Is NEAR Protocol (NEAR) Halal or Haram?
Shariah compliance review of NEAR Protocol (NEAR) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
NEAR is a Tier 1 blockchain platform designed for scalability and usability. It is focused on mass adoption with an emphasis on accessibility and interoperability.NEAR stimulates a network of computers, providing a framework for developers to build and run decentralized applications. A key feature of the platform is sharding, a process that breaks the network infrastructure into segments, allowing nodes (computers) to process only a fraction of network transactions. This design improves data retrieval efficiency and scalability.
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.