Everywhere Finance to launch Wrapped Monero (XMRT) ERC-20 token 'early June'

Everywhere Finance¹ project has announced² plans to launch a wrapped version of Monero (ERC-20 token ‘XMRT’)³ in early June:

We are thrilled to introduce the XMRT project: A wrapped version of Monero, which will be available on a dozen chains thanks to @LayerZero_Labs [..] enabling Monero users access to DeFI (DEX / Lending & Borrowing), would significantly increase the liquidity available to Monero users. [..] we aim to acquire more than 1000 XMR to be able to mine the first 1000 XMRT and immediately create a liquidity pool on Uniswap containing $2,000,000.

Tokenomics overview

XMR <> XMRT fees : 0.5%
75% of fees will be distributed among early investors
25% for the team & $REUNI holders

The immediate reaction of the Monero community was one of skepticism:

r​brunner7⁴ pointed out a suspicious paragraph from the project’s whitepaper:

[..] it would be advantageous to have the capability to prevent any conversion to XMR if XMRT transactions are associated with any detected and reported illegal activities.

kayabaNerve⁵ advised the community to stay away from this project, noting⁶ that no info was provided on the Monero custody and insufficient info on the transparency.

To learn more about the upcoming XMRT token, join @wrapped_monero on Telegram⁷.

This is an ongoing story and the report will be updated when new information is available.