HALAL Screening Cryptocurrency
Is Jupiter Halal?
Complete Shariah Compliance Screening of Jupiter to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Jupiter
JUP, or Jupiter, is a cryptocurrency designed to make it easier for people to access and use digital assets. Think of it as a digital currency that you can use for various transactions, like buying goods or services online. What sets JUP apart is its focus on creating a user-friendly experience, making it simple for anyone, even those new to crypto, to get involved. It aims to bridge the gap between traditional finance and the world of digital currencies.
What makes JUP unique is its emphasis on community and collaboration. It’s built on a platform that encourages users to participate in its growth and development, meaning that everyone can have a say in how it evolves. Plus, it offers features like fast transactions and low fees, which are super appealing for everyday users. So, if you’re looking for a way to dive into the crypto world without feeling overwhelmed, JUP could be a great option!
Transparent and Credible Team
Our research identifies Meow as the founder of Raccoons Labs and a key developer of Jupiter, with a background as an advisor for Instadapp, Kyber, and Blockfolio. Siong Ong, a co-founder, is also mentioned. The team's credibility is somewhat established, but the lack of information on other team members and some criticisms regarding transparency lowers the score. Score: 70
Clear Use Case or Purpose
Jupiter is designed as a DEX aggregator on the Solana blockchain, aiming to streamline token swaps and provide various DeFi tools, which is a clear and legitimate use case. Score: 90
Absence of Fraudulent Behavior
The project has undergone community audits by Jupiter Research and security audits by Sec3, indicating an effort to ensure legitimacy. However, the report mentions criticisms and concerns regarding transparency and tokenomics. There have also been security breaches where airdropped tokens were exploited. Score: 65
Ethical Practices
The project emphasises community-led governance and transparency measures. However, there are criticisms regarding the team's transparency and intentions with their airdrop and tokenomics. Some partnerships have also been questioned. Score: 60
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Jupiter 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.
Jupiter 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
Jupiter 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 Jupiter Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Jupiter Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform