Nominex is a platform for asset exchange and staking rewards through personal and team farming with permissible sources of reward. In the cryptocurrency ecosystem, yield farming is not always prohibited. However, it depends on the various features and methods of farming. Due to its characteristics and method, we classified Nominex as Shariah compliant.
| 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 | Nominex provides an asset exchange and yield farming platform through the staking method. This activity is permissible since the staking reward is from trading fees. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | NMX token is used for utility and reward systems. USDT token is also used for the reward system in the Nominex ecosystem | Passed |
| Staking Method | NMX will be used for stakers to stake in this ecosystem. Stakers will be rewarded with trading fees, which is a permissible method to gain rewards. | Passed |
Read the source document and verify project fundamentals.