BinaryX ($BNX) is the platform's cryptocurrency, used throughout the BinaryX ecosystem, which includes the DAO and all products and games utilizing $BNX. While the games themselves do not include any prohibited elements, the way users can earn tokens through gameplay may involve elements of gharar fahish, which has led us to classify the platform as Shariah Non-Compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as âMalâ. | Passed |
| Project | BinaryX began as a decentralized derivative trading system, which involves prohibited elements in Islam. However, it has gradually evolved into developing decentralized video games and is now fully transitioning to become a GameFi platform offering IGO services to bridge Web2 developers to Web3. The game is a free-to-play play-and-earn game. Nevertheless, based on our research of game reviews, we have found that it may contain elements of gharar, which is one of the prohibited elements in Islam. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | BNX has multiple use cases: it can serve as a settlement unit in all of the platform's games and applications, be used as a governance token to secure voting rights of DAOs, and facilitate the swapping and acquisition of new games' tokens during their initial token launch on the secondary market. | Passed |
| Staking Method | There are multiple ways for users to earn BNX, such as completing Dungeon Adventures, daily NFT mining, participating in the Arena for free, and buying and selling NFTs through the Marketplace. Users can also receive rewards from staking, but it is worth noting that earning BNX by completing Dungeon Adventures may involve the element of gharar, which is prohibited in Islam. | Failed |
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