Amulet
Crypto Overview
Project Overview
Amulet Protocol is a decentralized platform built on the Ethereum blockchain that provides risk management services for DeFi protocols through coverage pools and risk assessment. Launched in 2022, Amulet aims to protect DeFi users against smart contract vulnerabilities, hacks, and other protocol risks.
Purpose and Utility
The AMU token serves as the governance token for the Amulet Protocol ecosystem. Token holders can participate in governance decisions, manage coverage pools, and earn rewards for providing coverage capacity. The token is actively used for its intended purposes within the ecosystem.
Business Model Analysis
The core business model revolves around providing insurance-like coverage for DeFi protocols. While insurance itself can be halal when structured properly, Amulet's model involves lending and interest-bearing mechanisms that don't align with Islamic finance principles. The protocol generates revenue through premiums and yield farming strategies that involve interest-based returns.
Development and Adoption
The project maintains active development with regular updates to its protocol. It has established partnerships with several DeFi protocols and has a growing user base. The team consists of experienced developers and insurance industry professionals.
Token Distribution
Initial token distribution allocated 30% to the team and advisors, 20% to early investors, and 50% to the community and ecosystem growth. Team tokens are subject to a 4-year vesting period with a 1-year cliff.
Crypto Impact
To assign a comfort level investing in Amulet 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 Amulet.
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.