Lenfi
Crypto Overview
Overview
Lenfi is a decentralized lending protocol built on the Cardano blockchain that launched in early 2024. The protocol aims to facilitate peer-to-peer lending and borrowing of ADA and other Cardano-native tokens.
Purpose and Utility
Lenfi's primary stated purpose is to enable lending and borrowing services on Cardano. The LENFI token is designed to serve as a governance token for the protocol, allowing holders to participate in decision-making regarding protocol parameters and development.
Business Model Analysis
The core business model revolves around lending and borrowing services, which in their current form appear to be interest-based rather than charitable lending. This raises significant concerns from a Shariah perspective as it involves riba (interest).
Development and Adoption
The project shows active development with regular updates to its protocol. The platform launched on mainnet in Q1 2024 and has begun attracting users, though adoption metrics are still in early stages.
Token Distribution
The LENFI token distribution includes allocations for the team, early investors, and community. Initial information suggests standard vesting schedules are in place for team and investor tokens.
Crypto Impact
To assign a comfort level investing in Lenfi 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 Lenfi.
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.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.