Tommy from AllArk here.
We’ve been busy developing more awesome stuff for Monero.
With the regulatory and governmental restrictions on the only private cryptocurrency, Monero, as well as exchanges being forced to delist it, we realized it’s a great time to take XMR price manipulation away from centralized exchanges and put them on a decentralized platform with transparent liquidity.
To this end we have launched two important things
A WXMR token that can be traded transparently and reflects 1:1 backing eith XMR.
A DEX on Ethereum L1 which will have the liquidity to trade WXMR as well as enable TRUE price discovery.
The DEX is fully auditable as is the minting contract. If any ETH devs would like to help us improve anything please feel free to reach out as it’s our first foray into ETH. :)
We will be minting WXMR as and when someone buys them and these will be sent to the ETH address specified. Anyone can purchase WXMR with the equivalent amount of XMR (or the other crypto we support).
Further in the future we want to be able to automate issuance by mirroring the tail emissions schedule of Monero.
Initial mint will be a fraction of currently available XMR.
The DEX will allow all XMR that are bridged to also have an equal amount of Liquidity in USDT.
DeFi allows us to set XMR free from the paper Monero being manipulated on exchanges.
We are also working on WXMR to XMR redeemability. No more paper monero BS.
Hope this helps the Monero community get free of the antagonistic exchanges that suppress and weaken the true value of the best cryptocurrency out there. :)
Tommy from AllArk