Elephant Money
Crypto Overview
Project Overview
Elephant Money is a DeFi project on the Binance Smart Chain (BSC) that implements a staking mechanism called 'The Trunk' and features a native token ELEPHANT. The project claims to provide a sustainable yield generation system through its staking and redistribution mechanics.
Purpose and Utility
The stated purpose of ELEPHANT is to serve as the governance and utility token for the Elephant Money ecosystem. The token is used for staking in The Trunk, which generates rewards for participants. The project implements a buyback and burn mechanism to manage token supply.
Business Model Analysis
The project's core functionality revolves around staking and reward distribution. While staking itself isn't inherently problematic from a Shariah perspective when it represents actual network participation, the project's heavy focus on yield generation through complex tokenomics raises concerns about potential resemblance to interest-bearing mechanisms.
Development and Adoption
The project shows limited on-chain activity outside of trading and staking operations. The development activity appears minimal based on public repositories and updates.
Token Distribution and Governance
Information about token distribution and vesting schedules is not readily available, which impacts transparency assessment. The project's governance mechanism appears to be centralized with limited community input.
Crypto Impact
To assign a comfort level investing in Elephant 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 Elephant 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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