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IRS on X1

Parody token with a 5% transfer tax that funds daily XNT payouts to holders and slow buybacks.

irs-x1.vercel.app · listed 21 Oct

Open IRS on X1
IRS on X1 home page

IRS is a Token-2022 token on X1 mainnet with a 5% fee on every transfer. The project sells the collected IRS in small batches and splits the XNT it gets: half goes to holders in daily payout rounds, half into a reserve that buys IRS back slowly. Its site publishes every payout, buyback and LP burn with a link to the transaction.

Token mint: 3fY6tq8HWFy7tvVUVW62s9E6TijyRoLx27ftZAHC52g3. Mint and freeze authority are revoked. The team's wallet can still change the transfer fee.

The project calls itself an experimental, upgradeable parody token and promises no returns.

Updates from IRS on X1

  1. Launch

    IRS on X1: a taxed token that pays holders in XNT

    A 5% transfer tax is sold for XNT; half is paid to holders every day, half buys IRS back slowly. Every payment is published with its receipt.

    IRS is a token on X1 mainnet built around one mechanism: a 5% fee on every transfer. The project turns that fee into XNT and sends it two ways, to the people holding IRS and back into the market as buybacks. It calls itself an experimental parody token, and its site leads with the receipts.

    How it works

    1. Every IRS transfer, including buys and sells on the pool, withholds 5% as tax.
    2. A keeper collects the withheld IRS and sells it in small batches, targeting a sale every five minutes under limits on size, price and liquidity.
    3. Each sale's XNT is split. Half is credited to eligible holders by their share of supply and paid out in a daily round. The other half goes into a buyback reserve that is released gradually, with buys spread over roughly 14 days.
    4. Separately, IRS burned from the project's own liquidity pool is removed from supply for good.

    What the site showed on 21 October

    • 3,097 XNT paid to holders in total, across 26,701 confirmed payments.
    • The latest daily round sent 170.5 XNT to 42 wallets.
    • 2.51 million IRS bought back for 560.5 XNT over 139 buys, with 645.6 XNT still in the buyback reserve.
    • 661 IRS burned from the project's pool, and 43 holder addresses.

    Why it's interesting for X1

    Most new tokens ask holders to trust that something is happening behind the scenes. IRS publishes it: each payout round, buyback and burn links to its transaction on the X1 explorer, and the history charts only connect recorded data. It is also one of the first projects on X1 to use Token-2022's transfer-fee extension as the engine of the whole design, which makes it a useful live example for anyone building fee-based tokens on the chain.

    What to watch

    • It is a parody token and says so. The site promises no returns, and payouts depend on trading volume, the price of IRS and the keeper staying online and funded.
    • The 5% tax applies to every transfer, so moving or trading IRS costs more than an ordinary token.
    • Read from X1 mainnet: the token is Token-2022, mint and freeze authority are revoked, and supply is about 100 million IRS. The team's wallet still controls the transfer-fee setting, which has no maximum, so the fee can be changed.
    • The project describes its contracts as upgradeable.

    Sources

    Open IRS on X1 →