Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Monero Forum => Topic started by: dkbit98 on April 23, 2024, 10:34:45 PM
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After many centralized exchanges started delisting Monero people started using more decentralized exchanges for XMR trading, and swap exchanges like eXch.
Liquidity for Monero has dropped and that is why Everywhere Finance decided to create wrapped Monero that can be traded on other chains with use of Defi liquidity.
I am not a fan of wrapped tokens but this could be useful for some people who like monero.
Note that 0.5% fee will be charged for each conversion.
You can find more information about XMRT in this blog article:
https://everywherefinance.medium.com/xmrt-wrapped-monero-862b43cb859b
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Their idea and goal isn't bad. I also like they don't plan to implement freeze feature, although they still can prevent conversion from XMRT to XMR if they detect illegal activity. Anyway, i can see few XMR holder would benefit from this feature if they already registered to CEX which support XMRT.
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Their idea and goal isn't bad. I also like they don't plan to implement freeze feature, although they still can prevent conversion from XMRT to XMR if they detect illegal activity. Anyway, i can see few XMR holder would benefit from this feature if they already registered to CEX which support XMRT.
It's impossible to detect any ''illegal activity'' on monero, whatever that is.
Privacy is not illegal but more people are listening to governments repeating this like parrots.
Nobody really know what guys from Everywhere Finance can do on other chains, there can be bugs in code and other issues, so there is a risk involved with this.
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Their idea and goal isn't bad. I also like they don't plan to implement freeze feature, although they still can prevent conversion from XMRT to XMR if they detect illegal activity. Anyway, i can see few XMR holder would benefit from this feature if they already registered to CEX which support XMRT.
It's impossible to detect any ''illegal activity'' on monero, whatever that is.
Privacy is not illegal but more people are listening to governments repeating this like parrots.
That article seems to imply they plan to detect "illegal activity" on XMRT though. And yesterday they just post more detailed explanation about XMRT on https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75 (https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75).
Nobody really know what guys from Everywhere Finance can do on other chains, there can be bugs in code and other issues, so there is a risk involved with this.
Yeah, such risk always exist on pegged or wrapped coin.
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That article seems to imply they plan to detect "illegal activity" on XMRT though. And yesterday they just post more detailed explanation about XMRT on https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75 (https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75).
Sure, like I said they can do whatever they want on other chains like ethereum, even if they claim they won't freeze or blacklist anything.
I am sure bridging from erc20 to monero chain and vice versa will be centralized and this is the part they can always censor.
Another thing I am concerned is how peg with monero will work and potential of totally different and manipulated XMR prices.
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That article seems to imply they plan to detect "illegal activity" on XMRT though. And yesterday they just post more detailed explanation about XMRT on https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75 (https://everywherefinance.medium.com/xmrt-goals-how-it-works-9c17cca90e75).
Sure, like I said they can do whatever they want on other chains like ethereum, even if they claim they won't freeze or blacklist anything.
I am sure bridging from erc20 to monero chain and vice versa will be centralized and this is the part they can always censor.
You could be right, let's see whether they actually could do that or not in the future.
Another thing I am concerned is how peg with monero will work and potential of totally different and manipulated XMR prices.
That seems possible since there aren't many CEX still list Monero these days. But it require XMRT gaining popularity in first place, which unlikely IMO.
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The idea seems contradictory. If wtoken provides the required privacy and decentralization, it will inevitably be removed, as happened with XMR, and if it does not provide these features, its value will inevitably be less than Monero, if we ignore the risks of unbundling.
The compromise solution would be something like Litecoin, where there is the possibility of using privacy options or paying without them.
It seems that I misunderstood the idea of the project. Read the next reply
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The idea seems contradictory. If wtoken provides the required privacy and decentralization, it will inevitably be removed, as happened with XMR, and if it does not provide these features, its value will inevitably be less than Monero, if we ignore the risks of unbundling.
Please READ before commenting anything about this subject.
This token does NOT provide any privacy at all, it's just a standard erc20 token on ethereum blockchain, but it should have 1:1 peg with XMR on Monero blockchain.
Only purpose for existence of XMRT is liquidity that comes from uniswap and similar exchanges.
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I'm usually totally closed-minded when it comes to wrapped tokens, but I have to admit that the idea is good, and as long as it allows more people to find XMR, why not?
Unfortunately, I'm still too afraid that one day they'll turn off the swap, but I'm going to follow the project from afar to see how it will age (and whether or not someone will try to make its existence difficult...)
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I'm usually totally closed-minded when it comes to wrapped tokens, but I have to admit that the idea is good, and as long as it allows more people to find XMR, why not?
I never use wrapped tokens, and I would recommend everyone to stay away from wrapped bitcoin tokens.
Unfortunately, I'm still too afraid that one day they'll turn off the swap, but I'm going to follow the project from afar to see how it will age (and whether or not someone will try to make its existence difficult...)
This could probably happen, but I see they are active now with their omnichain Reunit Wallet and they are adding new coins.
However, I didn't see any recent updates about XMRT token so I can't say more about it until they release something in public.
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I'm usually totally closed-minded when it comes to wrapped tokens, but I have to admit that the idea is good, and as long as it allows more people to find XMR, why not?
Unfortunately, I'm still too afraid that one day they'll turn off the swap, but I'm going to follow the project from afar to see how it will age (and whether or not someone will try to make its existence difficult...)
I do not dislike wrapped tokens, but I question the ability of XMRT to be accepted by major CEXs to create greater liquidity for the XMR-based asset. We all know that XMRT is wrapped token from XMR and inherits a slightly weaker anonymity than XMR.
This will diminish the value of XMR, while still making it difficult to convince major CEXs to trust the transparency of XMRT transactions. I don't think this is an effective solution to increase XMR adoption or trading volume.
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I'm usually totally closed-minded when it comes to wrapped tokens, but I have to admit that the idea is good, and as long as it allows more people to find XMR, why not?
Unfortunately, I'm still too afraid that one day they'll turn off the swap, but I'm going to follow the project from afar to see how it will age (and whether or not someone will try to make its existence difficult...)
I do not dislike wrapped tokens, but I question the ability of XMRT to be accepted by major CEXs to create greater liquidity for the XMR-based asset. We all know that XMRT is wrapped token from XMR and inherits a slightly weaker anonymity than XMR.
This will diminish the value of XMR, while still making it difficult to convince major CEXs to trust the transparency of XMRT transactions. I don't think this is an effective solution to increase XMR adoption or trading volume.
i think the adoption they will doing with this wrapped XMR is for Defi. and then make money from the XMR defi platform. the dev is doing their way to make it possible as private as possible though.
but like said above, when its in the other chain, its most likely going to be centralized. when XMRT is on centralized and you buy some of these wrapped XMR, i guess you be on the database of XMR user then.
while we can use wBTC and wETH for the defi, you could ask yourself why is there the need for you to use the wXMR?
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I do not dislike wrapped tokens, but I question the ability of XMRT to be accepted by major CEXs to create greater liquidity for the XMR-based asset.
It would help a lot if you actually read anything that was previously written in this topic :P
And why would anyone care about major CEX exchanges for this wrapped token, when the purpose was to have trading volume on defi exchanges like Uniswap?
Anyway, I didn't see any updates from Everywhere Finance about this project.