Investing, staking or farming in YFDAI finance (cryptocurrency) project

Investment Questions and Chats Crypto
#1

Salaam Aleykum,

I hope someone can help me get insight if it’s halal to invest in yfdai finance. There’s information on their website on what they do. https://yfdai.finance/index.html

  1. Is it halal to invest because you think that token price will go up because of supply and demand?
  2. Is it halal to farm the token? Farming will allow participants to earn returns by providing liquidity in a variety of pools.
  3. Is it halal to stake the token? The YFDAI Finance protocol allows users to stake YF-DAI via the dedicated Staking Dapp. With just a 72hr initial lock period users maintain control over their tokens.

I’m curious because I bought 1 token a couple of months ago and it’s gone up in price nicely and I never thought about staking it because I always thought that both staking and farming was haram. However, I read on this forum that staking doesn’t always have to be haram. But diving deeper in the project I’m even wondering if it’s halal to invest in it because even though I don’t do anything with it other than holding the token a part of the project is also providing a lending service.

Hope I someone can help me get clarification.

Thanks in advance!

#2

Assalaamu alaykum,

We generally don’t discuss or comment on the Shariah compliance of any particular token. Many of these tokens or investments need thorough review.

#3

Thank you for your feedback brother.

#4

Salam Armin,

I’m just wondering if you received any update from somewhere else regarding this. I too wanted to see about investing in it recently and would like to get an opinion.

Thanks / jzk!

#5

Aleykumu salaam,

No I did not but I sold just in case. Don’t want to risk my money being haram.

All the best!

#6

Sir kindly confirm if investing in this coin is halal