BinaryX
Crypto Overview
Project Overview
BinaryX is a GameFi development platform and ecosystem established in 2021. It operates primarily on the BNB Chain (formerly Binance Smart Chain) and focuses on developing play-to-earn blockchain games.
Purpose and Utility
BNX token serves multiple purposes within the BinaryX ecosystem: 1) Governance token allowing holders to participate in platform decisions, 2) In-game currency for BinaryX games like CyberDragon and CyberChess, 3) Medium of exchange for NFT trading within the ecosystem.
Business Model Analysis
The platform generates revenue through: Game-related transactions, NFT marketplace fees, and ecosystem expansion. The core business model revolves around gaming and digital asset ownership, which are permissible activities from an Islamic perspective.
Real-World Adoption
BinaryX has achieved substantial adoption in the GameFi space with over 100,000 monthly active users across their games. Their flagship game CyberDragon has maintained consistent user engagement since launch.
Development Activity
The project maintains active development with regular updates to their gaming ecosystem. The team consistently releases new features and game improvements, demonstrating ongoing commitment to platform development.
Token Distribution
Initial token distribution allocated 30% to the team and advisors with a 2-year vesting period. The remaining tokens were distributed through public sale, ecosystem development, and community incentives.
Crypto Impact
To assign a comfort level investing in BinaryX 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 BinaryX.
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.