Assalaamu Alaykum,
I would like to know if staking on stable coins (ex: USDT) on Binance is permissible. The problem I have is Binance only offers USDT for Defi staking. Not as Locked Staking.
Jzk
not at all permissible plz stay away from futures and margin and leverages while trading its a huge common sin in the market rit nw…
“May Allah have mercy on us to abide by him”
Is investing in Altura (ALU) haram because they offer services of stake pooling?
Salam alaykum,
What about the case for liquidity pools where you provide 2 coins of equal values (e.g 1ETH and 4700 USDT) you get some form of receipt for the asset you deposited and you get rewarded in two ways.
#1. You get a percentage of the transaction fees based on the ratio of your fund in the pool
#2. You also get minted token by the pool provider as additional incentive.
Will both of these be considered halal?
Thank you for your time
Salam,
Is staking $time from wonderland halal?
I’m interested to know if this method is halal
This is some of Its information:
The main benefit for stakers comes from supply growth. The protocol mints new TIME tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.
The main benefit for minters comes from price consistency. Minters commit a capital upfront and are promised a fixed return at a set point in time; that return is given in TIME tokens and thus the minter’s profit would depend on TIME price when the minted TIME matures. Taking this into consideration, minters benefit from a rising or static price for the TIME token!
There are two main strategies for market participants: staking and minting. Stakers stake their TIME tokens in return for more TIME tokens, while minters provide LP tokens or MIM tokens in exchange for discounted TIME tokens after a fixed vesting period.
Salamun alaikum dear Mufti,
Can I learn your thoughts about Reflections/Rewards token? Example; EverGrow Coin takes 14% every buy/sell transactions (8% reward to holder, 4% liquidity, 1& buyback&burn, 1% marketing) and distribute it to holders. People are calling this as pyramid or ponzi, but holders know about this tax issue and people hold their tokens for passive income. They distributed to holders 27M BUSD by now. Is it permissible?
JZK.
Is staking $time from wonderland halal?
want to stake coins and not proceed to mining, just stake them and let them sit. Is it halal? I am confused because they give you reward tokens (same tokens that you staked) daily depending on how much you have staked, they mention it as APY. I am confused on “generating money from money” and also if “APY is a haram thing”?
Can you please help me with this?
I’m interested to know if this method is halal
This is some of Its information:
The main benefit for stakers comes from supply growth. The protocol mints new TIME tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.
Salam brother. I have to say I find this answer dubious. The person is earning interest regardless of how it’s worded.
Haram. You are earning interest on your tokens. Same as leaving your money sitting in a bank and earning interest.
You are basically being paid interest to keep your tokens (currency) on the network.
Not so clear cut with crypto, though. As you can read above, their is “interest” that you may gain from Proof of Stake (PoS) and it is generally deemed as permissible. So just because something is gaining percentage on your asset, doesn’t necessitate that it’s haram.
All this to say, I am also curious about the implications of $TIME and $OHM and if they could be permissible to invest in.
Salam, did you ever get the answer for this question? I am looking to stake in time as well but am not sure ifi it is shariah compliant
السلام عليكم أخي الكريم
أنا عايز أعمل حوض ستاكينج على شبكة الكاردانو و ده معناه تدقيق و توثيق المعاملات كلها بدون إنتقاء و أكيد شبكة زي الكاردانو بتدعم العقود الذكية هيكون عليها عقود محرمة شرعاً و أخرى مباحه، فما حكم ذلك؟؟
Does staking tokens that are based on halal crypto coins on platforms such as binance involve riba or are they halal?
For example it is stated the apy % is adjusted daily based on the on chain staking reward
What are the key considerations for determining the permissibility of PoS participation?
Are there any alternative consensus mechanisms that may be more compliant with Islamic principles?
here it is my site proposal software
i want to enroll
As Salaamu Alaikum!
What about HaqqEx. It is a platform whereby a participate can trade hundreds of crypto assets for the Islamic World in compliance with Sharia Law. It is in partnership with the digital asset Islamic Coin(ISLM) and before the October 2023 launch, anyone can qualify to receive 20(ISLM) airdrop reward (up to a maximum of 1,000 ISLM) for a verified registration.
There have been articles written about Islamic Coin(ISLM) and HaqqEx on Medium and Coindesk. It also has a YouTube page that explains its purpose, goals and future objectives.
I have included a link to HaqqEx. Please review it and give me your honest perspective on it.
As Salaamu Alaikum!
Assalamu alaikum Mufti sahab. My question is regarding blockchains in general
If a blockchain uses a concensus mechanism that has some element of riba in it, does it make the entire blockchain haram for use? Does it mean we cant use the decentralized apps that use this blockchain? My question is not specific to proof of stake blockchains but blockchains in general
JazakaAllahu khair