Stride Staked SOMM
Crypto Overview
Purpose and Utility
stSOMM is the liquid staking derivative token representing staked SOMM tokens on the Stride protocol. When users stake their SOMM tokens through Stride, they receive stSOMM tokens in return, which represent their staked position. This allows users to maintain liquidity while still participating in network security and earning staking rewards.
Business Model Analysis
The business model revolves around liquid staking, which allows users to stake their SOMM tokens while maintaining liquidity through the stSOMM derivative token. The core utility focuses on network security and validation, which aligns with halal principles as it provides actual value to the network. There is no lending or interest-bearing component in the traditional sense - rewards are derived from network validation and security provision.
Real-World Adoption and Usage
stSOMM is actively used within the Stride ecosystem for its intended purpose of liquid staking. The token represents actual staked assets and provides utility through staking rewards and governance participation.
Platform Development
Stride is an active protocol in the Cosmos ecosystem, with ongoing development and regular updates. The platform maintains transparent operations and clear documentation of its staking mechanisms.
Token Distribution and Founder Analysis
The token distribution follows the original SOMM distribution, with stSOMM being created only when users stake their SOMM tokens. This creates a transparent and fair system where token creation is directly tied to user participation in network security.
Crypto Impact
To assign a comfort level investing in Stride Staked SOMM 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 Stride Staked SOMM.
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.