BiFi
Crypto Overview
Overview
BiFi (BIFI) is the governance token of BiFi Protocol, a decentralized lending platform built on multiple blockchains. The token grants voting rights and revenue sharing to holders from the protocol's operations.
Purpose and Utility
The primary stated purpose of BIFI is to serve as a governance token for the BiFi protocol, allowing holders to vote on protocol parameters and receive a share of protocol revenues. The token is actively used for its intended governance purpose, with holders participating in voting on protocol decisions.
Business Model
The core business model involves lending and borrowing cryptocurrency assets, with interest being charged on loans. The protocol operates across multiple chains including Ethereum, BNB Chain, and Polygon. The business model fundamentally relies on interest-based lending, which is a concern from an Islamic finance perspective.
Development and Adoption
The protocol shows active development with regular updates and maintenance. The platform has achieved notable adoption with significant total value locked (TVL) across its supported chains. The development team maintains regular communication and updates through official channels.
Token Distribution
The token distribution appears to be relatively well-distributed, with mechanisms in place for community allocation through governance participation. However, the fundamental nature of the protocol's operations remains problematic from a Shariah perspective.
Crypto Impact
To assign a comfort level investing in BiFi 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 BiFi.
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.