Anoma (XAN) Token Autopsy: Private Payments Are Live — So Why Is XAN Down 96%? | Daily Crypto IQ

0:06Hey, hey, hey. Yeah. You can't do it. Hey, hey, hey. I never knew. I never knew. Hey, back. I think that we're just holding on to something.

2:59The wonder girl. Just tell me what's over. Heat. Heat. What's up everybody? Welcome to the Underground Crypto Deep Dive Research Show token autopsy report series that we are doing right now. Hope everybody is well. It is Oh, I got to get to the right screen. It is Thursday and we are going to be going over a project called Anom. Now, you're probably wondering why why are we going

5:36over a project called Ana? Well, token autopsy report is really necessary on every project if you ask me, but also because I own some anoma and I'd like to know a little bit more about it. Now, I know what the project is and things like that, but how does it relate to its token really is the big question here. What's up, Melissa? Shout out my wonderful mod. Thank you for posting those links. Says, "I hope Xan can pass the test. I certainly hope so as well.

6:09CCP in the house. Welcome in. Welcome in. Thank you for being here for sure. And we're we're back. It's another night. It's another token autopsy report. And Xan is I know Melissa holds some. I hold some as well, just to be fully transparent if you didn't catch that. But can it pass that token autopsy report really is the big question here that we have to ask.

6:36Let's get it to its max chart. Now, its max chart is going to look ugly, and I was already aware of that. Hasn't been around that long. Looks like September 28th, 2025. And it came out way higher at 27 cents. And now it is at less than a penny. Just barely less than a penny. Is it never going to recover? Is it the best time to buy? That's what we're trying to look at here. Never financial advice.

7:10Let's switch to that market cap. So, yeah, when it originally came out, it had a 556 million market cap and now it has a 26 million market cap. What the heck happened there? Shout out to CCP. Yep. RIP Reliable J. We will always remember our good friend Reliable Jay here on this channel. Let's take a look at some news today before we get too fired off. Right.

7:50While we give people a moment to come in, I'm sure a few people will roll on in here. It is a Thursday. That means people are trying to get everything in shape for their weekend. NYSE owner moves to bring hyperlquid perpetual futures to the US. Intercontinental Exchange ICE, the parent company of the New York Stock Exchange, announced plans to partner with Trade XYZ, which operates perpetual futures markets using

8:22hyperlquid infrastructure. The proposed ICE or XYZ venue would offer 247 perpetual futures tied to stocks, commodity, currency and other cryptos. ICE is making a strategic investment in trade XYZ. Now ICE is something totally different than the, you know, the government thing that everybody is so mad about. Totally different thing. The new US venue would require CFTC approval and include regulated clearing and identity

8:52verification. KYC, know your customer. Trade XYZ has reportedly handled more than 650 billion in trading volume. So, they're no small fry. Why would it matter? Well, I think it's kind of obvious, but let let's let's break it down. One of the Wall Street's largest exchange operators is looking to bring perpetual futures model pioneered in crypto into regulated US markets. The venue is proposed. It is not yet operational. So, security alert story

9:27number two. Poly market temporarily halts trading after third-party breach. Poly market experienced a security incident involving a compromised outside service provider. Users reported unauthorized withdrawals. Blockchain investigators identified approximately 2.6 million associated with their suspected attacker. Though the final confirmed loss remains completely unclear. Poly Market temporarily halted trading on its international platforms.

9:55Trading resumed after roughly an hour and the company promised to reimburse affected users. Even platforms built around blockchain settlement remain vulnerable to centralized service providers. A compromised thirdparty integration can become an attack vector without the blockchain itself ever being compromised. Who's in my chat? Shout out to all my undergrounders. definitely appreciate all of you who

10:22show up to the stream and raise that crypto IQ as that is the main point of the channel. So, Polygon and Salana join forces on stable coin payment infrastructure. Polygon Labs announced that its open money stack now supports the Salana blockchain. That's pretty big news, honestly. It's more integration and interoperability things working together. Businesses operating on Salana can connect banking deposits, stable

10:54coin withdrawals, and cross-chain transfers and fiat withdrawals. So, the platform provides an unified integration for moving funds between banks and blockchains. What we usually call like an off-ramp. Kira is among the early customers using the infrastructure. Why does it matter? Well, competing blockchain ecosystems are increasingly cooperating on financial infrastructure. The focus is shifting from which network wins to how users can move money

11:24seamlessly across networks. They're focusing more on the user experience than their own competition amongst themselves. Chainlink launches 247 pricing for tokenized assets with a so chain link introduced a service that provides continuous pricing data for traditional financial assets including outside regular market hours. Chainlink's 247 combines conventional market data with perpetual future pricing. It covers

11:56uh stocks, commodity and other realworld assets. So, Ave is the launch partner incorporating the feeds into its Horizon platform. So, tokenized securities and defy lending cannot operate reliably around the clock if the underlying price data disappears every weekend. Chain link is addressing a major obstacle to using real world assets as onchain collateral, making it highly more useful. chain link just

12:28became far more useful. So, we have Curve Finance launches on Stellar mainet when we come back from our token autopsy. Let's take a quick look at these crypto bubbles before we move on. Looking pretty flat over the entire, you know, top 1,200 coins, which is the majority of the market if you didn't know. So, let's see. What are our big bubbles in our top 100? Hype up 15% to what? It went as high as

13:04it used to quickly tell me what it was. $9625. Dang. Hyperlid still on some kind of crazy run even if the rest of the market wants to cool off. Pump. Fun up, Pepe up, Bitway down, Rain down, and Memecore down as well to about a dollar flat. Let's drop down another 100. Check that out. Wow. Looks like Quack AI took a big fall today from about point from about 6 1/2 cents

13:38to as low as 3 and 12 cents. So that's like 50%, right? Okay. It just readjusted. I guess it's more like 25%. Zama down. A lot of things down. Market looking uh pretty interesting, you know, on the bigger time frames. We'll show that off maybe a little later in the stream. For right now, we're going to get into our token autopsy report for whoever is interested in ANMA. Now, a lot of people probably don't even know

14:08what Ana is. That makes the token autopsy report here just as valuable because we go over what the products are, what the ecosystem is, where they are now, what they're promising later, their moat against their competitors, how they stack up against their competitors if you don't know what a moat is. And so I'm ready to rock. Let's go ahead and hop over to Coin Gecko. So, >> we're going over ANMA tonight. It is

14:39number 698 by market cap, so it's way down the list. I own a little bit of this coin, so I'm interested in this coin. As far as how the token stacks up to the ecosystem. I have an a general idea what this project is, but aside from that, I have no real prior knowledge of what the token actually is. So, we're learning together. We're growing together. We're raising that crypto IQ. I need you to smash that like button for me. Subscribe to the channel.

15:06Also, join one of those memberships. $3 a month to support all the work and time and energy I put into this channel. Seems like one heck of a discount deal for you. So, I appreciate it very much. Link to our free Discord in the chat. Hop on over there. Hang out with us when we are not streaming. So, we got a market cap of 26.7 million at the time of this recording, right? And we're just hanging out under a penny, 0.009.

15:33We've had some decent pumps since say the last month. We've had a little bit of wake up action, right? We had this big pump happen, which was October 27th, right? A couple days ago, and we starting to fall back down off of that. But what was that about? Why did we have that big pump? Let's pull it up on the 7day. You can see it a lot cleaner. Almost looks like maybe you're getting an inverted head and shoulder, slanted inverted head and

15:59shoulder, or more of a falling wedge more than anything. But did it wake up? Are we going to see some more pump out of this? Oh, I think that the rest of the market will decide a lot of that. So, it has a 10 billion max supply and a circulating supply of only 2.7 billion. So, there's a lot of coins to come out, but it's a very new project. I think September what 28th, 2025 hasn't been

16:26around very long. So, they're still building. We have an Ethereum contract and a B&B smart contract. Of course, we got a website here, but let's go down to the categories and take a look at the category, right? So, it's zero knowledge. That's good. That's very up-to-date tech intent. Focus on this word intent because we're that's going to be a very center focus of everything that we're talking about tonight because that is the idea of this project. Also,

16:54you have privacy infrastructure. I'm pretty happy with smart contract platform, zero knowledge, privacy, infrastructure, privacy. That's good for the general masses. Now, intent is going to be something that you might have to take a second to wrap your head around. Where can you even buy this? Well, you can buy it on Coinbase exchange, which is very interesting for a very small coin to get it. Got onto the Coinbase exchange rather quickly. Also, we have

17:20Gate, Mexi, of course, Bybit, Toolbit, BitCan. I'm not as familiar with those. KCoin, I know before they kicked everybody off in the US. And KX, I'm familiar with them as well. Uh, HTX, most people should know that one. Kraken, BingX, Bconomy.com, Bit Thumb. So, you should know most of those and figure out where you're able to purchase this coin. Let's go ahead and get into

17:51that token autopsy. So, the project is called Anoma, but the ticker is X, which honestly, when we're doing these token autopsies, it's nice when the ticker is very different from the name of the project. It gets less confusing if you're following along at home. So, the product works. Does the token get paid? It's the only meaningful question. Just take a minute to talk about token autopsy. how the

18:23token does or doesn't have utility or receive value from the ecosystem that it's associated with. You can be a cheerleader for an amazing project. They can have amazing sponsorships. The the project aka the company behind the project or the products can make a ton of money and not help the holders of the token at all. So, we want to figure out what is going on. Why did they go from like 500 plus million in market cap at

18:50launch to like 26 million 27 million currently in their market cap? Is this a gym? Is this a hidden gem that nobody's really paying attention to with a bright future or is it a broken coin that's done? Right. And uh I'll be sad that I own a tiny bit of it. It is what it is. Let's check it out and see how this thing stacks up. So, here we're laying it out for you, right? The name of the project, Anoma, the symbol of the ticker, Xan. If you're

19:20looking for it somewhere, you don't want to necessarily type in ANMA. Although, on Coin Gecko and things like that, that'll still serve you well. Here's the contract address that I believe is the Ethereum contract address and a B&B contract address. There are no other contract addresses that I know about for this coin. So, no staking engine, no emission, and no burns. Uhoh. Are we off to a good start here? Well, then let's figure out

19:46what the heck is going on. Clean supply accounting does not create a token demand. So, let's start with our zero protocol staking program. None identified in the supplied research. Governance locks all governance locks are not a yield program. Right. New emissions. Well, all 10 billion X were minted on September 18th, 2025. Vesting changes spendable supply. Okay. Well, that's relatively interesting news

20:24to me because we were just looking at it at Coin Gecko. Yes, we saw that there was a max supply of 10 billion, but it said there was about 2.7 I'm going off memory billion circulating supply, which left a lot of tokens on the table. This might be the first thing that kind of answers our question here. One, when are new tokens coming out, emission rates? And then two, why has it fallen so much? Well, if they told everybody in advance, which I'm sure they did, that

20:57they were going to mint all of the supply, I bet a lot of people bailed on the project because it's a no-brainer. If you don't understand tokconomics, well then I would I would highly encourage you to subscribe to this channel and hang around because tokconomics in my opinion will make you a much better speculator than somebody who doesn't understand tokconomics. And that is the economics of a token. It's all in the name. So native burn

21:21mechanism. While the current implementation has no mint or burn operation, an upgrade could change this rule. But we have to see. Is there even a proposal for that? So, we're off to a very interesting start. Um, I definitely want to know more or at least have it confirmed that all of the supply is out because that could be bullish moving forward because we have no more chance of inflation. Let's see how that works

21:50out. So, a lock does not mean voiceless, right? When it comes to governance, full balance can vote. So governance v2 retains voting weight for locked and unvested xan holders must first delegate including delegations to themselves. The top six are undelegated. So the supplied snapshot reports no delegate for the six largest wallets. And we're talking about governance here if you don't know what delegation is. Shout out to Blues Guy. Thank you for being here.

22:22Says greetings and gratitude to the amazing UG for all his hard work. I appreciate the kind words and of course you coming to the underground crypto deep dive research show and uh we're just kicking off. We're talking about Anoma tonight. Blues Guy, are you familiar with Ana? I think that you would be. I believe that you watched our Anoma series that we did before. Blues Guy says, "Bless your heart, my man, and your amazing family.

22:47Salutations to them. Miss you guys." We miss you as well. Wish you could be with us, but hey, it wasn't a goodbye. It was a see you later. So I look forward to you returning. All right. So the supplied snapshot reports no delegation for the top six wallets. Why is this important? Well, top six wallets are probably treasuries, exchanges, stuff like that. And there's no necessarily reason for them to hold such a such an enormous power in the

23:19governance when they're just like the actual they're the they're the project already, right? Why if they just want to run it, they should just run it, right? There's no point in having governance if you're just going to then run it anyways because you have all the tokens. Anoma deep dive back in the day. Yep. Exactly. So, you were around for that. I thought you were. And so now we're getting into we the deep dives we did

23:45before. I have previous videos on ANOMA. Definitely worth knowing and checking those out. Now we're going to focus on the token. Is there any point in holding it? I think I figured out why the price is down so bad because apparently they minted all 10 billion or the rest of their tokens. And so what? We have no more emissions. We're going to get into that a little bit more. I'm highly interested in that part because if it's true,

24:11any money that comes into the project, any cool stuff they do, any marketing, any is only up because we have no more inflation. So, we got to confirm that. But that is highly bullish in my uh opinion. Hit that like button. People says Blues Guy. I second that. Hit that like button. Subscribe. So, their balance therefore provides no current delegated voting power. All right. So, the present delegates read does not by itself establish that no historical

24:38votes were ever cast. Signal versus noise, right? Three different headlines. Well, the brief reports a 45% day and a 0.76 to 0128 price range. So, what we're saying is that it's recently pumped uh between the 27th and the 28th. Today is only the 29th. So, this was yesterday, right? Uh, it pumped 45%. Now, I'll be completely honest, that's a big part of why I'm doing this token autopsy report.

25:11A lot of times when a token begins to wake up and a token is about to really go on a run. I'm not guaranteeing anything. It's not financial advice, but you see evidence of it in the price. It does something like a 50 or 100% jump one day. even if it gives a lot of it back, you have to ask yourself, well, that's a decent amount of money, right? And also, why would somebody do that? Does an insider know something and they dropped

25:37a bunch of money? What is going on? So, that is what inspired this actually because I knew I held it as well. So, those endpoints span 68% so they should not be treated as same day return window. Exactly. So, pro here's another headline, right? Okay, cuz we got three different headlines. Private swaps launched on B&B chain with FYDN by Propeller Heads alongside BBOP. I don't know those two, but they're a company or

26:08project nonetheless. A shipped integration is adoption relevant deployment. So about one month has acred since September 29th. 28 million X is the average monthly rate, not a discrete monthly cliff value at the supplied price. Okay, see this is very interesting because it seemed to insinuate in our earlier new emissions it says all 10 billion Xan were minted on I messed

26:46it up. Whoops. on uh September 18th, 2025. But there is a difference. There's a difference between minting a coin and it going into the circulating supply, right? Vesting changes spendable supply. So, what is the difference between minting a coin on chain and vesting it coming out into the circulating supply? Because if all of it was out into the circulating supply, one coin gecko should say that it is fully vested. And

27:21also, you shouldn't have a vesting rate. And this is saying that as um it's been 1 month since September 29th, 28 million X average monthly rate. So, the focus here is 28 million coming out per month. Now, it has billions in supply. So, it's not a huge number, right? It's not a huge percentage of the overall supply. What did $60 million actually build? All right. Well, we're hearing some information here that maybe they

27:53spent about $60 million building this. I would hope they have something to show. So, let's talk about the product, the architecture, and the apps itself. The problem, glass bank account, public. No, no one address. Okay, so see the balances, salary, strategy, and counterparties. The wallet can become a bank statement taped to a lamp post. It's one way to say that makes sense. An sells a way to keep ordinary financial

28:27activity confidential on the public chain. People already use fine for a meme wallet and a deal breakaker for payroll. Interesting. I I understand what they're putting down there. So, what is an intent? Okay. If you use some form of AI, ChatgBT or something of that nature, Brock, you should know what an intention is. You come to a product, right? Like ChatGBT. And you have an intention and you tell it your intention and then chat

29:01GBT figures everything else out. This is like that idea of intention but for blockchain. So turnbyturn directions tells the chain exactly which operations to execute and in what order. That's a normal transaction. An intent states the destination you'd like to get to. Say $1,000 in USDT for my USDC at least this rate. The solver then finds a route that meets the conditions. Maybe you put how much you are willing to pay in fees or how much slippage

29:37you're willing to have and then Anomo would immediately figure out how to do that leaving you with a less complex problem to solve because you gave it your intention and it figured it out for you. That is the point of this project. So cow or co swap and unis swap x already used this idea for trades. ANOMA aims to generalize it beyond a single trading use case. This specifies the outcome. Solvers work out the routes. To make it really painfully simple, chat

30:13GBT for crypto, even though that's not exactly what it is, but that's something most people can comprehend. So, we have a source machine. Well, the ANOMA resource machine is the rule book for private sources. Resources, right? the system of private sealed envelopes. Then we have a protocol adapter. So this is breaking down the products or the architecture, right? A solidity adapter brings the resource model to existing Ethereum virtual machine chains

30:44without requiring changes to their base protocol. So, it's kind of like a Noma can come into any place, plug itself in, run without necessarily having to change base protocols, which if it works well and gets some adoption, could be highly useful. Anom Pay, and I I remember when Anom Pay came out, is the first customer application they have so far. The product runs where the user's asset already lives. Installing Anma is not itself a bridge.

31:16So, I like the idea that we're going with here. Anom is building a product that can just come in and plug itself in and get to work. Doesn't require bridges, doesn't require a bunch of fancy stuff. It just is able to operate wherever you take it. So, a rule book, an adapter, and an app. A Noma comes to the chain. Where it actually lives though, Ethereum mainet launch November 18th, 2025. We remember when this thing launched

31:45deployments then expanded across arbitum base optimism and BMBB chain. So we have a risk zero zero knowledge virtual machine proof infrastructure for resource machine execution. I love that it's zero knowledge that's very upto-date. Then we have Rust applications builders can express application logic in Rust. Rust is a coding language. If you're not a developer you might not know that and I'm not either. I'm not a developer.

32:12Permissionless deployment. Anyone can deploy an adapter to another compatible Ethereum virtual machine chain EVM chain. A protocol deployment makes apps possible but it does not count their actual users. So we have a noma pay the product map payment and access private transfer payment links and pass sign pass key signup right. Users can start with an existing wallet or a pass key. Swaps and gas. Well, private swaps on Ethereum and B&B chain.

32:48Gas abstraction. Abstraction is something that we talk about a lot. Abstraction means no matter where you put it, it means to hide the complexity of what is going on from the user so they don't feel overwhelmed. I think abstraction is one of the best tactics that we have for bringing more adoption into crypto because it just takes away the headache and lets people just get in and use products. So gas abstraction lets the relay charge the

33:16asset being spent instead of requiring ETH in the user's wallet. So for a lot of different blockchains, especially the farther you go back, say you wanted to swap this or that, you would still need to have some amount of the native gas token or the native token is what it usually was in order to make the transaction go through. This just makes it so it's just going to take a little bit of whatever you're using and then probably convert it in the back end or

33:46something like that. That would be abstraction, taking the complexity away. I love the idea because I can't tell you how many times I'm doing something and like I just barely don't have enough Ethereum for the transaction or something like that. And I'm sitting there thinking, well, I've got $100 in USDC or USDT. Why can't they just use a tiny bit of that? Why do I have to then go figure out? It's very annoying because you can't

34:10even swap, right? So, you can't just swap a little bit of US, your stable coin or whatever for something else because you still don't have enough fee to make that process happen. You still need to go to like a third party like say coin um Coinbase and then like send a small amount of Ethereum over to get it going. It's highly annoying. I would love gas abstraction to be the normal in the status quo for every uh web 3 application and product. Yield and

34:40business, right? We're still talking about Anom Pay here, which is a product kind of their only a product as far as I know. So, you have Shielded Morpho Vaults on Ethereum that's coming back up again. We were just talking about shielded Morpho Vaults, right? Payroll beta and tokenized stock. BNBB stocks are live. That is tokenized stocks, right? The base stock integration remains a separate planned release. So, they have some things coming up. Now,

35:06this is a very new project, so don't be surprised if a lot of things are to come. Don't be surprised if this project doesn't get an amazing score because a lot of it is still being built. But I still wanted to know what is going on right here, now today. Should I buy a little bit more of it? Well, that's what what I'm wondering. You do what you want with your money. Not financial advice. So, here we are. Some release dates. August 26th,

35:33Anom Pay fully public application on base. September 10th, Shielded Morpho vaults on Ethereum. September 16th, governance v2 Anomma Dow. September 22nd, tokenized Btos on BNB chain. September 29th, linear vesting begins. That is a pretty important point here to point out. this linear vesting actually beginning. And then of course October 16th, private swaps on B&B chain. So what does this tell me right off the bat? Because these are all dates from

36:092026. It tells me that recently they've been pushing out a lot of things. There are things coming about. Projects that are dead, have no money, no devs, developers, uh don't push anything out. They just quietly sit there. They might run a tiny bit of marketing on like X, but they don't push out any real substance. So, this is good. Roughly one meaningful release this month. Credit where it is due. This team ships now.

36:43So, they are shipping things. Shipping things is a term for you develop something and you put it out and it's available. That would be shipping. So, what does private actually hide? So, we got this uh Prius, which I think is just a fictional name for a, you know, illustration that we're going to do, and they're $5,000. So, let's just say this uh Pria, it's an interesting name to choose, but all right, we'll we'll we'll run with that. Let's say that this

37:11fictional Pria has $5,000 in USDC on base. So, yeah, it's a it's we're going to say they're a fictional freelance designer. That's why they're using crypto, right? because they're taking money from all around the globe. Each client can inspect her public wallet and see what the others paid her. So, they might want to know if they're overpaying, what how come this person paid way less. Well, she wants clients to stop seeing her total income so that

37:40she can charge maybe a little bit more and climb up the ladder and not always get hit with that question of like, why did the other guy only pay half of what you're charging me? So Pria creates an account with a pass key or connects a wallet. She puts a public deposit of 5,000 USDC. The deposit amount and the source address remain visible on chain. What becomes shielded is ownership inside the shielded pool is private. The outside world can still see

38:14that she's entered the system. So they can see she's in the system, but they can't see what's going on. The chain sees her walk into the building. What stays hidden? Well, once you're inside the shielded system, Priya sends $800 worth of USDC to her editor. The payment the payment sender, recipient, and amounts are confidential to the participate to the participants, right? So basically, once you're in the system, you can move around and it's all

38:43private. What becomes easier? While the relayer can charge USDC for operations, Pryo does not need to hold ETH separately to pay the gas network. Again, that comes into gas abstraction. The internal payment is sealed envelope, right? Meaning you can't see it. The public deposit remains public. So, prior to getting into the shielded pool, people can see what's going on. They can see what wallet you connected. They can see money that you put in the wallet.

39:12But once you get into the shielded pool, everything changes and now you have privacy. The $3,000 USDC vault leg private identity. So the shielded balance enters a Morpho vault. The user behind that vault interaction stays hidden as does the resulting individual position. So public interaction, the chosen vault and the 3,000 USDC amount are visible on chain. Anomma pays or anom pay current earn documentation places these vault routes on Ethereum

39:48mainet. So this is very interesting. You have to be within the pool to be hidden. So a vault's crowd is its own crowd. So three users, we're using another illustration right here. So if three Anom pay users interact with the same vault, Priya is one of those three. That is not a crowd. That is a lineup. So, animinity set is the Anom Pay user transacting with the same vault. Not everyone who has ever used Anomma Pay. Very interesting.

40:25How you guys doing out there? Do you understand what I'm putting down so far? So, Atomic Redeem, the exit. How do you get out? So, we just talked about how you get in that you're shielded inside that uh pool and you have privacy. Now, you want to get out. Well, vault shares redeem into shielded balance, right? When you enter a pool or a vault, Morpho vault or whatever, you you get something called shares, right? That shows your position inside the vault.

40:54If the bundled transaction fails, the operation reverts, so it doesn't reveal anything. Shielded balance funds can remain confidential inside the system before the next action. Public unshield. This is where you've again become exposed and people can see what you're doing. Withdrawing to an ordinary wallet exposes the receiving address and the amount the offramp is visible. So the on-ramp is visible, the off-ramp is visible. What happens in between is not

41:23visible. So anoma pay hides the middle of the trip. The on-ramp and the off-ramp are the postcards that people can see. So, distinctive amounts can tell the story. Deposit, say, $4,321 and withdraw $4,321 the next day, and the matching amount can make the link easier to infer. This is an illustrative example. The practical limit here is that round amounts, time, and larger crowds can

41:54make correlation harder. They do not turn confidentiality into a guaranteed animinity. So what does the contract say when you ask it directly? Well, the supplied onchain math and the holder lock check. Here's a market snapshot. So we have 27.9 million circulating market cap with 103.2 million fully diluted value. Honestly, for most people, I would ignore the fully diluted value.

42:28So here we are with the price history and float disagreement. You have 24-hour volume about 10 million the meaning selected providers trading turnover right so it's volume you should know what volume is by now if you don't know what volume is throw it in the chat and I will run through it otherwise we're moving on alltime high 27 cents which is basically right when it came out September 29th 2025 yes it came out the day before that all-time high so

42:59all-time low 05 in March 7th 2026 so we've climbed climbed up a little bit. We're now just sitting right under a penny. So, we basically doubled since this all-time low. And then we have a Coin Gecko float says 2.7 billion in circulating supply, about 27% of the total supply. And the Explorer float is a little less, but we're not going to talk about that right now. Genesis versus today. So, Genesis is when a project token generated and actually

43:28came out and it was available. So, 10 billion minted at Genesis. Now, just like I was a little bit curious about in the beginning, minted is not the same as circulating supply. But before a coin can become circulating supply, it does have to be minted. So, it's important to understand the difference. So, that was 10 billion XAN was minted on September 18th, 2025. The 10 billion supply on the other hand, the October 29th Reed still reports 10

44:03billion, no net changes across roughly 13 months. So this is very interesting because this is actually saying that there wasn't any vesting going on when we saw the money run out of the project. Genesis versus today, the same total context. So the current implementation cannot mint or burn. The token is upgradable. So fix today is not immutable promise about future implementation. It has an upgradeable I guess smart contract built into it. Not

44:37an immutable smart contract that could never be changed. So Genesis allocation we have the backers got 31%. Maybe a lot of the backers are who sold out here. Who knows what they bought it for. uh they saw it go from whatever they bought to 27 cents a share. They probably bought very low and they sold out of that sucker. That's my takeaway so far. Community and marketing got 25%. R&D and ecosystem got 19. Core contributors got 15 and the foundation itself got 10%.

45:10The 25% community bucket was outside that lock. Unlock status is different from distribution or sale. Allocation is not one owner though. So a backer contributors R&D and foundation allocations together account for 75% of that Genesis supply and were subject to launch locks. So they had lockups at launch. These categories are not proof of one beneficiary owner. So the plot thickens here and it gets a little bit more interesting if you ask me because

45:43who was selling? Where did the value go? There was 500 plus million at the genesis of this token and now there's about 27 26.7 million currently right now today. So they had their tokens locked. How were they selling them? Were they selling them? If they're locked, I'm assuming they were not selling them. But where did the money go? And if they were locked up at the Genesis, how long were they locked up for? A couple of months, a year? What is going on? Cuz we

46:13saw the value flow out immediately. So the vesting clock 7.5 billion X subject to vesting. So the four locked allocation categories vest literally from September 29th, 2026. is very interesting because a picture that's being painted to me right now says that vesting has just started. It's just begun. That's very uh I don't know concerning if you ask me. Who's selling at this

46:49low? Like incredible low. That that's very interesting. Investing from unlocks are two different things. So 1,095 days in the implementation. So three times 365 with no leap day adjustment. Claims can be made as vesting occurs. So that would be an average of about 6.8 million a day, 208 million per month, and 2.5 billion per year. So, this thing has got some time on it. And that's a big vesting unlock cliff. It's

47:26interesting because we've seen a lot of projects with big vesting unlock cliffs. What? Right before a bull market. That seems like a bad idea. How large is the new spendable supply? Right. So, these are just the numbers that we just looked at again. Average month, average first 30 days, and of course, the first 365 days, 2.5 billion. And again, vesting means that they get the coins, right? Or coins are coming out. Doesn't necessarily mean that

47:56they're going to sell them. And I don't know why you would sell right now, especially if it's unlocked and you bought it way earlier. You got to be underwater on it, right? Supplied ranking X am balances. I assume these are wallets. Locked principles. Okay, so vested doesn't even mean that they've claimed their coins yet. So about 26.9% of the supply. So the supplied top 10 holders have about 26 27% of the total supply. Only the

48:31largest six are listed here. Sources do not label the owners. We will not just guess what the owners are, but I'm sure that the treasury and some other things are in there as well. Maybe Coinbase. The loaded spring vested is not spendable necessarily. So vesting occurs time makes part of each principle claimable under the linear format holders call unlock. Right? So for the token's native locked principle unlock release and the vested but unclaimable

49:08amount. There is no separate unbonding cue. The release the the released balance can become transferable. A transfer to an exchange still does not prove an executed sale, but it is moving in the right step. So what the big wallet read does not and does say right. Well, it shows about a month of vesting had accred. The source reports the relevant large locked balances and not yet been claimed. Watch

49:40unlock calls for the destination that follows. So a stored locked balance of equal principle could include already vested unclaimed tokens use unlockable balance of or the schedule to measure what can be released. Now remember that Xan is upgradable. So X amb implementation right owner endowed time lock the supplied EIP1967 implementation this is a proposal um and it's been implemented right and owner

50:14reads match the publish token respiratory the owner is the DAO time lock so when someone uses anom pay who actually gets paid value capture governance and the money split it. Well, what is Xan is for on paper here is payments. The tokconomics documentation lists X that's the coin as an ecosystem payment asset. That's the utility. Optional payment is optional payment use is not the same as

50:50mandatory demand. So, transaction fees. The documentation also lists fees. Check whether an actual current mechanism requires Xan or routes value to it and governance delegates Xan boat control token contract upgrade through the governor in time lock. This is the clearest live role. So we have fees for payments and we have governance to utility for this coin. Now the project doesn't have a lot of products other than that.

51:22So I wouldn't expect a lot of other utility because there's not a whole lot else going on. So holders can delegate votes and propose changes to the token supply function treasury and governance setting. Today's dedicated token role is a voting slip. So a no adopted fee pipeline. So Anom Pay does not require users to obtain Xan. Fees can be paid in the assets being spent. X itself can be a supported asset without becoming the exclusive gas token. Now in this

51:56application with a lot of other projects that we've deep dive, what I like is that they'll let you use a different cryptocurrency, right? Coin as your gas, but then they convert it into the native asset in the background, so it doesn't really matter. It all flows into it. I wish they would have done that here. Maybe they did. I just don't see it anywhere. And there's no current burn, buyback, or staking yield mechanism identified in the supplied research.

52:26That's not looking very amazing either. So no foundation fee stream disclosed, no fee pipeline. So block works transparency filing. No fee or revenue stream is directed to the foundation. So there are no fees. So there is no revenue. This does not prove that nobody earns anything from operating infrastructure necessarily. The gas abstraction spread recipient and its economics are not disclosed in the supplied source. So, we don't really

52:55know. There is some kind of fee because you can use whatever coin you want, but there's no direct understanding of where that fee money is going. That's what it means by a fee pipeline, right? Corporate funding versus token holder income money that went in. So the source reports 60.2 million raised across four private sales bankers sorry backers are including Polychain, CMCC, Electric Capital, Deli and Coinbase Ventures. Money that came out well the gas

53:27abstraction spread recipient is not disclosed. Product success does not automatically create token holder income. Money that went in private fundraising finances development. It is not product revenue or payment to Xan holders. Money that comes out while the foundation has a 10% Genesis allocation and separately administers up to 1 billion X for the airdrop season. That does not count as the same label as one interchangeable bucket. And by bucket,

53:59they just mean one interchangeable category. A future business still needs a specific adoption route from activity to X amal. So, a lot of questions here. I I bet our category risk and unanswered questions is not going to score very high because there is a lot of unanswered questions. I was trying to figure out as much as we could with this token autopsy. Right. So, the ordinary voter path. Well, creating a proposal requires at least

54:2925,000 Xan of voting power under the governance rule. A 7-day review delay precedes voting. So delegated balances count for uh plus abstain must four plus abstain must reach the 10% quorum supply quorum and four must exceed against. I don't actually understand what that means but it's governance stuff and you probably are not worried about that. So a past proposal waits through a 14-day time lock. Any address can execute after the

55:03delay about 35 days from the proposal to the execution and that covers governance. I know most of you are not concerned about that. What holders can actually change. Let's hit this coffee. Good stuff. I guess I did this uh deep dive mostly for me and Melissa today. Smash the like button and throw something in the chat if you're enjoying it, though. So holders can change token functions, supply and governance

55:31throughout or through approved upgrade locks, unvested balances, retained voting weight after delegation. And we're going to get through some of this governance stuff, right? Because I know most of you don't care and the actual slide here with all the information will be organized and in the discord. So what's actually audited? What broke? And how do you leave? So security stress test and three different exits. So the first protocol adapter informal system

56:01protocol adapter resource machine integration review October 13th to the 31st of 2025. The respiratory list is a November 7th revision. So never mind protocol adapter review October 7th November to yeah October 7th to November 13th. The reports identify specific code versions rather than certifying every future release. Okay, so we're still in the dark a little bit there. Then they published Xan V2 audit scope. And what

56:35I'll say is that it seems like they've rolled a lot of things out recently. So Nethermines's Xan upgrade report covers Xam2, Xan Governor, Xan upgrade council module and the upgraded script. The report identifies the code version within its scope. What still needs matching here as a publish report is not proof that every deployed uh bit code or bite code version in every 2026 and pay vault or swap adapter is covered. Map reports to

57:08deployment and add-on code separately. If you really feeling if you're feeling frisky out there, you can do that. So the council finding a timing edge case. So a council's upgrades fixed execution date could be interch could interact with changes to voting settings and leave a cancellation too slow. The audit classifies one finding asformational and not mitigated. So we don't really know why participation still matters. The mitigation discussion

57:40retains a low likelihood edge case involving contrary cued setting changes. The report does not establish an unconditional cancellation guarantee under the future parameter combination. I know that sounded like gibberish to most of you. Stress test number one. Now we're getting into some sauce here, right? 60%. Reported first 24 hours. So, after the September 29th, 2025 listing, the source attributes heavy selling to fully

58:09unlocked AirDrop uh recipients. So, it sounds to me like somebody who was running this project really messed up. Not like they messed up like there was a an exploit. Messed up like they didn't know what they were doing. Because if you can have a 60%, you know, crash in your token that you just launched and it's all just heavy selling from fully unlocked airdrop. So, you airdropped people and they sold. I don't

58:53know. That seems stupid to me. Maybe you should have had some staking so some people would have stuck around. Maybe you should have per, you know, rolled out the airdrops over an amount of time. You just gave everybody a bunch of tokens and then they sold them because you just gave them free money. You know, you look in your wallet, you got a airdrop from something you were trying to get an airdrop from and you saw you had a bunch of money, you sold it.

59:20That's that's how that works. The people who farm those airdrops, they sell those airdrops most of the time. So the launch crash and context, a price decline alone does not identify every seller. The relevant lesson is the exposure and suddenly transferable supply, not proof that every new unlock will be sold. They really should have rolled that out over time. Reported namada loss. This is interesting. So the supplied

59:50independent research describes an IBC transfer logic attack on Namada shielded pool. So maybe there was an exploit. They got drained. Different code, same family tree. Keep the incident at attributation separate. So although this is a drain here, it's only 600k. They were 500 million plus and now they're at 26.7 million. Uh it was more than whatever Namata got drained for 600K. So Namata is a related privacy project

1:00:26from the same original team, not the Anom Pay protocol adapter. An official post-mortem was not located in the supply research and the precise root cause is independently is not independently established here. So we don't know how they got drained and it doesn't really matter. Three privacy edge cases. Well, thin vault crowds a small animinity set makes it easier to narrow the possible user behind the interaction. Vis with less people using

1:00:54it, you can you can infer a lot more information. So, visible ramps, public deposit, and withdraw exposes addresses, amounts, and timely at the systems boundaries. So, on and off, we can see what's going on. That's not very private. Matching amounts. distinctive amounts can connect an entry with a later exit. Even if the shielded cryptography uh behaves as designed with what's going on in the middle, none of these need to be cryptographic bugs,

1:01:22user behavior still matters. Selected 24-hour volume here, right? So, we have Pancake Swap. Does it say what? Okay, so this is like the most recent 24 hours. Okay, this is Yeah, today's snapshot. Pancake Swap had 2.4 4 million. Bit thumb had 2.3 million bybit 1.5 and Coinbase 1.4 unis swap and ethereum actually only 3.8,000 8,000. So it seems like this is being used most being used most let me talk right uh pancake swap and binance smart chain

1:02:00volume is not exit liquidity of course three different constraints here while selling xen use an exchange or a dex the supplied venue volume indicates where trading occurs check actual depth before sizing and exit ethereum unis swap is a is thin in in the snapshot that we had which was from today unlock vested X well a call unlock for the tokens vested principle the people who had it locked up no unbounding period is required but only the amount already vested can

1:02:34become spendable and then leave a noma pay yield right automatically to the shielded balance then unshielded publicly which we've already been over redemption depends on the selected morpho vault available able liquidity. So you actually have to get it out of the Morpho vault which means you need to have the liquidity there. So who else is selling privacy? How does it stack up against its competitors? What's its moat and catalyst for future growth?

1:03:04So privacy on EBM well you have rail gun and privacy pools focused on private activity on existing public chain infrastructure. Confidential compute another form of privacy. Zama and Aztec address privacy through different comput uh computation and execution models. They are not interchangeable architectures though. They are set up differently. So you see a lot of different people trying to solve the same privacy issue for different

1:03:34applications and they're going about it in different manners. Right? So intent settlement cow protocol unis swap x and across compete in and across compete so across is another company uh compete in specific parts of the intent stack cow's supplied 23.5% deck share figure is its own July 2026 measurement the moat how does it stack up well engineering before habits what actually exists here. Well, what exists is years of research,

1:04:13an audited adapter, permissionless deployment, and consumer orientated UX. ANOMA combines intent and programmable privacy into one system. What it doesn't establish is no demonstrated network effect or comparable public usage series in the supplied review. Focus reveals focused rivals can compete effectively in individual slices. So in individual areas their rivals can compete with them but none of their rivals have exactly the same product built that they are

1:04:47right. What research could not find, what I could not verify here, verified users, no official count, payment volume, no consistent published anom pay uh volume and aggregated pool total value off TVL. We like to look at those numbers. Couldn't find any of that. Again, very new project, still rolling a lot of stuff out. It's not exactly unheard of that information is a little scarce and hard to get. So onchain pool balances can be public

1:05:16without convenient verified uh productwide metrics. So we basically are lacking some information here catalyst ahead. So let's talk about what they have planned. What could possibly move this needle and bring some excitement to this project in this particular token autopsy? This is probably some of I guess the more meaningful information. What are they going to do? So we have a planned extension separate from its already

1:05:42launched B&BB stock support. Verify production support before counting it. Right. So we have tokenized stocks on base that are coming. More adapter deployments. A broader technical footprint can make more applications possible. A new chain integration does not by itself show paid usage. And then we have DAO activity and airdrop. So the first substantive uh proposal and future season 2 distribution could change participation

1:06:14eligibility timing and economic effect could remain conditional. So no automatic none automatically pays xam a revenue route needs an adopted mechanism. So where is our bull case and our bare case here? Well, financial privacy solves a real problem. The userability or UX is accessible to everybody and the product exists in the token holders control upgrade authority. That would be very bullish. Bare case, no adoption fee

1:06:45pipeline, 206 million XA investing per month and no verified public usage series makes a hard case for an investment. A what is bullish would be a 28 million market cap. Sorry. What is bullish case is a 28 million market cap can reflect modest expectations. If usage grows and an enforcable capture mechanism arrives, the token case improves. Audit to deployment questions. Thin animity sets.

1:07:17So the actual privacy on the on and off ramps. That's not very uh bullish, that's very bearish. And the related uh namada incident add uncertainty here. So confidence in the product product progress can continue without holder income and we kind of move through this quickly. Well, let's talk about a counterargument. At 28 million, a bull can argue that expectations already

1:07:46priced in failure. The product is real and holders have authority to upgrade the token. The present day response would be could someday is hope. Investing is a mechanism. The score evaluates current mechanisms and verified evidence. A low market cap alone does not create actual fees, customers, or enforceable holder rights. It's preparing you that they're going to score it for where it is right now. And by they, I mean me. The case

1:08:13against skepticism. So, a future value capture design could change the analysis quickly if it's adopted and actually used. So, we have a 100 point scorecard. Uh, right off the bat, utility and adoption, which for most projects is like one of the strongest. I think it's an 11 out of 20. Not a good start. Token value capture for it pretty much doesn't exist. I don't even know how it got four. Uh, 6 out of 15.

1:08:42Uh, Wyatt earned six points. You can get all of this breakdown if you're really looking for it. Competitive mode, 9 out of 15. This slide will be available for you in the Discord. So, competitive mode got a 9 out of 15. Security and decentralization a 6 out of 10. Catalyst and execution a 6 out of 10. There's not a good score coming, I'll tell you that. Four out of 10. And for risk and unanswered questions, landing it probably with the lowest that we've

1:09:09ever seen. A 46. That is the lowest score of anything. Now, let's be honest. I had a I had a good feeling that it was going to score very low. So, why did we still do this? Well, I still needed to know the information and if there was anything bullish to know. I feel like very few people are going to hear this little rant, but I want to put it out there for the few dedicated individuals who do hear this rant. Um,

1:09:36raising your crypto IQ to me is extremely important and I think it makes you become a better speculator in the market. It's not financial advice. That's my opinion. But the more you know, the more you understand what's going on. What this token autopsy has revealed to me, aside from basic vesting and tokconomics and Genesis and things that have gone on in the project, it has told me exactly what I need to look for moving forward. What do I need to look

1:10:03for? Well, first off, what we already have is recently they've been shipping a lot of stuff. I need to see them continue to ship a lot of stuff. Then I need to see some kind of buyback or burn mechanism, some kind of tokconomic xencoin related mechanisms and fees for the platform. Otherwise, all verdicts are out. I'd probably hold whatever I have now, which is very little, very, very, very little. Um, and that would be that. But I wouldn't buy anymore. So,

1:10:38right now, the biggest value out of this token autopsy, which I feel like for a lot of people who don't pay attention is probably completely lost on you, is, and I don't mean that in a mean way, but I want I want it to not be lost on you, is that now we know what to look for. That's a big part, going through all of it, having it settled in your mind, and knowing what I need to look for. And if I see big news come out about fees, um, tokconomic

1:11:08changes, buybacks and burns, stuff like that, I know that it has a chance to run. And maybe at that point, I might buy some more. And we're going to roll right through this. We got our leaderboard here, and you're going to find Xan at the very bottom with the worst score that we've ever had. I will say, of course, that it is, of course, a newer project. They need some time to build. I don't know why they did a token this early,

1:11:38you know, in 2025. I don't know why they did that to be completely honest with you. It It seems like they should have waited and they certainly shouldn't have air dropped people a ton of freaking X because they just sold it on the open market and crashed the price. That's about all I can take away because if early investors and people had their tokens locked, well, they couldn't sell them. So only unlocked available coins could be sold. And it seems like that

1:12:03came mostly from unlocks or from airdrops. There must have been something else there. There is some information here that is lacking. Let's be honest. And so we need more information on a couple very important points, but it just it seems weird that over 500 million disappeared out of this project from just airdrop tokens, a 60% crash. That that doesn't add up and it's got to be more than 60%.

1:12:38So again, maybe a good product, but a completely unpaid token. The product works. Xan the coin has not completed the token value capture test. Right. ANMA built something useful and approachable. Xan today is a voting slip with roughly 200 million newly vested siblings per average month. If usage becomes measurable and implemented mechanisms route token to value to the token, the evidence can change quickly. Until then, keep your expectations as

1:13:11private as your payments. And that is what we're going to use to wrap that up. I'm going to go ahead and get a nice screenshot of that because I'm thinking that is going to be posted on social media. And then of course you have where we got a lot of our information from. If you think I made it all up, there you go. That's where the information came from. This slide will be available in the very near future. I'm thinking about sitting here working tonight on a lot of

1:13:37that stuff. All right. So, let's go in here and maybe make a post real quick, right? Let's grab that screenshot that we just took. Just finished the token autopsy of Xan project known as ANOMA. Period. This is just a sample of what we found regarding the token's relationship to its ecosystems.

1:14:37Period. Full disclosure, I own a very small amount of this coin. It's a big reason why I was excited to do this token autopsy. Period. I feel like me and the Anoma team need to talk. point. There are a lot of unanswered questions. Period. We'll put my full token autopsy of this project in the comments as soon as I'm done being live. And it definitely put the wrong thing.

1:15:18It put enoma. All right. I don't like the way this is obsessed out. And yes, you're watching me post things on XL. And then what are we going to do? We're going to do # anoma # xan at anoma. Let's do some defi, of course. Can't forget underground

1:16:03crypto. anybody out there. I really feel like I'm alone on an island today with this live stream, but I guess it was very much for me and I know Melissa is busy, so it is what it is. All right, then we'll go back to our profile and let's put we need fees in some kind of buy back and burn mechanism for the coin X

1:16:44period. I certainly hope the team sees this. All right, guys. Well, it was a fun deep dive. I learned a lot. Regardless, as I always said, follow me on Twitter, on X, whatever you want to call it. Crypto Ron, make sure it says underscore ground crypto. There are imposs right here. It should look identical. 170 following as of right now. 200 followers, might be one or two more. It is very hard to grow here, but shout out

1:17:25to Melissa, one of our favorite people and also mod in the community. Probably not supposed to have favorites, but Melissa's been here supporting me from the beginning, just like Blues Guy and several other people. I love all my undergrounders. The point is, she got a mug. All right, she checked out the merch. She got herself a mug, and it looks great. Uh, I can't wait for mine to come in. I need to order it.

1:17:48Honestly, I want the the mug and the mouse pad first, and I keep getting distracted and not ordering it, but it's coming. I'm going to order it and then I'll show it off, right? So, shout out to all my undergrounders. Stay underground. Stay crypto. It was a shorter stream, but due to the lack of turnout here, I'm going to go ahead and close it up. I uh appreciate everybody who came through and said what's up. I think Anma is just

1:18:12not a very well-known project and therefore didn't get a lot of excitement, but I needed to raise my crypto IQ and do my own due diligence. So, here we are. I guess this one was for me and Melissa and Blues Guy cuz he was there when we found this coin as well. If you enjoyed it, smash the like button and send these videos to somebody. pick take take one of the token autopsies of another coin, send it to somebody you know holds that coin and

1:18:40let's raise people's crypto IQ together. And the link to our free Discord in the description in the chat underground crypto out of course think long term and I'll see you in the next episode.