Is Jupiter (JUP) Halal or Haram?
Shariah compliance review of Jupiter (JUP) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Jupiter is a decentralized exchange (DEX) aggregator that allows users to swap tokens at optimal prices with low slippage and transaction fees in the Solana ecosystem. It also provides users the optimal routes for direct swaps between multiple exchanges and liquidity pools.<br><br>Sharlife.my Shariah Analisys: Tokens associated with swap service projects are considered Shariah compliant by Sharlife. In line with rulings on exchange tokens, these tokens are viewed as adhering to Shariah principles. Their compliance suggests that there are no inherent Shariah concerns; however, issues could emerge if users were to misuse the tokens for illegal activities. This reasoning aligns with qiyas, which draws a parallel between exchange tokens and fiat currency issued by central banks. Just as money itself is not problematic but can be misused, the compliance of both exchange tokens and tokens tied to swap services is not the issue; it hinges on how users choose to use them—whether for lawful or unlawful purposes. Therefore, it is the users' responsibility to refrain from engaging with any products, projects, or services that violate Shariah principles, which are marked as non-compliant.
Staking verdict: Non-Comfortable
At this point users can not participate in Jupiter staking, because there is no Proof-of-Stake protocol. The other forms of deposit with fixed yield or deposits on CEX's that claim to be "staking" for this protocol is better to avoid, because it would not be actual Proof of Stake protocol.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.