Freeway Token

Halal Rating :
Comfortable
Last Price $0.00 Last updated:
Rank 2042
1D Change 15.31 %
Market Cap $608681.15
Circulating supply 10,000,000,000
Maximum supply 10,000,000,000

Crypto Overview

Categories
  • Trustswap Launchpad
  • BNB Chain

Project Overview

Freeway Token (FWT) was the native token of Freeway, a centralized platform that claimed to offer high-yield 'Supercharger' products through what they called 'revenue generating trading strategies.' The project promised returns of up to 43% APY on cryptocurrency and fiat currency deposits.

Intended Utility

FWT was designed to provide utility within the Freeway ecosystem, including reduced platform fees, enhanced rewards, and governance rights. The token was meant to incentivize platform usage and provide benefits to holders.

Actual Implementation and Events

In October 2022, Freeway abruptly halted all platform withdrawals, citing market volatility and 'unprecedented' market conditions. The platform's activities essentially ceased, leading to significant losses for users who had deposited funds. Investigation revealed that the promised 'trading strategies' were largely opaque, and there was limited evidence of legitimate revenue-generating activities that could sustain the promised yields.

Token Distribution and Governance

The token distribution showed significant concentration among team members and early investors. The lack of transparency regarding trading strategies and revenue sources raised serious concerns about the sustainability of the business model.

Current Status

As of 2024, the platform remains non-operational, with users unable to access their funds. The token has lost nearly all its value, and there has been minimal communication from the team regarding resolution or recovery plans.

Crypto Impact

To assign a comfort level investing in Freeway Token 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 Freeway Token.

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.

Justification for our Halal Rating