Ooki Protocol
Crypto Overview
Overview
Ooki Protocol (formerly known as bZx Protocol) is a decentralized lending and margin trading protocol built on Ethereum. The OOKI token serves as the protocol's governance token, allowing holders to vote on protocol changes and receive a share of protocol fees.
Purpose and Utility
The primary purpose of Ooki Protocol is to facilitate decentralized lending and margin trading services. Users can lend assets to earn yields, borrow assets by providing collateral, and engage in margin trading. The OOKI token provides governance rights and fee-sharing benefits to holders.
Business Model Analysis
The core business model revolves around interest-based lending and borrowing services, which is problematic from an Islamic finance perspective as it involves riba (interest). The protocol's margin trading functionality also raises concerns as it enables leveraged trading positions.
Platform Development and Adoption
The protocol has undergone significant development since its rebranding from bZx to Ooki. However, its primary functions remain centered around lending and leveraged trading services. The platform maintains active development and regular updates to its protocol.
Token Distribution
The OOKI token distribution includes allocations to the team, early investors, and community. The token serves both as a governance mechanism and a means to participate in the protocol's fee-sharing system.
Crypto Impact
To assign a comfort level investing in Ooki Protocol 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 Ooki Protocol.
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.