BitDAO aims to support builders of the decentralised economy. It also supports BitDAO partners such as SushiSwap, Polygon, Amber, etc., by providing R&D resources, liquidity, and funding for the partner and future developers. We concluded that BitDAO is involved in lending activity through BitDAO's partnership.
| 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 | BitDAO contributes to a decentralised tokenized economy by providing R&D resources, liquidity, and funding. BitDAO is involved in lending and borrowing activities by supporting their partner, Sushiswap. Lending activity in crypto is impermissible by Shariahâs ruling. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | BIT tokens are privately held by Bybit, it can be used to establish R&D centres to support BitDAO, Bybit business growth, reward Bybit etc. The use of BIT for the BitDao ecosystem is indirectly involved in Non-Shariah activity. | Failed |
| Staking Method | No staking. | Passed |
Read the source document and verify project fundamentals.