QuickSwap [Old]
Crypto Overview
Purpose and Utility
QuickSwap [Old] (QUICK) was designed as the governance and utility token for QuickSwap, a decentralized exchange (DEX) built on Polygon's network. Token holders could participate in governance decisions and earn rewards from providing liquidity to the platform.
Business Model Evaluation
The business model involved facilitating decentralized trading of cryptocurrencies, with token holders receiving a portion of trading fees when staking their tokens. While trading itself is permissible, the staking rewards mechanism raised some concerns from an Islamic finance perspective as it could be viewed as a form of riba.
Real-World Adoption
QuickSwap [Old] has been replaced by QuickSwap [New] (QUICK v2) as part of a protocol upgrade. The old token is no longer actively used for its intended purposes, and holders were given the opportunity to migrate to the new version.
Platform Development
Development on the original QUICK token has ceased, as the project has moved forward with its new implementation. The old token exists primarily as a legacy asset.
Token Distribution and Founder Analysis
As this is a deprecated token that has been replaced by a new version, the original token distribution and founder considerations are no longer relevant to current evaluation.
Crypto Impact
To assign a comfort level investing in QuickSwap [Old] 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 QuickSwap [Old].
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.