Onchain Trade
Crypto Overview
Overview
Onchain Trade is a decentralized perpetual exchange platform launched in 2023 on the BNB Chain. The platform's native token OT is used for governance, fee sharing, and trading fee discounts.
Purpose and Utility
The primary intended use of OT tokens is to provide holders with governance rights over the protocol and a share of trading fees generated on the platform. Token holders can vote on protocol changes and receive a portion of trading fees when they stake their tokens.
Business Model Analysis
The core business model revolves around providing leveraged perpetual futures trading. The platform generates revenue through trading fees, with a portion distributed to OT stakers. The primary concern from a Shariah perspective is that perpetual futures trading typically involves elements of gambling and excessive leverage.
Real-World Adoption
The platform has gained some traction in the DeFi space, with significant trading volume and total value locked (TVL). However, the primary use case remains leveraged trading and speculation.
Platform Development
The project maintains active development with regular updates to the trading platform and smart contracts. The team appears transparent about their development activities through their official channels.
Token Distribution
The token distribution includes allocations for the team, early investors, and the community. Specific vesting schedules are in place to prevent immediate dumping of tokens.
Crypto Impact
To assign a comfort level investing in Onchain Trade 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 Onchain Trade.
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.