The XETA Capital team is taking action to ensure that the $X3TA token value is maintained and not arbitraged in a manner that can potentially have an adverse impact on the community.
"Participating in trading of the $X3TA token outside of our OTC mechanism will result in a violation of our Terms of Service, risking a ban of your wallet and forfeiture of XŌNs and potential returns."
Outside Trading of the $X3TA Token
Trading the $X3TA token outside of the OTC system from within XETA Capital's dashboard is strictly prohibited. This was posted in XETA Capital's Discord server on March 10th, 2023, at 11:10 PM PST. This was then reiterated on XETA Capital's Twitter account on March 11th and again on March 14th. The previous blog post regarding the move to OTC-only has also been updated at the bottom to reflect this, as well as being linked at the top of the dApp for easy notification.
Furthermore, wallets that have been in violation have been privately messaged using a new internal messaging system built by the XETA Capital team, warning them of the violation and that further trading outside of OTC will result in a violation of our Terms of Service moving forward.
Protecting $X3TA's Value
The migration to an OTC-only system, the first in crypto, has been a smashing success! XETA Capital has seen continuous record-breaking days in volume, with just under a quarter million dollars in total value traded in just a single day—a new record!
However, the future of that success relies on community adoption. Due to the decentralized nature of DEXs and defi, creating outside Liquidity Pools is part of that decentralization. While we cannot stop users from creating outside Liquidity Pools, we can and will take measures to protect the value of the $X3TA token for users of our community who are adopting the OTC-only platform in growing numbers and utilizing the ongoing growing value of the $X3TA token inside of our utility.
That being said, because XETA Capital has migrated the "XETA Blue" model to an OTC-only platform as the exclusive system for trading the $X3TA token, we cannot allow outside liquidity, which is extremely volatile, to create an opportunity for arbitraging.
Therefore, any participating in trading of the $X3TA token outside of our OTC mechanism will result in a violation of our Terms of Service, risking a ban of your wallet and forfeiture of XŌNs and potential returns.
Wallets found in violation have been provided warnings using our internal messaging system. Further violations will result in arbitraged XŌNs being removed, wallets banned, funds forfeited, or all of the above.
If you have accidentally or unknowingly participated in outside trading after the announcement was made, feel free to contact the XETA Capital team using the messaging system on our official Twitter account, or by joining our Discord and opening up a Tech Support Ticket.
Many of you have already contacted us regarding this - Thank you for allowing us to work with you! These tickets and contacts will be handled on a case-by-case basis.
As a community, it is imperative that we work together to foster adoption and growth without harmful arbitraging, whether it be front-running, sandwich or MEV bots, or low-liquidity that creates extreme volatility, creating an adverse negative impact on the "XETA Economy" ecosystem.
Join our Discord and follow our official Twitter account to stay up-to-date on information regarding this adjustment.