HALAL Screening Cryptocurrency
Is ether.fi Staked ETH Halal?
Complete Shariah Compliance Screening of ether.fi Staked ETH to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is ether.fi Staked ETH
EETH, or 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 digital money, but what makes it really special is its ability to support smart contracts. These are self-executing contracts with the terms of the agreement directly written into code, which means they automatically carry out actions when certain conditions are met. This opens up a world of possibilities for everything from secure transactions to creating decentralized applications.
What sets EETH apart from other cryptocurrencies is its versatility and the large community behind it. While many cryptocurrencies are primarily used for trading or as a store of value, Ethereum is like a playground for developers. They can build all sorts of applications on its platform, from games to financial services, all without needing a middleman. This innovation has made Ethereum one of the most popular and widely used cryptocurrencies, driving a lot of excitement and growth in the crypto space!
Transparent and Credible Team
Our research identifies Mike Silagadze as the founder and CEO with a background in technology and startups. There are also mentions of a CTO, Head of Operations, Lead Developer, and Marketing Director. This suggests a transparent team with a credible history. Score: 80
Clear Use Case or Purpose
The project aims to offer a decentralised and non-custodial staking solution, allowing users to retain control of their keys. It also provides a liquid restaking option through eETH, enhancing the utility of staked assets. This demonstrates a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
The sources mention that ether.fi uses reputable blockchain explorers and platforms to verify its operations. There is also mention of security measures such as T-NFTs and B-NFTs. Whilst there are no specific mentions of third-party audits for eETH itself, the institutional staking service is CIMA registered, implying regulatory oversight. These factors suggest an absence of fraudulent behaviour. Score: 80
Ethical Practices
The project emphasises decentralisation, user sovereignty and transparency. It aims for long-term sustainability, with a collective governance model. The platform thwarted a domain takeover attempt, demonstrating a commitment to security. Score: 85
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ether.fi Staked ETH 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.
ether.fi Staked ETH 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
ether.fi Staked ETH 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 ether.fi Staked ETH Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
ether.fi Staked ETH Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform