Lots of people asking me why I said that $wTAO is cooked, let me explain: wTAO is nothing else than an imaginary token minted on Ethereum. There is an centralized entity, not endorsed / backed by the Bittensor Foundation. People trust that this Anon is actually backing wTAO with native $TAO. This is actually nothing new in crypto as people often prefer simplicity over decentralisation. I am also not implying that they will rug. In fact, that would be extremely stupid to do so, bc they are getting rich off people without even risking anything! How? Well, they not only earn millions with LP fees but they ALSO stake native TAO that they bought with your money while giving u an imaginary token, wTAO. The current market cap of wTAO = 55M. Imagine staking 55M worth of TAO that they didnt even pay for in the beginning. This staking revenue should in fact be shared with wTAO holders ofc. Do u feel ripped off? Well, when $TAOBOT dex is live (= with dTAO release), u will be able to hold native TAO on their dex wallet. They dont have custody over your holdings and u can decide if u want to stake or not. Why would someone still buy wTAO? Maybe only in the beginning as they trust it bc they didnt rug / depeg for a long time, but eventually, people will prefer to have native TAO + full custody IF its as easy as evm chains. Thats exactly the power of https://t.co/o2VpgAnone. Now imagine what happens when taobot captures that volume / market share of wTAO on top of the subnet tokens... Yep, we early fam. https://t.co/ryCS1Uo6zt