SXP is a native token for SWIPE network. Basically, SWIPE focuses on payment solutions through physical cards and virtual cards. With SWIPE, businesses are able to create, manage, and distribute branded virtual and physical cards while Swipe manages all the regulatory, compliance, and network responsibilities. However, Swipe also provide Swipe exchange that triggered Shariah's issues.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal". | Passed |
| Project | The project offered two main products, first is crypto linked debit card. We have reviewed the function of the debit card and we conclude it complied with Shariah. The second is Swipe exchange that operated like a common DeFi platform offering coin swap, Liquidity pool, and Yield Farming. Yield Farming in this platform is against Shariah Ruling where staking would involve giving liquidity to the lending platform. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The token can be used as payment, can be staked to earn a discount, and as a governance token. | Passed |
| Staking Method | Staking method mechanism by this protocol complies with Shariah's rulings. Staking will be rewarded by transaction fees. | Passed |
Read the source document and verify project fundamentals.