CryptoFarmers
Crypto Overview
Purpose and Utility Analysis
CryptoFarmers (FARM) was launched in 2020 as a governance and utility token for the Harvest Finance protocol, a yield aggregation platform. The token grants holders voting rights on protocol decisions and a share of protocol revenues through staking.
Business Model Evaluation
The token's primary utility revolves around protocol governance and revenue sharing from yield optimization strategies. However, the underlying mechanism involves lending and borrowing activities to generate yields, which raises significant Shariah compliance concerns as these activities constitute interest-based transactions when not done as charitable acts.
Real-World Adoption
The protocol has attracted significant usage within the DeFi ecosystem, with substantial Total Value Locked (TVL) in its farming strategies. The FARM token is actively used for governance voting and staking.
Development Activity
Harvest Finance maintains an active development team with regular updates to the protocol. The project's GitHub repository shows consistent activity and implementation of security improvements.
Token Distribution
FARM has a maximum supply of 690,420 tokens. The token distribution includes allocations for the team, early investors, and community farming rewards. Vesting schedules are in place for team allocations.
Crypto Impact
To assign a comfort level investing in CryptoFarmers 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 CryptoFarmers.
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.