MANTRA
Crypto Overview
Project Overview
MANTRA (OM) is a blockchain-based platform launched in 2020 that aims to provide DeFi services through a suite of products including staking, lending, and borrowing. The project is built on multiple blockchains including Ethereum, Binance Smart Chain, and Polygon.
Intended Utility
The OM token is designed to serve as a governance token for the MANTRA DAO ecosystem, enabling holders to participate in protocol decisions. It also functions as a utility token within the platform's staking and lending services.
Actual Utility Assessment
The platform primarily operates as a DeFi services provider, with its main activities centered around staking, lending, and borrowing operations. The project has partnerships with several blockchain platforms and maintains active development, though usage metrics suggest moderate adoption levels compared to larger DeFi protocols.
Token Distribution and Governance
Initial token distribution allocated 30% to the team and advisors, with vesting periods implemented. The remaining tokens were distributed through various sale rounds and community initiatives. The project maintains regular development updates and has a transparent governance structure.
Sharia Compliance Concerns
The core services of MANTRA, particularly its lending and borrowing features, operate on interest-based mechanisms which are fundamentally problematic from an Islamic finance perspective. While the governance and staking aspects could potentially be compliant, the central business model relies heavily on interest-bearing transactions.
Crypto Impact
To assign a comfort level investing in MANTRA 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 MANTRA.
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.