SafeMars
Crypto Overview
Overview
SafeMars is a BEP-20 token launched on the Binance Smart Chain in March 2021. The project was created as a community-driven DeFi token with an automatic liquidity generation and token redistribution mechanism.
Purpose and Utility
The stated purpose of SafeMars is to function as a store of value and medium of exchange while implementing automatic LP generation and reflection mechanisms to reward holders. The token implements a 4% transaction fee, with 2% being redistributed to holders and 2% added to the liquidity pool.
Business Model Analysis
The core functionality of SafeMars involves the exchange of actual digital assets, with clear tokenomics and transparent smart contract mechanisms. The project does not involve any inherent riba (interest) or gambling mechanisms in its core protocol.
Real-World Adoption
Current usage primarily revolves around trading on decentralized exchanges. While adoption remains limited, this does not impact its Sharia compliance status.
Development Activity
The project has shown minimal recent development activity on its GitHub repository. However, limited development does not inherently affect Sharia compliance.
Token Distribution
The initial token distribution included a fair launch mechanism, with no pre-mine for the team. The smart contract ownership was renounced, limiting the ability of the team to modify the protocol.
Crypto Impact
To assign a comfort level investing in SafeMars 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 SafeMars.
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.