NYKNYC is a mantra that anyone in crypto community adhers to. Sending your precious XMR to unknown parties to get a token represented wrapped XMR is waiting to be rugpulled.
So no one in the core has even looked at the underlying code and yet there are people trying to sell wrapped XMR to newbies in the community.
@sgp@sgp@monero.town I totally agree with your comment, but why are you downvoted?
Pic related
Would be nice if there existed a trust-less wrapped XMR, but at this point there are none that I know of.
There isn’t a trustless contract on Etherrium from what I know. But there will always be people who sell wrapped XMR and rugpull when a critical mass is reached.
There is this proverb, ‘A fool and his moneros are soon parted’, normies will nonetheless send their XMR and get WXMR which could be juggled and they can make a quick buck.
Kayaba has at least thought about leveraging SeraiDEX to make decentralized wrapped coins a thing. There’s a GitHub issue discussing it in the Serai repo.
Interesting, need to look into it.
The forthcoming Serai DEX is the best, risk-mitigated approach at this to date.
It’s not risk-free, but the native XMR is held in multisig wallets, and multisig wallet holders need to bond assets to qualify.
That sounds reasonable. Hope there was a way to prevent scamsites.io before Serai comes around.
it’s been done with bitcoin. I’m talking about renbtc. something for monero will come eventually.