SILK
Crypto Overview
Overview
SILK is the native token of Robot Network, an algorithmic market making protocol on Ethereum that aims to provide automated trading services and liquidity for decentralized exchanges. The token was launched in late 2023.
Purpose and Utility
The primary stated purpose of SILK is to serve as a governance token for the Robot Network protocol, allowing holders to participate in decision-making regarding protocol parameters and development. Additionally, SILK tokens are used to incentivize liquidity providers and can be staked to earn a portion of protocol fees.
Business Model Analysis
The Robot Network's business model focuses on providing automated market making services, which is a legitimate and halal business activity as it facilitates real asset exchange and provides actual utility to users. The protocol does not engage in interest-bearing activities or gambling.
Development and Adoption
The project maintains active development on GitHub, with regular updates to the protocol. While adoption is still in early stages, the protocol has been integrated with several decentralized exchanges on Ethereum.
Token Distribution
The token distribution includes allocations for the team, development fund, and community treasury, with standard vesting schedules in place for team tokens. There are no concerning elements in the distribution model that would suggest a scheme to enrich founders.
Crypto Impact
To assign a comfort level investing in SILK 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 SILK.
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.