Is Staking Polkadot: DOT Crypto Halal?
DOT owners on the Polkadot network are responsible for maintaining (often expensive) equipment to protect the network, but anyone can stake their DOTs to constitute a validator.
Adding bonding tokens to the DOT network together with a stake arbitration program will increase its attack cost, allow DOT tokenholders to receive newly minted tokens and earn tokens as rewards. Polkadot aims to obtain a 75 stake rate, which, in its first year of operation, return values of 20 to DOT ICO contributors every year. The bonded tokens will be fixed for 12 weeks and will be subject to slashing.
Therefore, the mechanism used by this protocol is in agreement with the Shariah rulings so staking Polkadot is Halal.
What Does The Muslim Crypto Community Think of DOT?
Islamic Finance Guru (IFG) believesPolkadot is a halal cryptocurrency based on its method of Shariah complaince screening.
Marhaba DiFi‘s Shariah governance board also beleivesPolkadot: DOT is halal.
Sharlife considersPolkadot: DOT crypto coin as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinksDOT crypto coin is a Halal digital asset based on its Shariah complaince screening.
Pratical Islamic Finance (PIF) is comfortable with Polkadot as a halal investment
If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.
Is Polkadot Halal: Is DOT Crypto Coin Halal?
Yes, Polkadot: DOT crypto coin is Halal as it is a decentralized, application-specific network designed to support cross-chain communication capabilities, known as parachains. None of this is against Shariah guidelines so Muslims may invest, trade and stake DOT crypto coin.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.
