Oxygen
Crypto Overview
Purpose and Utility
Oxygen Protocol was designed as a DeFi protocol on the Solana blockchain. Its OXY token was intended to serve as a governance token for the protocol, which aimed to provide DeFi services including lending, borrowing, and yield generation.
Business Model
The project's core business model revolves around DeFi lending and borrowing services, which are inherently problematic from a Sharia perspective as they involve interest-based transactions not done as charitable acts.
Real-World Adoption
Current on-chain data shows minimal protocol usage. The project has faced significant challenges, with development appearing to have stalled. Trading volumes are low, and the protocol's promised features have not materialized as intended.
Development Activity
Public GitHub repositories show limited recent development activity. The project's social media channels and community engagement have also been minimal in recent months.
Token Distribution
A significant portion of tokens was allocated to team members and early investors. While this alone isn't problematic from a Sharia perspective, when combined with the lending-focused utility, it raises concerns.
Crypto Impact
To assign a comfort level investing in Oxygen 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 Oxygen.
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.