OctoFi
Crypto Overview
Overview
OctoFi (OCTO) is a decentralized finance (DeFi) project that aims to provide a platform for DeFi aggregation and investment opportunities. The project's stated purpose is to create a user-friendly platform that aggregates various DeFi protocols and services into one interface.
Purpose and Utility
The OCTO token serves as a governance token for the OctoFi platform, allowing holders to participate in protocol decisions. It also provides access to premium features and revenue sharing from platform fees.
Business Model and Activities
The platform aggregates DeFi services including decentralized exchanges (DEXs), lending protocols, and yield farming opportunities. While some of these underlying services (particularly lending) would be considered non-compliant with Shariah principles, the OCTO token itself primarily functions as a governance and access token.
Development and Adoption
The project has shown limited recent development activity on its GitHub repositories. The platform maintains basic functionality but appears to have reduced development momentum compared to its initial launch period.
Token Distribution
The total supply of OCTO tokens is 800,000, with distribution including team allocations, community rewards, and public sale participants. The project implemented vesting schedules for team tokens.
Crypto Impact
To assign a comfort level investing in OctoFi 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 OctoFi.
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.