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The full reference for how ZXMR works, under the hood.
Overview
You send real Monero (XMR) to a Monero address issued for you. A federation of independent, bonded operators jointly confirms the deposit and mints an equivalent amount of ZXMR on Arbitrum, minus a small wrap fee — no single operator can mint alone. ZXMR is a normal ERC-20 — hold it, use it across DeFi, or provide liquidity to earn fees. To exit, you burn your ZXMR yourself and the operators pay out real XMR to a Monero address you specify, minus a small redeem fee, after a short on-chain safety window. ERC-20 name “Wrapped Monero”, symbol ZXMR, 12 decimals (1 smallest ZXMR unit = 1 piconero = 1e-12 XMR), on Arbitrum.
Wrapping & redeeming
Wrap: send XMR to a deposit address issued for you. A federation of independent operators jointly confirms the deposit — no single one can act alone — and mints ZXMR to your Arbitrum address, minus a wrap fee.
Redeem: burn your ZXMR in the app with the Monero address you want paid out to. After a short on-chain safety window, operators pay out XMR minus a redeem fee.
Full step-by-step walkthrough →The exchange
Trade XMR exposure (as ZXMR) against stablecoins and other assets instantly, through automated liquidity pools — no order book, no counterparty, no account.
Deposit into a ZXMR pool and earn a share of every swap's fees, plus any liquidity incentives. Add or withdraw whenever you like.
You swap and pool directly from your own wallet — the pools are on-chain smart contracts, not a company holding your funds.
Protocol fees and incentives are designed to keep XMR liquidity deep, so swaps stay tight and reliable.
Fees
The wrap fee is minted as fee-ZXMR to the treasury from the same deposit. The redeem fee is realized as surplus XMR retained in the vault. The fee is taken from the amount — never added on top — and it never breaks the 1:1 backing.
A full round trip (wrap then redeem) costs 1%. Swaps on the exchange carry the pool's own small trading fee, paid to liquidity providers — separate from the 0.5% wrap/redeem fee.
Wrap (XMR → ZXMR) — 0.5% fee
| You send | Fee | You receive |
|---|---|---|
| 1 XMR | 0.005 | 0.995 ZXMR |
| 10 XMR | 0.05 | 9.95 ZXMR |
| 100 XMR | 0.5 | 99.5 ZXMR |
Redeem (ZXMR → XMR) — 0.5% fee
| You send | Fee | You receive |
|---|---|---|
| 1 ZXMR | 0.005 | 0.995 XMR |
| 10 ZXMR | 0.05 | 9.95 XMR |
| 100 ZXMR | 0.5 | 99.5 XMR |
Security model
ZXMR is run by a federation of independent operators, not one company holding one key.
No single key can mint
Minting ZXMR takes agreement from multiple independent operators — not one person with one key.
Operators are vetted and bonded
Operators aren't just anyone — each one is vetted and puts up a financial bond that can be forfeited for misbehavior.
Reserves are provable on-chain
Anyone can check that the Monero backing ZXMR actually exists — it's posted on-chain, not just an internal dashboard you have to trust.
Redemptions have a safety window
Burning ZXMR for XMR back goes through a short waiting period before payout, so a problem can be caught before funds move.
Changing operators takes time
Who the operators are can't be swapped instantly — changes are proposed, then wait, then take effect.
Every mint and redeem is public
Anyone can watch each wrap and redeem happen live and check it independently — the whole flow is out in the open, not hidden behind an operator dashboard.
The peg & the full-reserve invariant
Vault XMR reserves ≥ total ZXMR supply, at all times.
It is equal at the moment of each mint — the wrap fee is itself minted as backed fee-ZXMR from the same deposit, so freshly-minted supply exactly matches freshly-deposited XMR — and strictly greater once redeem-fee surplus accrues, since every redemption burns more ZXMR than the XMR paid out.
The peg is to XMR the asset, enforced by redeemability. The USD price of ZXMR is set by the market, not by an on-chain oracle.
See reserves & supply →Glossary
- Wrap / Mint
- Convert XMR into ZXMR.
- Redeem / Unwrap / Burn
- Convert ZXMR back into XMR.
- 1:1 backing
- Every ZXMR is backed by one unit of XMR in reserve.
- DEX
- Decentralized exchange: swap and pool assets on-chain, non-custodially.
- Liquidity pool / LP
- A smart-contract pool you deposit into to enable swaps and earn a share of the trading fees.
- Federation / threshold custody
- The reserve can only be moved when a required number of independent operators agree, so no single party controls it.