FintruX Network
Crypto Overview
Project Overview
FintruX Network was launched in 2018 as a decentralized finance platform aiming to facilitate peer-to-peer lending and borrowing. The FTX token was designed to serve as the platform's utility token for governance and platform fees.
Utility Assessment
The intended utility of FTX tokens included governance rights, collateral for loans, and fee payments within the FintruX ecosystem. However, current on-chain data shows extremely limited activity, with virtually no recent transactions or development updates.
Business Model Evaluation
The core business model centered around interest-bearing loans facilitated through smart contracts, which is problematic from a Shariah perspective as it involves riba (interest). The lending protocols were not designed as charitable endeavors but rather as profit-generating mechanisms.
Development Activity
The project's Github repository shows minimal recent development activity. The last significant update was over two years ago, suggesting the project may be largely abandoned.
Token Distribution
Available data shows a significant portion of tokens were allocated to the founding team and early investors, though exact current holdings are difficult to verify due to limited transparency and outdated information.
Crypto Impact
To assign a comfort level investing in FintruX Network 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 FintruX Network.
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.