Vires Finance
Crypto Overview
Overview
Vires Finance is a decentralized lending protocol built on the Waves blockchain. The protocol enables users to lend and borrow various cryptocurrencies with algorithmically determined interest rates.
Purpose and Utility
The VIRES token is primarily used for governance within the Vires Finance protocol. Token holders can participate in decision-making regarding protocol parameters, upgrades, and other important matters.
Business Model
The core business model revolves around lending and borrowing activities, with users earning interest on deposits and paying interest on loans. The protocol generates revenue through lending fees and interest rate spreads.
Development and Adoption
The protocol faced significant challenges in 2022 due to market conditions and liquidity issues. As of 2023, the platform's activities have been severely limited, with many users unable to withdraw their funds.
Token Distribution
Information about the exact token distribution and vesting schedules is not readily available, which raises transparency concerns.
Crypto Impact
To assign a comfort level investing in Vires Finance 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 Vires Finance.
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.