Snek
Crypto Overview
Introduction
Snek is a meme cryptocurrency launched on the Cardano blockchain in March 2023. It was created as a community-driven project that aims to bring humor and engagement to the Cardano ecosystem while maintaining legitimate utility through its tokenomics and ecosystem development.
Intended Utility
The primary intended utility of Snek includes serving as a medium of exchange within the Cardano ecosystem, facilitating community governance, and supporting ecosystem development through various initiatives. The project has implemented a unique 'tax' mechanism where 4.20% of each transaction is distributed between liquidity provision (2.20%) and marketing/development efforts (2%).
Actual Utility
Current usage shows active trading on decentralized exchanges within the Cardano ecosystem, particularly on MinSwap and SundaeSwap. The token has maintained consistent liquidity pools and demonstrated actual utility through community governance decisions and ecosystem participation. The development team has maintained regular updates and community engagement through social media channels and their official website.
Token Distribution and Governance
The initial token distribution was conducted through fair launch mechanisms, with no pre-mine or team allocation. This approach aligns with principles of fairness and community ownership. The project's transparency regarding tokenomics and regular community updates demonstrates a commitment to sustainable development rather than short-term enrichment.
Technical Implementation
The token operates as a native asset on the Cardano blockchain, benefiting from the network's security and efficiency. Smart contract functionality is implemented through Cardano's Plutus platform, ensuring transparent and verifiable operations.
Crypto Impact
To assign a comfort level investing in Snek 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 Snek.
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.