SmartFi
Crypto Overview
Purpose and Utility
SmartFi presents itself as a cryptocurrency lending platform that aims to provide crypto-backed loans. The platform includes a native SMTF token used for governance and rewards.
Business Model Analysis
The core business model revolves around crypto lending and borrowing services, which generate revenue through interest payments. This model inherently involves riba (interest), which is not permissible under Islamic finance principles.
Real-World Adoption
The platform has demonstrated limited adoption, though this itself is not a concern for halal classification. The primary usage remains focused on lending and borrowing activities.
Platform Development
SmartFi maintains an active development team and has implemented regular updates to their lending platform and token functionality.
Token Distribution and Governance
The SMTF token is used for platform governance and earning rewards from lending activities. Token holders can participate in decision-making regarding platform parameters and earn yields from the lending operations.
Crypto Impact
To assign a comfort level investing in SmartFi 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 SmartFi.
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.