Is ApeCoin (APE) Halal or Haram?
Shariah compliance review of ApeCoin (APE) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders. Sharlife.my: ApeCoin do not appear to contradict Shariah principles.
Staking verdict: Questionable
Token supply is regulated through smart-contract built on ethereum, that's why there is no participating in consensus protocol for users. However, they can participate in Safe{Pass} activities and earn points. It is advisable to avoid other forms of deposits that offer fixed yields or deposits on centralized exchanges (CEXs) that claim to be 'staking' for this protocol, as they do not represent a true Proof of Stake protocol.
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