Why is the liquidity not locked?

On 2022-01-14 the liquidity pool was locked.

As an open source and decentralised non ICO project, the Electra Protocol team created the BSC 1:1 pegged wrapped XEP for the users who will want to trade through the BSC network. Decentralized exchanges need liquidity pools (LPs) and for this reason, the team injected a portion through owned funds. At the beginning, the team LP was unlocked. The reason behind was to re-inject and increase the LP in time. As we have seen several concerns and doubts coming from several users about the unlocked LP, the team decided to lock it as of Jan 14th. In the future, in case of additional LP increase, the team will create separate wallets and support the LP.

Original article, now deprecated:

PancakeSwap is used for Electra Protocol as an alternative way of trading. The liquidity pair (LP) at PancakeSwap is not locked, in comparison to other projects. The main reason is, time to time, the team tries to carefully sell wXEP and injects it back into the liquidity pool in order to increase and support the LP. To re-inject such liquidity, the wallet must be unlocked. Transactions and orderbook details can be tracked through BSC explorer for more transparency.

Please be aware that the XEP on PancakeSwap is a wrapped version of XEP (token), which can be swaped 1:1 for native XEP coins.