Is Decentraland (MANA) Halal or Haram?
Shariah compliance review of Decentraland (MANA) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Decentraland is a decentralized VR (virtual reality) world that is powered by the Ethereum blockchain. In this virtual world, you can purchase land, build it, monetize, and immerse into the applications and content that is built by other users. What distinguishes Decentraland from other VR projects is its decentralized nature. Land and in-game currency are powered by the Ethereum blockchain which give users complete ownership and promotes transparency. <br><br>Sharlife.my Analisys: DECENTRALAND is a virtual reality gaming platform, players free to play, roam, and trade NFT in this virtual land. Overall, the feature offered by the ecosystem is neutral. We classify them as Shariah Compliant.
Staking verdict: Non-Comfortable
Decentraland does not offer any native staking options, meaning MANA tokens cannot be staked directly. However, MANA holders have the opportunity to provide liquidity on decentralized exchanges that support trading pairs with MANA. 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.