OpenANX is a decentralized exchange platform developed by OAX Foundation that leverages the strengths of centralized and decentralized models, and includes features such as a collateralized deposit system and off-chain dispute resolution. Memberships are obtained through exchanging tokens that will be destroyed, and excess funds generated will be used to acquire OAX from secondary markets. Overall, these projects and features do not appear to contradict with Shariah law.
| 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 | OpenANX is a project by OAX Foundation to create a decentralized exchange platform that combines the strengths of centralized and decentralized models. It will utilize Ethereum blockchain technology, provide a collateralized deposit system and off-chain dispute resolution, and include exchange users, asset gateways, order book sponsors, KYC/AML services, dispute referees, and voting members. Memberships will be obtained by exchanging tokens, which will be destroyed, and excess funds generated will be used to acquire OAX from secondary markets. The OAX Foundation supports the development of digital asset technology through tools, technology, applications, and community support. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | OAX is a native Ethereum divisible token that can be exchanged for memberships in the DAO and/or its association. Members will have voting privileges on major operational decisions relating to the openANX platform. | Passed |
| Staking Method | OAX tokens can be staked on the OAX DEX or on OpenSwap to earn rewards. The staking process involves locking up a certain amount of OAX tokens, which are then used to provide liquidity for the exchange. | Passed |
Read the source document and verify project fundamentals.