Is Gate (GT) Halal or Haram?
Shariah compliance review of Gate (GT) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Questionable
For exchange tokens that serve as the primary token for trading on a specific platform, there are several complex issues that require clarification. Firstly, the token itself represents an ecosystem that profits from all transactions on the exchange, which may include tokens from Non-Shariah compliant projects. Secondly, the ecosystem benefits from derivatives contracts that are in clear violation of Shariah rulings. We assume that the same methodology used for Shariah screening of stocks, which prohibits stockbroking activities, applies in this context as well. However, since exchange tokens are commonly used for trading NFTs or other cryptocurrencies, we advise against holding exchange tokens for more than 30 days to avoid becoming entangled in their ecosystem. <br><br>Source: sharlife.my
Staking verdict: Non-Comfortable
Given our conclusion under Shariah standards regarding the permissibility of buying and selling the GT, any other instrument that involves Gate token is better to avoid.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.