23 Apr 2024

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.

  1. https://farside.link/nitter/EverywhereFi/ 

  2. https://farside.link/nitter/EverywhereFi/status/1782449717051322583 

  3. https://everywherefinance.medium.com/xmrt-wrapped-monero-862b43cb859b 

  4. https://github.com/rbrunner7/ 

  5. https://github.com/kayabeNerve/ 

  6. https://libera.monerologs.net/monero-community/20240423#c368309, https://farside.link/nitter/kayabaNerve/status/1782728358804996205 

  7. https://t.me/wrapped_monero