Penguin Finance
Crypto Overview
Overview
Penguin Finance was a DeFi protocol that operated on the Avalanche blockchain network. The project appears to be inactive as of 2023, with no recent development activity or community engagement. The token's trading volume has effectively dropped to zero.
Original Purpose and Utility
Penguin Finance was launched as a yield farming and staking platform on Avalanche, allowing users to stake PEFI tokens and earn rewards. The project also included an NFT component called 'Emperor Penguins' that provided additional utility to token holders.
Business Model Assessment
The original business model involved staking mechanisms and yield generation, which would typically raise concerns from a Shariah perspective due to their similarity to interest-bearing activities. However, since the project is now defunct, this assessment is primarily historical.
Development and Adoption
The project shows no signs of active development, with the last GitHub commits dating back to 2022. The official website is no longer accessible, and social media channels are inactive.
Crypto Impact
To assign a comfort level investing in Penguin Finance 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 Penguin Finance.
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.