Bonfire
Crypto Overview
Overview
Bonfire was launched in April 2021 as a BEP-20 token on the Binance Smart Chain. The project appears to be inactive, with no significant development or community activity since late 2021. The official website is no longer accessible, and social media channels have been dormant.
Original Intended Purpose
Bonfire was designed as a deflationary token that would reward holders through automatic liquidity generation and token burning mechanisms. The project claimed it would develop a social media platform and NFT marketplace, though these never materialized.
Business Model Evaluation
The token's primary utility was based on its tokenomics, which included a 10% transaction fee: 5% distributed to holders and 5% added to the liquidity pool. While this mechanism itself doesn't violate Islamic principles, the lack of current activity and abandoned development raise concerns about the project's continued viability.
Current Status
Trading volume is nearly non-existent, and the project shows no signs of active development or maintenance. The token appears to be effectively abandoned, though it technically still exists on the blockchain.
Crypto Impact
To assign a comfort level investing in Bonfire 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 Bonfire.
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.