FintruX Network

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team and early investors, though exact current holdings are difficult to verify due to limited transparency and outdated information.