Save
Crypto Overview
Project Overview
Save (SLND) is a cryptocurrency project that aims to create a decentralized saving protocol. The project purports to allow users to earn yield on their cryptocurrency holdings through various DeFi mechanisms.
Intended Utility
The primary stated purpose of Save is to provide a platform for users to earn passive income on their crypto assets through what they term as 'halal' DeFi mechanisms. However, upon investigation, the project appears to involve interest-based lending and borrowing activities, which are fundamental to its operation.
Actual Utility and Adoption
The project has limited real-world adoption and usage data available. The development activity appears minimal based on public GitHub repositories. The platform's actual utility closely aligns with traditional DeFi lending protocols, which typically involve interest-based transactions.
Token Distribution and Governance
Limited public information is available regarding token distribution and vesting schedules. The project's transparency regarding token allocation and founder holdings is insufficient for a thorough assessment.
Technical Implementation
The protocol's fundamental mechanism relies on lending and borrowing activities to generate yields, which inherently involves riba (interest). While the project claims to be Shariah-compliant, the technical implementation suggests otherwise.
Crypto Impact
To assign a comfort level investing in Save 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 Save.
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.