Konomi Network

Halal Rating :
Uncomfortable
Last Price $0.0049 Last updated:
Rank 2273
1D Change 20.61 %
Market Cap $488703.07
Circulating supply 100,000,000
Maximum supply 100,000,000

Crypto Overview

Categories
  • Asset Management
  • Ethereum Ecosystem
  • Polkastarter
  • Exnetwork Capital Portfolio
  • OKX Ventures Portfolio

Purpose and Utility

Konomi Network aims to provide a full suite of decentralized financial tools for the crypto ecosystem, focusing on cross-chain asset management and lending. The platform integrates lending, borrowing, and staking capabilities, with KONO serving as the governance and utility token.

Business Model Analysis

The core business model revolves around decentralized lending and borrowing services, which when not done as an act of charity, raises concerns from an Islamic finance perspective. The platform's focus on generating yields through lending activities is problematic under Shariah principles that prohibit riba (interest).

Development and Adoption

The project maintains active development on GitHub, with regular updates to their protocol. However, the primary use case remains centered around lending and yield generation through interest-bearing activities.

Token Distribution and Governance

KONO tokens are used for governance and platform utility. While the token distribution and vesting schedules appear reasonable, the fundamental issue lies in the token's primary utility being tied to interest-based lending services.

Crypto Impact

To assign a comfort level investing in Konomi Network 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 Konomi Network.

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.

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