LIVEWhy #1inch is HARAM? 🤷♂️
Let’s talk about it:
What is 1Inch: 1INCH coin?
The 1 Inch Network is a channel that connects three different decentralized blockchain protocols. The protocol permits the consolidation of liquidity from a variety of decentralized exchanges to facilitate cost-efficient transactions.
Is 1INCH project aligned with Islamic values?
No, 1INCH does not align with Islamic values, based on the points discussed here and therefore fails project screening. 1Inch is an exchange liquidity pool on Ethereum like Uniswap. The liquidity pool is linked to lending activity which is not in line with Islamic values.
1INCH Token Screening for Shariah Compliance
Token screening is an assessment of the mechanics of the token itself, to see if it is compliant with Islamic rulings. 1INCH platform contributes to the lending activity. It is used as a governance token and a utility token on the platform and based on this the token should be considered haram.
What Does The Muslim Crypto Community Think of 1Inch?
Sharlife considers 1INCH as a haram cryptocurrency based on the five areas assessed for Shariah complaince screening.
If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.
Is 1Inch Halal?
1INCH is a platform that filters over 33 different liquidity protocols in order to discover the most efficient swap route. With this platform, users can save money and time. Liquidity protocols are also involved in contributing pooling assets to a lending platform such as Aave and Synthetix which are not Shariah compliant. Overall, we consider 1INCH is against Shariah rulings and is a Haram cryptocurrency.
source: https://cryptoummah.com/is-1inch-halal/
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