Genesis Shards
Crypto Overview
Overview
Genesis Shards is a DeFi protocol designed to create a marketplace for pre-IDO tokens and NFTs. The platform aims to allow users to trade fragments of tokens before they are officially launched, essentially creating a derivatives market for upcoming token launches.
Purpose and Utility
The GS token serves as the governance token for the Genesis Shards ecosystem. Token holders can participate in platform governance decisions and receive benefits within the ecosystem. The token is also used for staking to access certain platform features.
Business Model Analysis
The project's core functionality revolves around creating a market for pre-launch token derivatives. While trading and exchange of actual assets does occur, the platform includes lending and borrowing features that raise some concerns from an Islamic finance perspective.
Development and Adoption
The project has shown limited development activity recently, with most updates focused on partnership announcements rather than core platform development. The actual usage of the platform for its intended purpose appears to be minimal.
Token Distribution
Initial token distribution included allocations for team members and early investors with standard vesting periods. The project maintains reasonable transparency regarding token distribution.
Crypto Impact
To assign a comfort level investing in Genesis Shards 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 Genesis Shards.
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.