Battle of Memes
Crypto Overview
Project Overview
Battle of Memes (BAOM) is a meme cryptocurrency launched on the Solana blockchain that aims to create a competitive ecosystem where different meme tokens can compete for visibility and engagement. The project incorporates gamification elements where token holders can participate in various community activities.
Utility Analysis
The primary stated utility of BAOM is as a governance token that allows holders to participate in community decisions and compete in meme battles. The token serves as both a medium of exchange within its ecosystem and a means of participating in the project's community events.
Business Model Evaluation
The project's business model revolves around community engagement and meme creation, which does not inherently involve any haram activities. There is no lending, gambling, or interest-bearing mechanisms in the core protocol. The token is primarily traded on decentralized exchanges where actual ownership transfer occurs.
Development and Adoption
The project shows active community engagement on social media platforms and maintains regular updates. While the utility is currently limited primarily to community governance and participation in meme competitions, this does not affect its halal status as the token represents actual ownership and allows for legitimate transfer of value.
Token Distribution
The token distribution includes allocations for community rewards, development, and marketing. While specific vesting details are not publicly available, this does not impact the halal status of the token itself as it represents actual ownership of digital assets.
Crypto Impact
To assign a comfort level investing in Battle of Memes 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 Battle of Memes.
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.