Is Ethena (ENA) Halal or Haram?
Shariah compliance review of Ethena (ENA) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Questionable
There is a lack of information on USDe, which may potentially be related to derivatives.
Staking verdict: Questionable
Ethena is ERC-20 token, There is no Proof-of-Stake. USDe, a synthetic stablecoin by Ethena, maintains stability and its peg to the US dollar through an automated delta-neutral hedging strategy relative to underlying collateral assets. This strategy involves establishing short perpetual positions on derivatives exchanges and matching the value of ETH and BTC collateral to mitigate exposure to cryptocurrency volatility.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.