Wrapped PKT
Crypto Overview
Overview
Wrapped PKT (WPKT) is an ERC-20 token that represents PKT Cash on the Ethereum blockchain. PKT Cash is a bandwidth-sharing cryptocurrency that allows users to monetize their excess internet bandwidth. WPKT enables PKT Cash holders to access Ethereum's DeFi ecosystem while maintaining exposure to PKT.
Purpose and Utility
The primary purpose of WPKT is to serve as a bridge between PKT Cash and the Ethereum ecosystem. Each WPKT token is backed 1:1 by PKT Cash held in custody. This allows PKT holders to participate in Ethereum-based trading and applications while maintaining their PKT position.
Business Model
The project's business model centers around providing liquidity and interoperability between blockchain networks. The underlying PKT network incentivizes users to share internet bandwidth, creating real utility. The wrapping mechanism adds value by expanding PKT's utility to the Ethereum ecosystem.
Development and Adoption
The project maintains active development, with regular updates to both the PKT Cash network and the WPKT wrapping infrastructure. While adoption remains relatively limited, this is not inherently problematic from a Shariah compliance perspective.
Token Distribution
WPKT tokens are created only when PKT Cash is deposited into the custodial system, ensuring a transparent and backed token supply. The wrapping process is permissionless and available to all PKT holders.
Crypto Impact
To assign a comfort level investing in Wrapped PKT 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 Wrapped PKT.
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.