The TXA project aims to create a hybrid-decentralized exchange for global settlement in the digital asset space, providing users with custody and a fast centralized order book experience. While the project has a clear roadmap and a regularly updated whitepaper, concerns arise from a lack of transparent team information and inactive social media accounts. The $TXA token plays a vital role in the ecosystem, enabling token holders to operate Settlement Data Providers (SDPs). However, the project's legitimacy and compliance with Shariah principles remain undetermined due to the project still being in progress, and there is insufficient information on the token's use cases.
| Category | Details | Status |
|---|---|---|
| Legitimacy | The legitimacy of the project is uncertain due to several factors. Firstly, there is a lack of clear information about the team behind the project. Additionally, the project's social media accounts are currently inactive, which raises concerns about its activity and communication with the community. However, the project does have a clear roadmap and a regularly updated whitepaper, indicating some level of organization and ongoing development. | Grey |
| Project | The TXA project is developing a hybrid-decentralized exchange (hDEX) to create a global settlement layer for digital asset exchanges. Users have custody and control while enjoying a fast centralized order book experience. Trades are broadcasted to a network of Settlement Data Providers (SDPs) who track obligations and participate in settlements. The project aims to be blockchain-agnostic and offers a decentralized settlement layer. However, since the project is still ongoing, it is yet to be determined whether it is Shariah compliant or not. | Grey |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The $TXA token is a crucial component of the TXA ecosystem, offering various use cases and benefits. One of the primary functions of the token is enabling TXA token holders to operate SDOs (Settlement Data Providers) on the platform. | Grey |
| Staking Method | The staking method in the TXA project allows token holders to stake their TXA tokens into a smart contract and delegate them to a validator. When the validator successfully reports a settlement, it has the option to utilize the delegated TXA as collateral. In such cases, the staker who delegated their tokens earns a proportionate share of all trading fees associated with that specific settlement. This incentivizes token holders to participate in staking and delegation, providing potential rewards in the form of trading fee shares. | Passed |
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