Moola Celo EUR
Crypto Overview
Purpose and Utility
Moola Celo EUR (mCEUR) is a stablecoin that operates on the Celo blockchain, designed to maintain a 1:1 peg with the Euro. It functions as part of the Moola Market protocol, which was a lending and borrowing platform on Celo. However, as of 2023, Moola Market has ceased operations.
Business Model and Operations
The token was originally created to facilitate Euro-denominated transactions within the Celo ecosystem and serve as collateral in the Moola Market lending protocol. The business model involved interest-based lending and borrowing, which raises significant Shariah compliance concerns.
Real-World Adoption
Current usage of mCEUR is minimal, particularly after the shutdown of Moola Market. While the token still exists on the Celo blockchain, its primary utility has effectively ceased with the closure of the protocol.
Platform Development
Development activity has ceased following the shutdown of Moola Market. The platform is no longer actively maintained or updated.
Token Distribution and Governance
Given the protocol's closure, token distribution and governance structures are no longer relevant to current operations.
Crypto Impact
To assign a comfort level investing in Moola Celo EUR 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 EUR.
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.