PIF Comfort levels for 10 NEW cryptos from a Halal perspective

AaveAAVEAave is a a decentalized lending platform built on the Ethereum network where users can put their crypto assets up as collateral to take out flash loans.UncomfortableFlash loans include a small fee for the lender. Therefore these loans are considered Riba-based loans since they are extended with the aim of generating profit.
AlgorandALGOAlgorand is a decentralized, blockchain-based network that supports a wide range of applications. These systems are unique in how they are secure, scalable and efficient, all critical properties for effective decentralized applications.ComfortableNothing inherently objectionable in utility
Anchor ProtocolANCAnchor is a saving and lending protocol on the Terra blockchain, which provides principle protected stable interest rate on stablecoins such as USTUncomfortableAnchor’s protocol provides a platform for riba-based lending and borrowing.
AnkrANKRAnkr is a decentralized, blockchain-based network that allows other DApps and blockchains to communicate with eachother. The ANKR token is used as a currency for users to pay node operators for their usage. This in turn, allows node operators to monitize their efforts.ComfortableNothing inherently objectionable in utility
ArweaveARArweave is a decentralized storage network that allows data to be stored securly and indefinatly. Miners retrieve and store data on the blockchain and are paid in Arweave token.ComfortableNothing inherently objectionable in utility
Axie InfinintyAXSAxie Infinity is a blockchain based Role-Playing Game (RPG) similar to games like pokemon. Axies are NFTs that represent creatures that can be bred and battled against eachother.ComfortableGaming in general can be problematic for some if it gets in the way of the person’s responsibilities. That said, gaming as a genre of activities is not inherently haram. Axie infinity in particular does not seem to promote any haram activities, or include any haram imagery. Therefore, we find nothing inherently haram with this token.
AvalancheAVAXAvalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts.ComfortableNothing inherently objectionable in utility
BancorBNTBancor is a centralized earning token on the Ethereum network that allows users to “stake” other cryptocurrencies for rewards earning back bancor.UncomfortableEven though Bancor says that it is a staking protocol they are a liquidity based earning protocol which uses riba to earn income
Basic Attention TokenBATBAT is a token designed to allow users to receive compensation for their attention towards advertisements. This allows marketers to more directly target users without comprimising their privacy.ComfortableNothing inherently objectionable in utility
Binance CoinBNBBinance Coin is a utility token that runs parallel with the Binance exchange ecosystem. It serves as the main currency to transact with on Binance and has many complimentary features that drive up its value. Some of the most notable are their discounted fees and their angel investing ISO featuresUncomfortableBNB can be thought of as an equity of Binance, the coin relies on Binance to operate and vice versa which earns a material portion of its revenue through riba.
BitcoinBTCBitcoin is used as a store of value that is designed to resist corruption or inflation.

It was initially designed as a peer-to-peer online currency, meaning all transactions happen directly between independent network participants, without the need for any intermediary to permit or facilitate them.
ComfortableNothing inherently objectionable in utility
Bitcoin CashBCHBitcoin Cash is designed to be a transactional cryptocurrency that functions as an electronic cash payment system. It’s meant to address Bitcoin’s perceived scalability problem and provide more utility in everyday life by processing transactions quicker than Bitcoin.ComfortableNothing inherently objectionable in utility
Bitcoin GoldBTGBitcoin Gold is a fork off of Bitcoin that aims to address some of the inefficiencies of the original protocol and make the overall expirence simpler to use.ComfortableNothing inherently objectionable in utility
Bitcoin SVBSVBitcoin SV is a hard fork off of Bitcoin cash. The major difference is that the block size is larger meaning that it accomodate larger influxes of transaction demand.ComfortableNothing inherently objectionable in utility
CardanoADACardano is a layer one proof-of-stake blockchain that is smart contract capable. It’s aim is to offer an alternative to Ethereum that uses an acidemic peer reviewed approach to their solutions and is built from the ground up to be interoperable with other smart contract blockchains.ComfortableNothing inherently objectionable in utility
CelsiusCELCelsius is a platform built to move banking opertaions over to DeFi which allows users to have savings, deposits, and lending accounts through their service.UncomfortableA majority of the uses on Celsius involve Riba based lending

Sign up for our newsletter and receive our “Beginner’s Guide to Halal Investing in Stocks” for FREE!

Enter your email address to subscribe:*