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Review the whole process of XIRTAM from opening to "harvesting" in detail

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Exposing the chaotic phenomenon of shouting orders, how is the slaughter of the encryption circle made?

Original title: "Leek Harvesting Guide: A Night of Reviewing XIRTAM from Opening to Running"

Original Source: Go2Mars Research

On May 3, 2023, when the public is still enjoying the aftermath of the May Day holiday, for many friends in the encryption circle, this night is not easy. In the middle of the night, many investors did not expect that the "golden dog" XIRTAM, which has been called out by various KOLs recently, was listed on SushiSwap in the early morning, and then fell from US$0.02 to US$0.0018. It took only a few hours for the market value to plummet by 90% It can be called BitRun in the encryption world. At present, after multiple verifications, it can be confirmed that it is a Chinese plate packaged as a foreigner.

So, how is the killing pig in the encryption circle made? What characteristics should an excellent "Sickle" project have? How is the public's FOMO sentiment mobilized? Which stakeholders are involved in the project party's running process?

In order to get answers to these questions, we chose to conduct an in-depth project review analysis on XIRTAM. This is not just a project research, but more importantly, it is hoped that it will sound an alarm in advance for the majority of friends, so as to avoid losses in such cases in the future.

A pig-killing dish packaged as a quiz game: XIRTAM project introduction

A breakdown of XIRTAM It has to be said that the project party has found a good rooting point. XIRTAM is the first proof-of-protocol deployed on ARBITRUM. You should know that ARBITRUM is a project with a very good degree of completion and user experience in L2. The current market value in circulation is 166.669 billion US dollars, accounting for 0.14% of the total global market value. Among them, the star project ARBDOGE focuses on AI + community co-construction, and its current market value is still above 100 million US dollars.

Back to XIRTAM itself, the introduction of the project party is also very neat: the world The world's first advanced non-KYC blockchain reputation building system.

Looking at the white paper of the project party, we can know that XIRTAM actually wants to build a free Play-to-Earn game world, and players do not need to buy any tickets to participate. The ultimate goal of the white paper is to allow the community to embrace various game characters and freely manage a decentralized player-owned economy.

So, in order to achieve the grand goal of the white paper, what efforts has the project party made in mechanism design and packaging?

Proof-of-One mechanism

Many project parties will use some seemingly obscure Know or don't understand new concepts to show your difference. For example, we can try to take out the first letter of an English sentence and capitalize it to form a new word, which will improve the tone. Article 1 of Go2Mars "Guide to Encrypted Leek Harvesting"

In XIRTAM, the project party proposed a mechanism based on reputation, that is, Proof-of-One (P.o.O ), users can build their own reputation through various internal platforms, and eventually become part of the consensus group that determines the state of the agreement.

The project claims to use the power of reputation to build a reliable, permissionless Blockchain's Proof of One protocol that lets users participate, compete, and earn rewards. Bringing its platform of high-quality gameplay and entertainment content to the evolution of the next generation of engaging quizzes, fairness and competition.

Game Mechanism

In the encryption circle, if you are playing games (Gamefi) Well, people don't care how interesting your game mechanics are, as long as you can make money for these speculators, or pretend to make money. Article 2 of Go2Mars "Crypto Leek Harvesting Guide"

All users are invited to participate in the monthly competition to test blockchain and encryption related knowledge. Earn points for answering a certain number of questions each month, with options including true or false and multiple choice, allowing users to earn cryptocurrency while playing and winning, rewarding winners. Pick someone with a deeper reputation and continued drive to become more well-rounded in the crypto space, managing the network.

Of course, since earning cryptocurrency is involved, it is logical to launch the native token it created $XIRTAM to power the ecosystem.

The project claims that XIRTAM can make anyone, especially the working class, Demonstrate your blockchain understanding without worrying about having any financial leverage. Do you feel familiar with quiz shows such as "Quiz Up" or "The Most Powerful Brain"? Yes, this is a quiz game.

PvP Arena

But after all, it is an encrypted project on the surface, and the game mechanism is also The design should not be too explicit, and it will be more conducive to the growth of the number of users (leeks) if the interaction between players is appropriately increased. Article 3 of Go2Mars "Guide to Encrypted Leek Harvesting"

Seeing the economic model of PVP battles, this kind of action returns to the original GameFi theme, but before One point that GameFi has always been criticized by people is that it is a zero-sum game between players and lacks positive externalities.

The knowledge learned in the XIRTAM project party is the source of positive externalities. Just like StepN has attracted many friends who love to run. Players can wager on themselves in implementation contests, win wagers and earn rewards through their expertise.

Governance rights

It is right for users (leeks) to obtain the so-called "sense of participation" The best protection and camouflage for plates. Article 4 of Go2Mars "Guide to Encrypted Leek Harvesting"

The so-called user autonomy is essentially a winner-take-all performance, which can be used to motivate everyone to learn knowledge or cheat .

The one with the highest points except the social identity system that remains anonymous and obscure on the blockchain In addition, they will be granted the right to vote and have an opinion on the direction of XIRTAM. The project side will encourage users with lower scores to work hard to learn blockchain knowledge and develop cognitive skills to obtain such rewards.

XIRTAM’s Token Governance

If a project claims that there is no VC participation, the founding team does not If you keep your share, then there is a 99.9% chance that this is a scam project, and a 0.01% chance that it is a great decentralization attempt. Go2Mars "Crypto Leek Harvesting Guide" Article 5

When buying and selling the native token $XIRTAM, a part of the tax will be directly allocated to the monthly prize pool, which will be Split among the top 10 scorers on the leaderboard for that particular month. Access to this pool can only be gained by making an ongoing effort to learn more about cryptocurrencies, attending every conference, and earning a reputation for top-ten monthly leaderboard scores.

If we look at its token economics, we will find that the XIRTAM team deliberately claims on the official website , they have no VC fund participation, and no team token retention. Of course, this sentence will cause vigilance, because you don't know that what they are eyeing is actually your principal. From project establishment to running away: XIRTAM event analysis Looking back at XIRTAM’s historical tweets, the project team first proposed the concept of XIRTAM in January this year, from January to early May as a cycle, and started to promote it in March During the peak period, the phenomenon of KOL shouting orders in the Chinese area is obvious. XIRTAM's Money Misappropriation Course

The harvest of leeks is short and fast, and the project can be laid out for a long time, but the harvest is often a flash. But please note that the turnover of funds is also an issue that needs to be carefully considered. Go2Mars "Encrypted Leek Harvesting Guide" Article 6

On April 23-26, the project party conducted a public offering on FjordFoundry and successfully raised 2.11 million US dollars, which ends at this time The price is $0.0456.

Subsequently, the project party announced that it would launch a public offering on Alienficoin on April 26. AlienFi is an Arbitrum ecological DEX and fundraising platform. The XIRTAM project party should have launched on April 26 Started IAO (Initial Airdrop Offering) with AlienFi, but was disqualified from Xirtam's IAO qualification by AlienFi because of concealing a hidden seed round fundraising of 310ETH with a unit price of $0.0125.

In the public pre-sale on the 29th, the project party raised funds on Pincubator_io at a unit price of 0.037, and after raising 633 ETH, the token was mapped to Arbitrum.

In the end, XIRTAM was listed on Sushiswap in the early morning of the 3rd and opened for trading. Only 20ETH of liquidity was added, and the currency price plummeted. A few hours later, the project fell to the bottom. Still struggling at the bottom.

XIRTAM raised about 2000 ETH in several rounds. What's interesting is that the project party that ran away then transferred the raised ETH to Binance. Binance has assisted in freezing the funds. The victims should find evidence of the lost funds as soon as possible to call the police and submit it to customer service. This also shows the project party's experience in running away insufficient.

Security audit? KYC?

High-end PR packaging often appears in the form of security audits and KYC. Article 7 of Go2Mars "Guide to Encrypted Leek Harvesting"

According to previous security audit cases, similar phenomena will appear from time to time:

On the first day, the project party announced the completion of the security audit; on the second day, the project party announced that it had reached a liquidity TVL of XXX million US dollars; on the third day, the project party ran away with money.

The audit opinion of the audit company is usually a "standard unqualified opinion" - if it happens in the world of web2, this kind of thing happens to listed companies, I'm afraid the license of the accounting firm has been revoked long ago. However, in the encrypted world, security audits are often not reliable. Many companies that have undergone security audits end up running as they should, as if the audit report is useless.

This brings us back to the problem of the agent—in the absence of a reasonable disciplinary mechanism, who pays the security audit company? For whom? ——Obviously, the so-called security audit report is nothing more than a high-level PR article without clear disciplinary measures.

As for KYC, there is no need to mention it, after all, the avatar and core team on the official website It was said that they were not Chinese, but when the incident was exposed, it was discovered that the project team was actually a domestic post-00s generation.

Of course, through this incident, it can also bring us some reflections. Since it is a project undertaken by a group of foreigners, why do we use WeChat groups every day? An all-English official website does not mean an all-overseas team. It is better to be cautious when necessary.

The crime of KOL?

Go and cooperate with those KOLs, as long as the money is enough, you can send your own tokens. Article 8 of Go2Mars "Guide to Encrypted Leek Harvesting"

After the Rug incident, many Chinese big Vs and KOLs have expressed regret Attitude - I regret not doing a good job of risk control and controlling the risk of the project, and I didn't expect the project party to run away...

These are pure excuses. KOLs charge certain benefits to support the project side, and they should bear corresponding responsibilities for the consequences.

When the Chinese area was still criticizing KOL or even human flesh, on the other side of the ocean in the United States, a KOL was using his influence to promote FTX The publication of the document was sued. Meanwhile, the European Union moved in the right direction by passing a law requiring influential people to disclose risks associated with crypto.

Should not blindly listen to KOL but use independent judgment is the quality that every investor should have, and how to improve the management of these influential KOL is Regulators should take a serious push.

Summary

As an educational project, Xirtam is indeed a participatory The author provided an impressive education. In the current season when local dog MEME is flying around, people will inevitably feel FOMO when they see the hundreds of times and thousands of times the income of posting single KOLs.

There is nothing to criticize for playing with Doug MEME, but you must make your own research and judgment before making any investment, and always keep in mind one sentence:

In the encryption circle, the only person you can trust is yourself.

References:

[1] XIRTAM Whitepaper: https://xirtam.gitbook.io/docs/

[2] "Crypto influencer named in FTX lawsuit served via tweet" https://cointelegraph.com/news/crypto-influencer-named-in-ftx-lawsuit-served-via-tweet

< blockquote>[3] "Taking down crypto influencers is one step that would help to heal the market" https://cointelegraph.com/news/more-laws-are-the-solution-for-taking-down-crypto-influencers