The Citadel.one project was born to provide an easier user onboarding for various networks and bring intuitive UX/UI to this messy crypto world. Their main goal is to create a multi-asset solution with extended analytical functionality and unique features that makes it much more convenient to interact with your portfolio and maximize rewards.
In our Telegram chat, we spoke with Reena Shtedle Analyst & CBDO Citadel.One
Let’s start with the intro questions. Can you tell us about yourself, and how big the Citadel Team is? I see your people sharing the news all over the crypto channels =)
Haha thank you, we are all over the place for sure. It’s more than 50 people working for Citadel.one currently on various sides: from developers to designers and marketers. For me it’s been almost 4 years since I’ve got into crypto and more than two of ‘em - with Citadel.one team! Previously I worked with Proof of Stake research mainly, but now I’m mostly in business development & developer relations. And ofc I adore what we are building at C1!
50 people that’s huge!
Yeah! We were a tiny group of builders and then became a mid-sized company I guess:)
So, share us your story, how did the Citadel was born? What is the history behind one of the biggest validators?
We’ve started our first node back in 2018 and it was Tezos - we saw a lot of potential in Proof of Stake and were definitely looking to get deeply involved. By the time new PoS networks began to emerge, it became conspicuous that the unified easy-to-use solution for cross-chain interactions with staking is needed. Thus, we headstarted the development of Citadel.one platform. Later on, we got exposed to Cosmos and totally fell in love with this ecosystem! Now we cover the majority of networks and try to engage with every community. As for Akash, we joined it on the 18th of March’21
What projects are you validating, and how are you contributing to them by being a validator?
So we validate around 50 networks (including Akash ofc, Cosmos, Solana, Juno etc.) + some notable testnets like Archway, Sei, Kyve and Celestia. We normally try not only to provide the token support within Citadel.one platform, but also get the token use-case onboarded. For example, for Osmosis we integrated the main functionality (swap, LP, superfluid staking) + we got OSMO integrated into our Governance and Autorestake apps. By providing the full set of functionality, it will be way easier to get new users onboarded. And of course, we are providing some education materials along with marketing for networks we are partnered with. It’s all about the community! For instance, we’ve got AKT staking guide for those who are lost in the staking process Akash Staking Guide. Akash Network is the world’s first… | by Citadel.One | Citadel.One | Medium
You have created your own token, what is the usecase for it, and what are the plans?
Yeah, we’ve got XCT, lemme explain a bit more on this. So it’s as simple as that: Citadel.one DAO users can get more from their staking as XCT is rewarded for delegating to Citadel.one nodes via Citadel.one platform. In that sense XCT is a securitized token, meaning it has intrinsic value based on a 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.
As for the plans, we are looking to introduce some interplatform use-cases like, say, superswap, where users will be able to swap some XCT to cover commissions on various networks while bridging assets and go cross-chain in a seamless way. That’s just one out of many that came to my head.
And what’s in the pipeline for the next few months?
Good one actually! We’ve got so many things in plans, hard to find something for a brief highlight but I’ll do my best. So as soon as Citadel.one is not only a platform for staking and portfolio management, but also a solution that empowers crypto use-cases, we are mostly focused on enhancing our C1 App Store. You’ll see redesigned applications along with new apps like Shade Protocol and updated PStake. We are also working on an SDK for outside developers so that teams can get their solutions implemented thus getting exposure to the C1 user base - and the best thing is we are taking over the UI part, so developers can focus on the use-case and deliver!! And by the way - we are looking to provide support for applications on mobile as well. Another thing that I’m pumped about is a C1 Web3 browser extension. We’ll be sharing more info in the coming month:) That’s one of the most requested products from our community. And it will be cross-chain!
Do Citadel One have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Oh yeah, good old buybacks. We do have buybacks as it was pre-assumed by our tokenomics! 3,851,980 $XCT was bought since May 13th and around 8% of circulating supply was burned. More than $1.1M was spent in total & we go further.
What are the ways for Citadel One project to generate revenue in the long run? What is the progress of business development, and what are some Citadel One commercial partnerships?
Well, our main revenue comes from running validator nodes (remember, already 50) and by scaling operations we can sustain the profits even during the questionable market conditions Also over the recent year we coped to partner with the majority of networks from the Cosmos ecosystem & beyond, so by bringing value to new chains we get more users onboarded - that’s a win-win case for all of us. Besides, we have XCT reserved for ecosystem growth & development, so we are pretty much covered.
How did Citadel One get the community involved in developing the Citadel One project? and how do Citadel One build a strong community to grow globally?
Good question! See, I’m always pointing out community as a key factor. First things first - we are present in all possible social media, so users can choose their most preferred channel to communicate with us. Another thing is that we have recently released Citadel.one DAO on-chain voting. Users and delegators can suggest features and networks to integrate. Before going on chain we recommend discussing ideas on our forum: forum.citadel.one. We also make sure that the community is always aware of our recent events and developments and have a chance to communicate with the C1 team members directly. We do so via Twitter Spaces, Telegram& Discord Community Calls and so on. And of course IRL events, like Dubai Blockchain Summit where we participated as one of the speakers: Non-custodial crypto as new financial heaven | Fragment | World Blockchain Summit 2022 - YouTube Or Nebular summit for Cosmos Ecosystem specifically where we got to meet a lot of industry folks! I met a couple of C1 stakers in real life by the way! Was a pleasure totally
Do you plan to host your own offline events? Like Citadel Forum in Dubai?
Maybe! But that’s a lot to figure out honestly. Sounds amazing
Do you think citadel one is simple enough for non experienced users?
That’s an awesome question not gonna lie. We do hope that we are comprehensive enough for newcomers - and our goal is to make any kinds of interactions with crypto as handy as possible. In the same manner we started to mark transaction types to avoid the crypto chaos with transaction tracking, implemented aliases for addresses and sub-portfolios. In the redesigned version of our C1 App Store we provide guides for those who are yet to get acquainted with a specific application. And even if newbies are lost with C1 interface, we are always there to help - our support works 24/7 so that your questions are always covered.
Can you list 1-3 killer features of Citadel one project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
We do have some pretty competitive points. First, ofc the smoothest wallet experience that includes advanced transaction tracking, analytics dashboard, sub-portfolios and aliases for addresses. Also, the multi-staking & autostaking UI is the easiest for user-onboarding. Btw, we are a wallet-agnostic platform, so you can import addresses created in other services; you can also use Citadel.one with your Ledger or Trezor device (which is rarely supported by web-based platforms). Also, ofc Keplr & Metamask. We are working on Web3 login so that you don’t have to provide your email. Another thing, as I’ve mentioned earlier - Citadel.one DAO & native XCT token that provides direct user-engagement is a wonderful addition as users can get more with their staking. The most exciting part about C1, is its ability to become an ecosystem-like platform. We can natively support any kind of dApp you can possibly think of. So far, we support, Uniswap, Pancake swap, Osmosis, Sifchain, Cosmos Governance, Autorestake & more!
As for your question - huge thanks for bringing it up! We don’t have direct competitors and I think there is a niche for each and every validator / wallet / platform because we have our own unique feature set and strong tech. And the industry is in the inception still - so we should collaborate rather than compete
And question from me, do you consider some project or validator as a competitor?
As for your question - huge thanks for bringing it up! We don’t have direct competitors and I think there is a niche for each and every validator / wallet / platform because we have our own unique feature set and strong tech. And the industry is in the inception still - so we should collaborate rather than compete.
In case of adoption and hype for Akash (like Solana for example)… do you think Akash is ready and able to withstand much bigger publicity without functioning/tokenomics issues and so on? In short… do you think Akash is ready for mass global adoption yet? If not, what does it need to get there?
Well, it’s a tricky one! There is a lot to consider! Akash definitely has a lot of potential and use-cases, but we do believe it’s still in the beginning of a journey. We’ll see better UI, and smoother onboarding in the coming period as the mass adoption is yet to come. I check the progress on a regular basis and I’m pretty impressed (like, say, the provider onboarding framework). Also the roadmap seems pretty promising! What I see is that the team is constantly working on fixing the issues and focuses on improvements. So my word is - not yet ready, but we’ll get there!
We’re concerned about 2 things - Marketing and Rugpull. What are Citadel One marketing plans? How can Citadel One guarantee us no rug-pull?
Haha well! As for marketing, we are always looking for opportunities to tell about our product and vision, happy to communicate and address any questions and concerns. We’ve also grown our partnership network significantly and continue to vastly educate the community on Citadel.one and all things crypto. As for rug pulls. We are all public people and we have put so much effort and resources into building the product itself that it’s just not a relevant question:) Way too invested, way too enthusiastic about Citadel.one, buddy.
How we can earn $XCT if we have AKT?
You are more than welcome to get XCT for your AKT! Citadel.one Guide: How to assign an address to get XCT | by Citadel.One | Citadel.One | Medium
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