88mph
Crypto Overview
Overview
88mph is a DeFi protocol that allows users to deposit their crypto assets for a fixed period and receive a fixed yield. The protocol was launched in 2020 and uses the MPH token for governance and rewards.
Purpose and Utility
The primary purpose of 88mph is to provide fixed-rate interest-bearing deposits in the DeFi space. Users deposit their crypto assets, and the protocol generates yield through various DeFi lending platforms. The MPH token is used for governance and as an incentive mechanism.
Business Model Analysis
The core business model revolves around interest-bearing deposits and lending, which raises significant concerns from an Islamic finance perspective. The protocol explicitly markets itself as an interest-generating platform, which is fundamentally problematic under Shariah principles that prohibit riba (interest).
Development and Adoption
While the protocol has maintained development activity, its primary use case remains centered around interest-based lending and borrowing. The platform has seen limited adoption, but this isn't relevant to the Shariah compliance assessment.
Token Distribution and Governance
The MPH token distribution includes allocations for the team, early investors, and the community. While the token distribution itself isn't problematic from a Shariah perspective, the token's primary utility is tied to an interest-based system.
Crypto Impact
To assign a comfort level investing in 88mph from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to 88mph.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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