holders can initiate the unlock at any time, the tokens will still be untradable during the unlocking period. That is to say, holders still can’t hedge the risk of value fluctuations of the token at that phase.
So, the paradox, to a large extent, causes problems in both ways. Many people are too afraid to stake, because it is too risky if the market fluctuates, while the PoS system needs stake to provide security for the consensus, without a higher staking rate, the consensus is easy to be attacked.
Staking derivative is basically a token, which represents a staked token and is issued at the moment of staking in return for the token staked. Let’s say you stake 1 ATOM via the StaFi solution and receive 1 rATOM in return. This token is liquid and can be traded for its nominal value at any time.
We believe staking derivatives yield farming is the next big thing in DeFi along with private DeFi.
Andrew:
Ohhh I see
Thank you for that little lesson haha
8. Tell me more about your app, does it contain all the same features as someone who is accessing your platform on a computer?
AlFa13:
We are doing our best to unify UX across the platforms, but some features like dashboard with advanced functionality are solely available on Web as they can`t be implemented on mobile due to platform constraints.
Andrew:
Okay and last but not least
9. Any exciting news you’d like to share with us here today?
neshtedle | Citadel.One:
yeah, let me speak of our roadmap
We are very excited about 2021 as our major products are going to be launched. We will launch Citadel.one DAO with an XCT governance token that will give users an opportunity to get more from their staking.
Also, integrations of new tokens (including Polkadot, Akash, Graph and many more) are planned. Generally, we are planning to list all the primary networks by the end of this year.
Also, the amazing interface update is coming to enhance the user onboarding and UX in general.
The most ambitious yet astonishing goal is the release of extensions sections. As I’ve mentioned in the question above, this section will give an opportunity to download dApps natively. So, DeFi, exchanges, marketplaces could be installed and used along with basic wallet and analytics functionality. More details are coming this summer.
Andrew:
Great!
So that does conclude the first round of the AMA
Can you drop a link to your social media accounts so everyone here can go give it a follow?
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Andrew:
Thank you for that!
Just wanted to say thank you for joining us today and congratulations on how much you guys have accomplished so far, and looking forward to seeing your future developments !This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
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