Bomb Money
Crypto Overview
Overview
Bomb Money was a DeFi protocol on the Binance Smart Chain (BSC) that attempted to create an algorithmic token pegged to Bitcoin's price. The project launched in 2021 with a combination of BOMB (share token) and BTCB (pegged token).
Purpose and Utility
The intended purpose was to create an elastic supply cryptocurrency that would maintain a peg to Bitcoin through algorithmic mechanisms. Users could stake BOMB tokens to earn rewards and participate in the protocol's governance.
Current Status
As of 2024, the Bomb Money protocol has effectively collapsed and is no longer maintaining its intended peg or functionality. The project's website is offline and development activity has ceased. Trading volume is minimal and the token price has crashed to near zero.
Business Model Analysis
The protocol attempted to maintain its peg through bonding, staking, and algorithmic supply adjustments. While the basic token trading mechanics were permissible from a Shariah perspective, the project relied heavily on unsustainable yield mechanisms that resembled interest-bearing products.
Development and Adoption
There is currently no active development or meaningful adoption. The project has been abandoned by its team and community.
Crypto Impact
To assign a comfort level investing in Bomb Money 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 Bomb Money.
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.
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