KIMCHI
Crypto Overview
Overview
KIMCHI is a DeFi token that was launched in 2020 as part of the 'food tokens' trend. It was created as a yield farming protocol on the Ethereum blockchain.
Purpose and Utility
The intended purpose of KIMCHI was to serve as a governance token for a yield farming protocol. Users could stake KIMCHI tokens to earn rewards from trading fees.
Current Status
As of the most recent data available, KIMCHI appears to be largely inactive with minimal development activity and very low trading volume. The original yield farming protocol is no longer actively maintained.
Business Model Analysis
The token's utility was primarily centered around yield farming and liquidity provision. While the basic concept of liquidity provision isn't inherently haram, the specific implementation involved interest-bearing mechanisms that raise concerns from an Islamic finance perspective.
Development and Adoption
There is currently no significant development activity on the project. The GitHub repository shows no recent updates, and the project's social media channels are inactive.
Token Distribution
The token distribution model and current holder statistics are not readily available due to the project's inactive status.
Crypto Impact
To assign a comfort level investing in KIMCHI 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 KIMCHI.
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.