NAGA
Crypto Overview
Overview
NAGA (NGC) is a cryptocurrency token originally launched in 2017 as part of the NAGA ecosystem, which aims to provide a platform for trading various financial instruments including stocks, cryptocurrencies, and foreign exchange.
Purpose and Utility
The NGC token was designed to serve as the native utility token within the NAGA ecosystem, primarily used for trading fee discounts, platform governance, and rewards. The token operates on the Ethereum blockchain as an ERC-20 token.
Current Status
As of 2024, there are significant concerns about the current status of NAGA and its NGC token. The project's main platform, NAGA.com, appears to be non-operational, and there has been minimal development activity in recent periods. Trading volumes for NGC have become extremely low, and the project's social media channels show little to no recent activity.
Business Model Analysis
The original business model involved creating a regulated trading platform where NGC would serve as a utility token. While trading itself is permissible from an Islamic perspective, the platform's historical operations included significant CFD trading and leveraged products, which raise serious concerns from a Sharia compliance standpoint.
Development and Adoption
There is currently minimal evidence of ongoing development or adoption. The project's GitHub repositories show little recent activity, and the ecosystem appears to be largely dormant.
Crypto Impact
To assign a comfort level investing in NAGA 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 NAGA.
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.