HALAL Screening Cryptocurrency
Is Mantle Halal?
Complete Shariah Compliance Screening of Mantle to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Mantle
MNT, or Mantle, is a cryptocurrency designed to make transactions faster and cheaper on the blockchain. Think of it as a digital currency that helps people send money or make purchases online without the high fees and slow processing times that can come with traditional banking. It operates on a unique layer-2 solution, which means it works on top of existing blockchains to improve their efficiency, making it easier for users to interact with decentralized applications.
What makes MNT stand out is its focus on scalability and user experience. It aims to provide a seamless experience for both developers and users, allowing for quick transactions and lower costs. Plus, it supports a wide range of applications, from gaming to finance, making it versatile and appealing to a broad audience. So, if you're looking for a way to engage with the world of crypto without the usual hassles, MNT could be a great option!
Transparent and Credible Team
The Mantle network was created by a group of 25 individuals, including experts in blockchain technology and scaling solutions. The team includes Arjun Krishan Kalsy, an expert in Ethereum and Web3 scaling, and is advised by Ben Zhou, the co-founder of Bybit, and Daniel Yan, a co-founder of BitDAO and Bybit. The project is governed by the $MNT token holders, making it a DAO-governed network. This indicates a transparent team with credible history. Score: 80
Clear Use Case or Purpose
Mantle is designed to enhance the scalability of the Ethereum network while maintaining Ethereum Virtual Machine (EVM) compatibility. It uses optimistic rollup technology to process transactions off-chain and settle them securely on Ethereum, improving efficiency in decentralised applications. The MNT token is used to pay transaction fees on the network and for community governance. This is a clear and legitimate use case. Score: 100
Absence of Fraudulent Behavior
The Mantle (MNT) cryptocurrency has been audited by EtherAuthority, a trusted third party, to verify its legitimacy and adherence to industry standards. The audit aimed to ensure that all claimed functions of the Mantle Token smart contract exist and function correctly and to identify any security vulnerabilities. This audit and the lack of any reported scams or rug-pull risks suggests no fraudulent behaviour. Score: 90
Ethical Practices
Mantle has a robust governance system where community members can vote on proposals. The project complies with Service Organisation Control Type 2 (SOC 2) standards, and adheres to best practices for data security and compliance. This demonstrates ethical practices in development and operation. Score: 90
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Mantle 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 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 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 Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Mantle Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform