VGX Token
Crypto Overview
Overview
VGX is the native token of Voyager, a cryptocurrency platform that filed for bankruptcy in July 2022. The token was designed to provide utility within the Voyager ecosystem, offering rewards and trading benefits to users.
Purpose and Utility
The intended purpose of VGX was to serve as a utility token within the Voyager platform, offering: reduced trading fees, cashback rewards, increased referral bonuses, and enhanced yield on crypto holdings. However, since Voyager's bankruptcy, the token's utility has effectively ceased.
Business Model Evaluation
The original business model focused on providing trading and yield-generating services. While trading itself is permissible, the yield generation aspect involved interest-based lending, which is not compliant with Islamic principles.
Real-World Adoption
Following Voyager's bankruptcy, the token has essentially lost its practical utility. Trading volume has decreased significantly, and the platform's services are no longer operational.
Platform Development
Development activity has ceased following the bankruptcy proceedings. The platform is no longer being maintained or updated.
Token Distribution
The token distribution became irrelevant following the platform's collapse, as the entire ecosystem ceased operations.
Crypto Impact
To assign a comfort level investing in VGX Token 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 VGX Token.
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.