Residual Token

Overview

Residual Token (eRSDL) is a cryptocurrency that powers the UniFarm platform, a DeFi farming protocol that allows users to stake tokens and earn multiple tokens as rewards. The token serves as both a governance token and utility token within the UniFarm ecosystem.

Purpose and Utility

The primary stated purposes of eRSDL are: 1) Governance rights for the UniFarm protocol, 2) Access to premium features and farming pools, 3) Revenue sharing from protocol fees.

Business Model Assessment

The core business model revolves around providing a staking and farming platform where users can earn rewards in multiple tokens simultaneously. While staking and farming mechanisms themselves can be compliant when properly structured, the current implementation involves lending and interest-bearing mechanisms that raise concerns from a Shariah perspective.

Platform Development and Adoption

The project maintains active development with regular updates to the UniFarm platform. The team has established partnerships with several other DeFi protocols and continues to expand the ecosystem. However, the primary use case remains centered around lending and interest-based farming.

Token Distribution

The token distribution shows a significant portion allocated to the team and advisors, with vesting periods in place. While the vesting schedule provides some protection against immediate dumps, the concentration of tokens in team hands is notable.