Is Mina Protocol (MINA) Halal or Haram?
Shariah compliance review of Mina Protocol (MINA) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
Mina Protocol is a Layer 1 blockchain similar to Ethereum and Bitcoin. It utilizes zero-knowledge proofs (ZKP) and supports smart contracts written in TypeScript. Notably, Mina is the first cryptocurrency protocol to feature a succinct blockchain, measuring just 22KB. The protocol boasts a consistently fixed blockchain size to effectively manage its ecosystem. Overall, Mina Protocol is classified as Shariah compliant. Source: sharlife.my
Staking verdict: Questionable
Permissibility of staking is questionable, because it is a layer 1 blockchain, with various dApps running their applications on the blockchain, including DEFI, Lending and Borrowing, Gambling, etc, hence impermissible transactions might get recorder in L1 blocks, thus benefiting validators with commissions. It is better to avoid staking this protocols until we receive final fatwas from high rank scholars.
Browse all Shariah-compliant cryptocurrencies on the EthicalNode halal crypto screener.