Venus MATIC

Halal Rating :
Uncomfortable
Last Price $0.0099 Last updated:
Rank 10169
1D Change -7.47 %
Market Cap -
Circulating supply 0
Maximum supply None

Crypto Overview

Overview

Venus MATIC (vMATIC) is a token that represents MATIC that has been supplied to the Venus Protocol on the BNB Chain. Venus Protocol is a decentralized lending platform where users can lend and borrow cryptocurrency assets. When users deposit MATIC into the Venus Protocol, they receive vMATIC tokens in return.

Purpose and Utility

The primary purpose of vMATIC is to serve as a receipt token for MATIC deposits in the Venus lending protocol. It allows users to track their lending positions and earn interest on their deposits. The token is primarily used as collateral within the Venus ecosystem for borrowing other assets.

Business Model Analysis

The core business model revolves around lending and borrowing, which involves charging and earning interest (riba). The protocol enables users to earn yields on their deposits and allows others to borrow against their collateral, all while generating interest-based returns.

Real-World Adoption

vMATIC is actively used within the Venus Protocol ecosystem, with users regularly depositing MATIC to receive vMATIC tokens. The token serves its intended purpose as a receipt token for lending positions.

Development Activity

The Venus Protocol maintains active development and regular updates to its platform. The protocol has undergone security audits and continues to implement improvements to its lending mechanisms.

Token Distribution

vMATIC tokens are minted when users deposit MATIC into the protocol and burned when they withdraw. The token supply is directly tied to the amount of MATIC deposited in the protocol.

Crypto Impact

To assign a comfort level investing in Venus MATIC 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 Venus MATIC.

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.