Smoothy
Crypto Overview
Project Overview
Smoothy Finance is a DeFi protocol designed to enable low-cost, zero-slippage stablecoin swaps. The platform uses an innovative liquidity pool mechanism to facilitate exchanges between various stablecoins. SMTY is the protocol's governance token, allowing holders to participate in decision-making regarding protocol parameters and development.
Purpose and Utility
The primary utility of SMTY tokens is governance rights over the Smoothy protocol. Token holders can vote on protocol upgrades, fee structures, and other operational aspects. Additionally, SMTY holders can earn a portion of the protocol's trading fees by staking their tokens.
Business Model and Operations
The protocol generates revenue through trading fees from stablecoin swaps. While the protocol involves stablecoins, it operates as an exchange mechanism rather than a lending platform. The focus is on facilitating efficient trades rather than interest-bearing activities.
Development and Adoption
Development activity appears minimal in recent months, with limited GitHub updates. The protocol has seen decreased usage since its peak in 2021, though it remains operational. The team maintains basic protocol functionality but hasn't introduced significant new features recently.
Token Distribution and Governance
The token distribution includes allocations for team members and early investors with standard vesting schedules. The governance mechanism remains functional, allowing token holders to participate in protocol decisions.
Crypto Impact
To assign a comfort level investing in Smoothy 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 Smoothy.
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.