The XETA Capital team is taking immediate and decisive action to improve efficiency, enhance reliability, and protect our community.
"RadioShack no longer meets the stringent requirements of consistency and transparency that you have come to expect from XETA Capital over the past eight months. We don't take that lightly and will always do what is best to protect the community and XETA Capital."
Concerns over RadioShack
As you may already know, we recently received news sources indicating that RadioShack, where our liquidity is held and where the $X3TA token is primarily traded, may be on the verge of filing for bankruptcy. (Source: https://bit.ly/3J7zMqO)
Based on recent events where legal decisions had been made regarding the custody of cryptocurrencies in the event of bankruptcies (namely Celsius; Source: https://reut.rs/3JuDCMa), this news regarding RadioShack was obviously very concerning to the XETA Capital team. This news prompted us to take immediate but decisive action to withdraw our liquidity before any such potential bankruptcy event could take place to protect our community and the liquidity built up to this point.
Between RadioShack's Twitter account going suddenly silent, their Discord being locked down, the onboarding team disappearing, sudden country restrictions, and then the recent dApp hosting issues and threats of bankruptcies, the continued issues surrounding RadioShack have caused XETA Capital to make the decision that is in the best interest of the community, XCF, and the company.
Speaking candidly, RadioShack no longer meets the stringent requirements of consistency and transparency that you have come to expect from XETA Capital over the past eight months. We don't take that lightly and will always do what is best to protect the community and XETA Capital.
How to Trade $X3TA Moving Forward
Since introducing the OTC (Peer-to-Peer) system from ThorFi, it has gained significant adoption by our community. This adoption has continued to increase over the days, weeks, and months since inception, as shown by the Dune Analytics provided by our community member, Raye (Dune Analytics 1 and Dune Analytics 2). The vast majority of the buying and selling volume now takes place on the OTC system, with record-breaking days in usage this past week.
Between issues with DEX providers and community member funds lost from front-running and sandwich bots, the decision has been made to migrate to an OTC-only system, where all trading for the $X3TA token will now occur exclusively.
More details will be shared soon, but here is a quick rundown of the most likely questions:
Liquidity Plans
The liquidity will be utilized in a low-risk HFT fund and used to perform buybacks on an as-needed basis, as we have done regularly over the past eight months. In addition, the profits from the liquidity inside the low-risk, High-Frequency Trading fund will now be combined with a percentage of the XŌN claim and membership fees from the smart contract and OTC sales from the company, as has already been the case leading up to now.
These funds will be used when OTC buying has slowed, and listings may be backlogged for several days.
$X3TA Token Value
To ensure a fully working "XETA Economy," the token value inside the OTC system will be determined based on system growth, inflation, and deflation. $X3TA value in OTC, Pools, and LAKEs will all share the same value.
The $X3TA token value is now set at $60.00 USD inside OTC, Pools, and LAKEs.
The $X3TA token value will increase each week, beginning immediately, until stated otherwise.
This value increase will be determined based on several calculations correlating with current and future growth inside the XETA Economic ecosystem and will be a continuous adjustment.
Conclusion
We understand that this is a lot to take in, and we want to address any questions or concerns you may have. This is why we are releasing additional content, articles, and videos where we will run through the actions taken to protect the community from RadioShack and the plan for moving forward with OTC-only.
Thank you for your continued support!
UPDATE (03/16/23): As posted in our Discord server and Twitter account multiple times, interaction with trading the X3TA token outside of our OTC system is strictly prohibited. Buying/selling on any DEX or any other method outside of our OTC will be considered a violation of our Terms of Service and result in risking having your wallet banned and XŌNs/Funds forfeited.
Join our Discord and follow our official Twitter account to stay up-to-date on information regarding this adjustment.