The Cancelled Xirtam IAO: What Happened and What it Means

On April 26th, Arbitrum Ecological DEX AlienFi posted on social media stating that its IAO activity for the Xirtam project, originally scheduled to start on April 26th, has been cancelled. According to the conversation screenshot and text explanation provided by AlienFi, Xirtam previously concealed the fact that Alien.Fi had completed a seed round sale for $0.0125, which is approximately 30% of the current IAO price.

Alien. Fi Announces Cancellation of Xirtam Project IAO Activities

Introduction

On April 26th, 2021, Arbitrum Ecological DEX AlienFi announced on social media that its IAO (Initial Alien Offering) activity for the Xirtam project had been cancelled. This announcement came as a surprise, leaving many in the AlienFi community puzzled and curious about why the IAO activity was cancelled. In this article, we will explore what happened with the Xirtam project and its IAO activity, and what it all means for the AlienFi ecosystem.

Understanding the Xirtam Project and IAO

Before delving into the reason why the IAO activity was cancelled, it’s important to understand what the Xirtam project and IAO is all about. Xirtam is a new DeFi (Decentralized Finance) project that seeks to revolutionize the art world. This project aims to bridge the gap between the traditional art market and the world of blockchain and cryptocurrency, allowing art collectors and enthusiasts to mint, sell, and purchase NFTs (Non-Fungible Tokens) of their favorite artworks.
An IAO is the first stage of a token sale and is used to raise funds for a project. This type of fundraising is similar to an ICO (Initial Coin Offering), but with a twist. In the case of AlienFi, the IAO includes gamification, where those who participate in the IAO activity receive NFTs, and those NFTs give them access to various benefits, such as more tokens, lower fees, and rewards.

The Reason Behind the Cancellation

According to AlienFi’s post on social media, the reason why the Xirtam IAO activity was cancelled was due to a breach of trust between Xirtam and AlienFi. Xirtam failed to disclose that they had completed a seed round sale for $0.0125, which is roughly 30% of the current IAO price. This information was only revealed after the cancellation announcement was made.
This breach of trust left AlienFi with no other option but to cancel the IAO activity. AlienFi stated that they take their community’s trust very seriously and that transparency is a core value of their ecosystem. Any project that fails to be transparent with them will not be able to work with them. According to AlienFi, Xirtam’s actions were against the community’s best interests and would not have been acceptable even if they had disclosed the information earlier.

What this Means for the AlienFi Ecosystem

The cancellation of the Xirtam IAO activity has created some uncertainty and concern among the AlienFi community. This cancellation marks the first time any IAO activity was cancelled in the AlienFi ecosystem, and it has raised some questions about the ecosystem’s trust and transparency.
However, AlienFi’s swift and transparent response to the situation has restored some of the community’s trust. AlienFi has shown that they take breaches of trust seriously, and that they will always prioritize transparency and the community’s best interests.

Conclusion

The cancellation of the Xirtam IAO activity was a disappointment for many in the AlienFi community, but it was done for the right reasons. AlienFi’s commitment to transparency and community trust was put to the test, and they passed it with flying colors. This event demonstrates the importance of trust and transparency in the DeFi world, and how they can make or break a project.

FAQs

1. Will Xirtam still be able to work with AlienFi in the future?
– At the moment, it’s unclear whether Xirtam will be able to work with AlienFi in the future. AlienFi has made it clear that they prioritize transparency and trust, and any project that fails to meet their standards will not be able to work with them.
2. How has the community responded to the cancellation?
– The community has had mixed responses to the cancellation. Many were disappointed, while others praised AlienFi’s quick and transparent response.
3. Will this affect AlienFi’s IAO activities in the future?
– It’s unlikely that the cancellation will have a significant impact on AlienFi’s IAO activities in the future. AlienFi has demonstrated that they take trust and transparency seriously, and will continue to prioritize them in their future activities.