Galaxy Finance
Crypto Overview
Purpose and Utility
Galaxy Finance (GLF) positions itself as a DeFi protocol focused on cross-chain trading and yield farming. The GLF token serves as a governance token for the Galaxy Finance ecosystem, allowing holders to participate in decision-making regarding protocol parameters and development direction.
Business Model Analysis
The project's core functionality revolves around facilitating cross-chain asset transfers and providing liquidity across different blockchain networks. The primary revenue model appears to come from trading fees and liquidity provision.
Development and Adoption
The project shows limited but ongoing development activity on GitHub. While the cross-chain functionality is operational, user adoption appears to be modest compared to larger DeFi protocols.
Token Distribution and Governance
Based on available data, approximately 30% of tokens were allocated to the founding team and advisors, with vesting periods in place. The remaining distribution includes public sale participants, liquidity mining rewards, and ecosystem development funds.
Key Concerns
The main component of concern is the lending and borrowing features within the protocol, which operate on an interest-based model rather than a profit-sharing arrangement that would be more aligned with Islamic finance principles.
Crypto Impact
To assign a comfort level investing in Galaxy Finance 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 Galaxy Finance.
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.