While generally halal, we think a cryptocurrency can be haram if it is primarily used for a haram purpose.
So we’ll examine this cryptocurrency’s utility to determine our level of comfort investing in it.
What is Solana and what is it used for?
Solana is a layer-1 blockchain solution designed to serve as a platform for Decentralized Applications (Dapps).
Certainly some Dapps can serve haram purposes. In these cases we are inclined to find fault with that particular application’s creators and not the blockchain itself which is simply the infrastructure provider.
As blockchains mature and their use cases expand, we expect the percentage of objectionable applications built on them to decrease in comparison to the total number of hosted applications.
Is Solana Halal?
We are comfortable investing in Solana from a halal perspective.
If you’d like to follow the PIF crypto portfolios to see which cryptos we like from an investment perspective, consider becoming a PIF member.