Moola Celo
Crypto Overview
Overview
Moola Celo (mCELO) is the native token of Moola Market, a lending protocol built on the Celo blockchain. The protocol allows users to lend and borrow digital assets, with mCELO serving as a governance token for the platform.
Purpose and Utility
The primary intended purpose of mCELO is to facilitate governance decisions within the Moola Market protocol. Token holders can vote on protocol parameters and proposed changes.
Business Model Analysis
The core business model revolves around lending and borrowing digital assets, which generates interest-based revenue. This fundamental aspect raises significant Shariah compliance concerns as it operates on the principle of riba (interest).
Platform Activity and Development
The protocol has faced significant challenges, including a major exploit in October 2022 that resulted in the loss of approximately $10 million worth of crypto assets. Since then, activity on the platform has been minimal, and development appears to have slowed considerably.
Token Distribution and Governance
Information about token distribution and vesting schedules is limited, but the token primarily serves as a governance mechanism for the lending protocol.
Crypto Impact
To assign a comfort level investing in Moola Celo 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 Moola Celo.
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.