ForTube

Halal Rating :
Questionable
Last Price $0.00 Last updated:
Rank 1741
1D Change 19.41 %
Market Cap $2.12m
Circulating supply 795,000,000
Maximum supply 1,000,000,000

Crypto Overview

Categories
  • DeFi
  • Governance
  • Lending & Borrowing
  • BNB Chain

Project Overview

ForTube is a DeFi lending protocol built on multiple blockchains including Ethereum, BSC, and Polygon. The FOR token is the platform's governance token that also provides utility for protocol fee discounts and revenue sharing.

Intended Utility

The primary intended purpose of FOR is to serve as a governance token for the ForTube protocol, allowing holders to vote on protocol parameters and participate in decision-making. It also provides utility through fee discounts and revenue sharing mechanisms for protocol participants.

Actual Utility Assessment

The project demonstrates actual utility through its lending protocol operations, though activity levels have significantly decreased since 2021. The lending protocol involves interest-bearing mechanisms which raise concerns from an Islamic finance perspective. The governance functionality appears to be implemented but has limited active participation.

Token Distribution and Founder Analysis

Initial token distribution included significant allocations to team and early investors. While there were vesting schedules implemented, the project's transparency regarding current token distribution and team holdings is limited. Development activity has declined significantly since 2021, with limited recent protocol updates or improvements.

Technical Implementation

The protocol operates primarily as a lending platform, facilitating interest-based lending and borrowing across multiple blockchain networks. This core functionality inherently involves riba (interest), which is fundamentally problematic from an Islamic finance perspective.

Crypto Impact

To assign a comfort level investing in ForTube 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 ForTube.

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.

Justification for our Halal Rating