Hermes DAO
Crypto Overview
Overview
Hermes DAO (HMX) is a decentralized perpetual exchange protocol launched on the Arbitrum network. The protocol aims to provide decentralized perpetual futures trading with up to 30x leverage.
Purpose and Utility
The primary purpose of HMX is to serve as the governance token for the Hermes protocol. Token holders can participate in governance decisions and receive a share of protocol fees. The token also provides staking benefits to holders.
Business Model
The protocol generates revenue through trading fees from perpetual futures trading. The core business model revolves around providing leveraged trading products, which is essentially a form of margin trading and speculation.
Real-World Adoption
The protocol has gained some traction in the DeFi space, particularly on Arbitrum, with growing trading volumes. However, the primary use case remains leveraged trading and speculation.
Development Activity
The project maintains active development and has implemented several protocol upgrades and features since launch. The team regularly provides updates and improvements to the trading interface and underlying mechanics.
Crypto Impact
To assign a comfort level investing in Hermes DAO 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 Hermes DAO.
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.