Snowbank
Crypto Overview
Project Overview
Snowbank (SB) was launched in November 2021 as a fork of OlympusDAO on the Avalanche network. It was designed as a reserve currency protocol that aimed to create a stable store of value through protocol-owned liquidity and treasury management.
Purpose and Utility
The intended purpose was to create a decentralized reserve currency backed by a basket of assets in the project's treasury. The protocol utilized bonding and staking mechanisms to maintain price stability and grow its treasury.
Current Status
As of 2024, Snowbank appears to be inactive with virtually no development activity, minimal trading volume, and a largely abandoned ecosystem. The project's social media channels and official communications have been dormant since early 2022.
Business Model Analysis
The original business model involved users staking SB tokens to earn rewards and participating in bonding mechanisms to grow the treasury. While these mechanisms themselves weren't inherently non-compliant from a Sharia perspective, the project's apparent abandonment raises significant concerns about its actual utility and purpose.
Token Distribution and Governance
The initial token distribution and governance structure are now difficult to verify due to the project's inactive status. Historical data suggests a significant portion of tokens were held by early participants and team members.
Crypto Impact
To assign a comfort level investing in Snowbank 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 Snowbank.
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.