Wrapped Venom
Crypto Overview
Overview
Wrapped Venom (WVENOM) is a wrapped version of the native VENOM token from the Venom blockchain, designed to enable VENOM tokens to be used on other blockchain networks. The primary purpose is to increase the interoperability and utility of VENOM tokens across different blockchain ecosystems.
Purpose and Utility
The intended use case is straightforward: WVENOM represents a 1:1 backed version of VENOM tokens, allowing users to utilize their VENOM holdings on other blockchain networks while maintaining the same value proposition. This wrapping mechanism is a common and legitimate practice in the cryptocurrency ecosystem.
Business Model Analysis
The wrapping process involves depositing VENOM tokens into a smart contract that then issues the equivalent amount of WVENOM tokens. This model is transparent and doesn't involve any prohibited activities under Islamic finance principles. The smart contracts are open-source and can be audited.
Real-World Adoption
The token shows limited but legitimate adoption within its ecosystem. While trading volume may be relatively low, this is not a concern from a Shariah compliance perspective as the underlying utility remains valid.
Development Activity
The project maintains basic infrastructure for the wrapping mechanism. While not showing extensive development activity, this is normal for a wrapped token as its primary function is relatively simple and straightforward.
Crypto Impact
To assign a comfort level investing in Wrapped Venom 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 Venom.
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.