Venus Filecoin

Halal Rating :
Uncomfortable
Contract: 0xf91d58b5ae142dacc749f58a49fcbac340cb0343
Last Price $0.058 Last updated:
Rank 7364
1D Change -4.01 %
Market Cap -
Circulating supply 0
Maximum supply None

Crypto Overview

Categories
  • BNB Chain Ecosystem

Overview

Venus Filecoin (vFIL) is a token that represents Filecoin (FIL) deposits in the Venus Protocol, which is a decentralized money market running on the BNB Chain. When users deposit FIL into Venus Protocol, they receive vFIL as a receipt token representing their deposit.

Purpose and Utility

The primary purpose of vFIL is to serve as a receipt token for Filecoin deposits in the Venus Protocol. Users who deposit FIL receive vFIL tokens that track their position and can be used within the Venus ecosystem.

Business Model Analysis

The token operates as part of Venus Protocol's lending and borrowing platform. The core business model involves interest-bearing lending and borrowing, which raises concerns from an Islamic finance perspective as it involves riba (interest).

Real-World Adoption

vFIL is actively used within the Venus Protocol ecosystem, primarily for lending and borrowing activities. The token's utility is strictly tied to these financial services.

Platform Development

Venus Protocol maintains active development and has established security measures. However, the primary use case remains centered around interest-bearing lending and borrowing activities.

Token Distribution and Governance

vFIL tokens are minted when users deposit FIL and burned when they withdraw, maintaining a 1:1 relationship with deposited FIL. The token distribution is directly tied to user deposits in the protocol.

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