Frencoin
Crypto Overview
Overview
Frencoin (FREN) is a meme-based cryptocurrency launched in early 2024 on the Ethereum blockchain, positioning itself as a community-driven project celebrating friendship and social connection.
Purpose and Utility
The stated purpose of Frencoin is to serve as a medium of exchange within a community focused on friendship and positive social interactions. While primarily functioning as a tradeable digital asset, the project aims to foster a community around the concept of friendship.
Business Model and Operations
The token operates as a standard ERC-20 token on the Ethereum blockchain. The primary activity involves trading on decentralized exchanges, with actual ownership transfer occurring in each transaction. There is no lending, staking, or interest-bearing mechanism involved in the protocol.
Real-World Adoption
Current usage primarily centers around trading on decentralized exchanges. While utility beyond trading is limited, this does not impact its Sharia compliance as real asset ownership and transfer occurs with each transaction.
Token Distribution
The token features a fair launch model with no pre-mine for founders. Contract ownership has been renounced, preventing manipulation of the token supply or mechanics by any central party.
Crypto Impact
To assign a comfort level investing in Frencoin 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 Frencoin.
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.