HALAL Screening Cryptocurrency
Is Mantle Staked Ether Halal?
Complete Shariah Compliance Screening of Mantle Staked Ether to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Mantle Staked Ether
METH, short for Ethereum, is a type of cryptocurrency that operates on a decentralized platform, meaning it isn’t controlled by any single entity like a bank or government. It allows people to send and receive money over the internet securely and quickly, without needing a middleman. What makes Ethereum special is that it not only serves as digital money but also enables developers to create smart contracts and decentralized applications (dApps) on its blockchain. This means you can build all sorts of cool things, like games or financial services, that run automatically when certain conditions are met.
What really sets Ethereum apart is its ability to support these smart contracts, which are like digital agreements that execute themselves when the terms are fulfilled. This opens up a world of possibilities for innovation and efficiency in various industries, from finance to gaming. Plus, Ethereum is constantly evolving, with upgrades that aim to make it faster and more environmentally friendly. So, it’s not just a currency; it’s a whole ecosystem that’s changing how we think about transactions and technology!
Transparent and Credible Team
The Mantle ecosystem has a team with backgrounds in technology, finance, and decentralized applications, with key contributors like Arjun Krishan Kalsy, Joshua Lapidus and Ben Zhou. While specific individuals for mETH aren't always highlighted, the project is linked to BitDAO. There is a clear team with a credible history. Score: 85
Clear Use Case or Purpose
Mantle Staked Ether aims to provide high yields for staking ETH while ensuring a user-friendly experience, leveraging validator nodes to stake Ethereum and offering a derivative token called mETH. This demonstrates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
Mantle Staked Ether has mechanisms for verification, including CoinMarketCap, Mantle Block Explorer and Etherscan. It also has a bug bounty program with Immunefi, incentivizing security researchers to identify vulnerabilities. While specific audit details aren't in the sources, there are mentions of security and risk management practices. These factors indicate a commitment to preventing fraudulent behaviour, however, the sources don't explicitly mention formal audits, so the score is reduced slightly. Score: 75
Ethical Practices
The project emphasizes decentralization, security, and is governed by a DAO. It has risk management strategies, such as non-custodial smart contracts and off-chain services, with strict limits. The sources do not mention any unethical practices. Score: 85
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Mantle Staked Ether Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
Mantle Staked Ether Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
Mantle Staked Ether Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking Mantle Staked Ether Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Mantle Staked Ether Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform