January 6th 2023
We're one week into the new year, and it's safe to say that 2022 was a year of peaks and valleys for the developing world of decentralized finance. Most projects that dominated the space at the year's beginning have since closed shop for various reasons (a fact many of us are painfully aware of). Yet, despite the turbulence, and likely because of the turbulence, XETA Capital launched, motivated by the potential of what defi could be.
Let's take a moment to reflect on our triumphs as this new year of opportunity unfolds before us.
Looking Back at 2022
Launch of Financial Services
XETA Capital raised above $3.2 million during our presale in June 2022. Over the next four months, we launched our High-Frequency Trading (HFT) service and Blue Chip Fund, fulfilling our objective of bridging traditional financial services with decentralized finance.
Due to community feedback, we phased out our Blue Chip Fund and lowered the barrier of entry to our favored HFT service, ultimately enabling every XŌN holder to benefit from this robust financial tool.
In just over two months since launching our HFT service, we've:
• Opened 53 HFT Pools
• Had almost 40,000 $X3TA deposited into our HFT service (worth just under $4,000,000)
• Made more than $250,000 in HFT profits for our community members
Let's glance at some other numbers.
At the time of writing this article, XETA has:
• 560+ wallets holding 13,000+ XŌNs.
• A Discord community 1,150 strong.
• Paid out over $10.6 million in claims.
• Profited over 100% with the XETA Capital Fund (XCF) during our first quarter of operation amid some of the most unfavorable market conditions in recent history.
On December 31st, we implemented ThorFi's Over-the-Counter (OTC) trading service allowing XETA community members to trade their $X3TA tokens without impacting the open market price.
Less than a week in, over $220,000 of $X3TA has traded OTC.
We partnered with the innovative NFT project, Uncharted, which, using our high-frequency trading service, successfully merged traditional financial services with the enormous world of NFTs.
XETA community members enjoyed early access and a discounted price for these NFTs.
According to Tiffany Applegate of James Project, in six short months, XETA Capital's charity wallet raised and donated enough funds to their charity to fund four months of shelter, food, and discipleship for an entire home of abused children in Guatemala. Consider checking out James Project and the work they do: https://jamesproject.org/
We pulled off one of the quickest recoveries in Defi history after facing a migration setback in early November. In just seven short days, we developed and deployed a new smart contract with a perfect audit score from Hacken and multiple upgrades for efficiency, security, and reliability.
As requested by our community, our team added numerous upgrades to the dAPP, held multiple AMAs, and launched MicroXŌNs, FriendXŌNs, and farming. We identified ourselves to the community and released transcripts, legal agreements, and audits—all of the above and more within 160 days of launch.
Glimpsing Into 2023
Our newest offering, Lakes, is a monthly $500,000 buyback which further enables access to our coveted HFT service for our entire community. Accompanying the launch of Lakes is a new rollover mechanism allowing our members to roll over their unclaimed $X3TA tokens directly into a Lake without the need for claiming, saving users both money and time.
At the time of writing, over $140,000 worth of $X3TA tokens have been rolled over into Lakes in just 4 days!
The quarterly audit for our HFT service is nearing completion. This audit is no small feat, mind you, as the auditing company is examining thousands of trades one by one. We'll share the results publicly as soon as they are available.
We've discovered an easier way to build our accelerator service so expect accelerators to go live this month (January). As a refresher, accelerators increase your emissions while decreasing the lifespan of your XŌNs. You can strategize with these higher emissions, allowing you to reach your goals more quickly. Additional information coming soon!
Collaboration with industry peers is central to XETA's long-term strategic approach, as seen with ThorFi, RadioShack, TheMoov, and Uncharted. The XETA community wouldn’t be foolish to expect more exciting partnerships and collaborations in 2023.
And much, much more to come....
While 2022 was a roller coaster of grand proportions for the land of DeFi and beyond, it ultimately inspired the formation of XETA Capital and the incredible community developing around us.
So, as we look towards the new year and its many "unknowns," expect to see us along the way––bringing more innovative solutions to market and cementing the bridge we've built between traditional financial services and the world of decentralized finance.
Until then, thanks for reading. God bless, and happy 2023 to you all.