DRIP
Crypto Overview
Overview
DRIP Network is a DeFi protocol launched in 2021 on the Binance Smart Chain. The project advertises itself as a 'low-risk' investment platform that provides daily returns through a tax-based tokenomics system.
Purpose and Utility
The intended purpose of DRIP is to serve as a deflationary token within an ecosystem that includes:
- A 'Faucet' contract that claims to provide 1% daily returns through tax redistribution
- A DEX called 'The Fountain' for DRIP/BUSD trading
- The 'Reservoir' - a platform for staking DRIP-BNB LP tokens
Business Model Analysis
The core mechanism relies on a 10% tax on all transactions, which is redistributed to token holders who participate in the 'Faucet' system. Users must acquire DRIP tokens and 'deposit' them into the Faucet contract to receive rewards.
Real-World Adoption
The protocol has seen significant usage since launch, with over 100,000 unique wallet addresses participating in the ecosystem. However, the primary utility remains focused on the internal reward system rather than external applications.
Development Activity
While the core contracts remain largely unchanged since launch, the team has maintained regular updates to the platform's frontend and has announced plans for additional features.
Token Distribution
Initial token distribution included allocations to the development team and early investors, with specific vesting schedules. The precise percentage of founder holdings is not publicly disclosed.
Crypto Impact
To assign a comfort level investing in DRIP 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 DRIP.
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.