AnetaBTC is a decentralized protocol that allows Bitcoin to be wrapped on Ergo and Cardano blockchains, providing secure and efficient access to the value of Bitcoin without selling or involving third-party custodians. It offers a non-custodial and audited solution, enabling users to participate in DeFi, earn yield, and benefit from low transaction fees. As of now, AnetaBTC's project aligns with Shariah principles.
| Category | Details | Status |
|---|---|---|
| Legitimacy | AnetaBTC demonstrates positive aspects in terms of its legitimacy. The company actively posts updates on its social media platforms, indicating a commitment to transparency and keeping stakeholders informed. Additionally, having a clear roadmap showcases a well-defined plan for the project's development. The availability of a litepaper highlights the company's efforts to provide relevant information to potential investors. Overall, these factors contribute positively to AnetaBTC's legitimacy. | Passed |
| Project | AnetaBTC is a fully on-chain, decentralized protocol that enables Bitcoin to be directly wrapped on the Ergo and Cardano blockchains. It allows Bitcoin holders to unlock the value of their assets in a secure and efficient environment without selling their Bitcoin or relying on third-party custodians. AnetaBTC provides a non-custodial and fully audited solution where Bitcoin can be minted and redeemed on a 1:1 basis, offering a truly decentralized wrapped Bitcoin product on a secure third-generation blockchain platform. This allows users to participate in the growing DeFi ecosystem, earn yield, and benefit from low and predictable transaction fees. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | cNETA represents 50% of the anetaBTC protocol tokens and is specifically designed for use on the Cardano blockchain. It grants holders governance rights, revenue-sharing from protocol transaction fees, and ownership of the NETA Liquidity Fund via LISO. As part of a Decentralized Autonomous Organization (DAO), cNETA allows holders to collectively influence the future direction of the anetaBTC protocol through majority voting. This provides an opportunity for cNETA holders to participate in decision-making processes and potentially benefit from the distribution of the NETA Liquidity Fund based on their ownership interest. | Passed |
| Staking Method | The rewards and staking system of AnetaBTC's NETA and cNETA tokens offers various benefits to delegators. Through the Liquidity Initial Stakepool Offering (LISO), NETA and cNETA tokens can be airdropped to delegators of NETA1 and NETA2 stake pools. The block minting reward fee is set at 99%, ensuring a significant portion of rewards for delegators. The distribution of cNETA is adjusted each epoch to guarantee delegators receive a minimum 6% return on staking. Currently, NETA1 and NETA2 stake pools are open for delegation with a 5% pool fee, while the LISO program is temporarily inactive. Delegators can earn a fixed return on staking ranging from 6% to 9% based on the cNETA/ADA conversion rate, which is calculated and adjusted per epoch. | Passed |
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