Moola Market
Crypto Overview
Overview
Moola Market was a lending protocol built on the Celo blockchain that allowed users to lend and borrow digital assets. The protocol was compromised in October 2022 through an exploit that resulted in approximately $8.4 million being drained from the protocol.
Purpose and Utility
The intended purpose of MOO tokens was to serve as a governance token for the Moola Market protocol, allowing holders to participate in decision-making regarding protocol parameters and updates. The token was also used to incentivize liquidity provision through yield farming.
Business Model
The core business model revolved around lending and borrowing cryptocurrency assets, which is problematic from an Islamic finance perspective as it involved interest-based transactions not done as charitable acts. The protocol generated revenue through lending fees and interest charges.
Platform Activity
As of 2024, the protocol is no longer active following the October 2022 exploit. The development team has ceased operations, and the token has effectively zero utility or trading volume on any major exchanges.
Token Distribution and Governance
Historical data shows that the token distribution included allocations to the team, early investors, and the community through liquidity mining programs. However, specific details about vesting schedules and current token distribution are no longer relevant given the project's inactive status.
Crypto Impact
To assign a comfort level investing in Moola Market 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 Market.
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.