OAX
Crypto Overview
Project Overview
OAX (formerly OpenANX) was launched in 2017 as a decentralized exchange platform project. The OAX token was initially designed to serve as a utility token within their planned decentralized exchange ecosystem, with the goal of improving transparency and security in cryptocurrency trading.
Intended Utility
The OAX token was meant to serve as a governance token for the OAX decentralized exchange platform and facilitate trading fee payments. The project aimed to create a more transparent and accessible trading environment.
Actual Utility
The project has pivoted multiple times since its inception. While initially focused on building a decentralized exchange, the team later shifted towards developing Layer 2 scaling solutions and DeFi applications. Current development activity appears minimal, with limited recent updates to their technology stack.
Token Distribution and Governance
The token distribution information is publicly available, with a significant portion allocated to the foundation and team members. There were initial lock-up periods for early investors and team members, which have since expired.
Technology and Revenue Model
The current implementation focuses on basic token utility without any interest-bearing mechanisms or lending features. The project does not directly facilitate any prohibited activities under Islamic law.
Crypto Impact
To assign a comfort level investing in OAX 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 OAX.
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.