Solana

Is Solana (SOL) Halal? A CoinStudy HCS Analysis

Speed is Solana's identity. While Bitcoin is digital gold and Ethereum is the programmable internet, Solana positioned itself as the blockchain that actually scales for everyday use. Fast transactions. Low fees. A growing ecosystem of real applications spanning payments, tokenized assets, gaming, and Web3 services. In 2026, Solana's RWA market has grown from $1.4 billion to over $4 billion, Western Union has launched a stablecoin on its infrastructure, Samsung has announced planned USDC transfer support for 82 million Galaxy devices, and the network is undergoing the most significant consensus upgrade in its history.

For Muslim investors, the question is not about speed or market cap. It is about whether Solana is permissible to own, use, and invest in. CoinStudy has run SOL through the full HCS methodology and secured a direct ruling from the Shariah Board Chairman. The complete analysis follows.

Quick Verdict: Solana Is Halal ✅

SOL scores 87 out of 100 Halal. All five Layer 1 red-line checks pass at the native protocol level under the HCS Ecosystem Contamination Rule. Solana operates as permissible blockchain infrastructure without interest mechanisms, gambling features, or Haram industry involvement at the core protocol level. The Chairman of CoinStudy's Shariah Board, Dr. Usman Quddus, PhD in Islamic Studies & Finance, has provided a direct ruling confirming SOL's permissibility, detailed in the Chairman Ruling section below.

The 87 score reflects specific and honest concerns: Alpenglow's consensus transition carries meaningful technical execution risk, the Solana ecosystem has a documented material association with meme coin speculation requiring active navigation by Muslim investors, initial tokenomics distribution involved insider concentration, and validator centralization remains a governance concern. None of these involve a prohibited mechanism at the core Level 1 and Level 2 protocol scope.

What Is Solana in 2026?

Solana is a high-performance Layer 1 blockchain launched in March 2020 by Solana Labs, founded by Anatoly Yakovenko and Greg Fitzgerald, both formerly of Qualcomm. The Solana Foundation, headquartered in Geneva, Switzerland, oversees ecosystem development and grant programs.

Solana is designed to be the blockchain infrastructure layer that developers and institutions can build on at scale. It achieves high throughput through two complementary mechanisms: Proof of History, which creates a verifiable clock allowing validators to process transactions without waiting for cross-network consensus on timing, and Proof of Stake, which secures the network through validator staking and provides economic finality.

The SOL token serves three functions at the protocol level: paying transaction fees for all computations on the network, staking collateral for validators and delegators participating in network security, and governance participation for protocol improvement proposals.

According to CoinMarketCap as of October 14, 2026, SOL trades at approximately $107 with a market capitalization of approximately $63.08 billion. Circulating supply is approximately 589 million SOL with a total supply of approximately 635 million SOL. No maximum supply cap exists and inflation emissions are variable based on staking participation.

The 2026 Developments: Complete Analysis

Firedancer Validator Client: Live on Mainnet

Firedancer is an independent Solana validator client developed from scratch in C by Jump Crypto. Full Firedancer launched on mainnet in December 2025 per Solana 2026 roadmap research, representing a fundamental shift in Solana's architectural resilience. The Frankendancer hybrid client had approximately 165 to 207 validators running it by early 2026, representing approximately 21 to 26% of total staked SOL per the same research. In test environments Firedancer processed over one million transactions per second on standard hardware. Full Firedancer deployment at scale is scheduled for the second half of 2026. Two independent validator clients reduce single-implementation dependency and centralization risk, which is relevant to the Governance dimension.

Alpenglow Upgrade: Phase 1 Progressing Toward Mainnet

Alpenglow is the most significant consensus upgrade in Solana's history and the first major consensus change since TowerBFT, per the Solana Foundation's official Alpenglow page published June 2026. Phase 1, formalized as SIMD-0326, introduces Votor, which replaces TowerBFT and removes Proof of History from consensus, targeting approximately 150ms finality compared with the current 12.8-second TowerBFT finality. The Solana Foundation describes Alpenglow as making fundamental changes to "how Solana thinks about blockspace, finality, voting, and rewards." A separate Phase 2 is planned to introduce Rotor, a new block propagation protocol that would replace Turbine. Phase 1 passed validator governance with 98.27% approval per available research and is progressing toward mainnet deployment with a staged rollout. The transition carries technical execution risk assessed in the Gharar dimension.

Real World Asset Tokenization: Record Growth

Per KuCoin research and CryptoBriefing, Solana's RWA market surpassed $3.62 billion in early July 2026, up from $1.4 billion in January 2026, representing over 325% year-over-year growth. The market subsequently surpassed $4 billion on August 23, 2026 per KuCoin research. Solana processed approximately $3.47 billion in tokenized equity trading volume in June 2026 alone, representing approximately 96 to 97% of all blockchain tokenized equity volume globally that month, per Solana Compass citing SolanaFloor data. In July 2026, Solana surpassed 300,000 RWA holder wallets, leading all blockchains including Ethereum on that measure per the same Solana Compass report. Per a CoinMarketCap research article, Securitize has tokenized Apple, Tesla, and Nvidia stocks on Solana.

Samsung Wallet Announcement

Per Samsung's October 7, 2026 announcement, Samsung plans to add USDC transfer support in Samsung Wallet for eligible US Galaxy users across 82 million devices, with launch expected in the last week of October 2026. This is a forward-looking institutional adoption signal rather than a currently live integration.

Western Union USDPT on Solana

Western Union announced the launch of its USDPT stablecoin on the Solana blockchain via Crossmint per Western Union investor relations. The network is designed to connect eligible digital-asset users with Western Union's global payout infrastructure spanning over 360,000 locations worldwide, with consumer transfer and cash-out services planned as part of a phased rollout.

SOL Spot ETFs and Validator Concentration

Spot Solana ETFs launched in October 2025. Cumulative net inflows reached a record approximately $1.22 billion as of August 2026 per KuCoin research and Solana Compass. Bitwise's BSOL ETF captured approximately 79 to 80% of cumulative US spot Solana ETF inflows per CryptoBriefing. The ETF-to-validator concentration mechanism works as follows: when investors buy BSOL shares, the fund purchases SOL on-market and delegates it to Bitwise's own Onchain Solutions validator, converting every dollar of ETF inflow directly into that validator's stake weight per Solana Compass research. By end of August 2026, the Bitwise Onchain Solutions validator held approximately 9.455 million SOL, making it Solana's 5th largest validator per the same source. Goldman Sachs holds approximately $108 million in SOL ETF positions per Everstake research.

Stablecoin Supply and USDC Minting

Solana's total stablecoin supply has surpassed $16 billion, making it the second-largest stablecoin chain among all blockchains per thecryptobasic.com. Circle minted approximately $11 billion in gross USDC on Solana during August 2026, the largest single-month issuance on the network, per on-chain monitoring data reported by Solana Compass and CryptoBriefing on September 1, 2026. This is a gross minting figure tracking all USDC tokens Circle minted on Solana during August, not the net amount remaining in circulation: circulating USDC on Solana reached approximately $8.1 billion as of August 31 per Solana Compass supply data. The August minting total pushed Solana past 10% of total global USDC supply for the first time.

Q1 2026 Chain GDP and PumpFun

According to a KuCoin research report, Solana generated $342.2 million in Q1 2026 Chain GDP. The top revenue-generating application was PumpFun at $124.7 million. This documented figure is the primary basis for the Maysir dimension deduction and is assessed exclusively there.

Islamic Finance Analysis

Financial Exposure Risk : 22/25

The Financial Exposure Risk score of 22 out of 25 reflects Solana's clean Level 1 and Level 2 core economic model alongside one documented ecosystem-level concern. This is a 3-point moderate concern deduction.

Solana's core Level 1 and Level 2 economic model earns transaction fees for genuine computational execution services. Staking rewards are variable inflation-based emission for network security services. No interest-bearing reserve and no entitlement to excess over principal exists in the core protocol design.

The 3-point moderate deduction reflects the presence of DeFi lending protocols operating within the Solana ecosystem at Level 3, assessed through the indirect ecosystem financial exposure pathway. Protocols such as Kamino Finance, which CoinStudy has separately classified as Haram due to its peer-to-pool lending mechanism, operate on Solana infrastructure. While these Level 3 applications do not contaminate SOL under the HCS Ecosystem Contamination Rule, their presence means that a meaningful portion of economic activity on Solana involves interest-bearing financial products at any given time.

Gharar : 13/15

The Gharar score of 13 out of 15 reflects Solana's transparent and open-source blockchain alongside one specific forward-looking technical uncertainty concern. This is a 2-point moderate concern deduction. The meme coin ecosystem concern has its sole analytical home in Maysir and does not appear here.

Solana's transactions are publicly verifiable on-chain and network rules are documented in open-source code per solana.com. The Alpenglow Phase 1 upgrade passed validator governance with 98.27% approval and Firedancer provides a second independent validator implementation.

The 2-point moderate deduction reflects technical transition uncertainty from Alpenglow Phase 1 specifically. Introducing Votor, removing Proof of History from consensus, and migrating finality from 12.8 seconds to approximately 150ms is the most significant consensus change in Solana's history per the Solana Foundation. A consensus change of this magnitude carries execution risk during mainnet deployment that could affect network stability. This is a distinct forward-looking technical uncertainty concern with no overlap with the Maysir analysis.

Maysir : 11/15

The Maysir score of 11 out of 15 reflects the distinction between Solana's permissible core protocol and its ecosystem-level association with speculative activity. This is a 4-point significant concern deduction assessed through the ecosystem-level economic activity pathway, and it is the sole analytical home for this concern.

At the Level 1 and Level 2 protocol scope, Solana's core mechanisms contain no wagering, gambling, or chance-based wealth transfer. Transaction fees, validator staking, and governance participation are genuine productive economic activities.

The 4-point significant concern deduction is CoinStudy's methodology-based assessment of material ecosystem exposure to speculation-driven economic activity. It does not constitute a ruling that every token launched on Solana or every interaction on every launchpad platform is automatically impermissible. The specific concern is the structural design of PumpFun-style platforms, which primarily generate revenue by facilitating speculative token launches where outcomes structurally resemble gambling-adjacent zero-sum wealth transfer rather than genuine economic production. According to the KuCoin Q1 2026 Chain GDP report, PumpFun generated $124.7 million in Q1 2026, the single largest revenue-generating application on the network. Muslim investors who use Solana must actively navigate around such platforms and speculation-driven token activity as a matter of their individual compliance practice.

Underlying Business Activity : 15/15

The Underlying Business Activity score of 15 out of 15 is a clean score reflecting Solana's permissible core purpose.

High-performance blockchain infrastructure enabling fast, low-cost computational execution for applications across payments, digital assets, gaming, and Web3 services represents permissible economic activity. The scale and quality of real applications demonstrated in 2026, from Western Union's remittance infrastructure to Securitize's RWA tokenization to institutional settlement, confirms that Solana serves genuine and documented economic purposes. The ecosystem-level meme coin concern is assessed in Maysir through its correct pathway and does not affect the UBA dimension.

Utility and Real Use : 10/10

The Utility and Real Use score of 10 out of 10 is a clean score reflecting strong 2026 adoption evidence.

Solana's RWA market surpassed $3.62 billion in early July 2026 before crossing $4 billion in August per KuCoin research. Solana processed approximately $3.47 billion in tokenized equity volume in June 2026, representing approximately 96 to 97% of all blockchain tokenized equity activity per Solana Compass and SolanaFloor data. Solana's stablecoin supply has surpassed $16 billion per thecryptobasic.com. Circle minted approximately $11 billion in gross USDC on Solana during August 2026 per Solana Compass and CryptoBriefing. Western Union announced its USDPT stablecoin with a planned global payout network spanning over 360,000 locations. Samsung announced planned USDC transfer support for 82 million Galaxy devices. Securitize tokenized Apple, Tesla, and Nvidia stocks on Solana per CoinMarketCap research. Cumulative SOL ETF inflows reached a record $1.22 billion as of August 2026 per KuCoin research. Q1 2026 Chain GDP reached $342.2 million per KuCoin research.

Tokenomics Fairness : 8/10

The Tokenomics Fairness score of 8 out of 10 reflects Solana's functional staking economics alongside historical allocation and ongoing inflation concerns. This is a 2-point moderate concern deduction.

CoinStudy's permissibility finding on staking rewards and the Tokenomics deduction for inflation address different concerns and are not contradictory. The staking reward finding addresses whether the economic relationship between the staker and the protocol constitutes Riba: CoinStudy's analysis is that variable inflation-funded network security rewards are service compensation rather than interest on a loan, consistent with the Chairman's ruling that SOL in itself does not contain interest. The Tokenomics deduction addresses supply distribution fairness: ongoing inflation without a maximum supply cap creates dilution for non-staking holders as a supply-side economic concern, not a Riba concern. Inflation is not automatically Riba under CoinStudy's framework.

According to CoinMarketCap's Solana documentation, Solana's initial token distribution allocated approximately 16.23% to seed sale participants, 12.92% to founding sale participants, 12.79% to team members, and 10.46% to the Solana Foundation at the time of original distribution. This is a historical initial allocation record, not a description of current holder concentration, as tokens have traded freely since 2020. The deduction reflects the structural disadvantage for public participants at the time of the original distribution. The open delegation system, which allows any SOL holder to delegate to validators and participate in staking rewards, partially mitigates ongoing inflation concerns by making reward participation accessible to all holders.

Transparency and Governance : 8/10

The Transparency and Governance score of 8 out of 10 reflects Solana's open-source development and improving validator infrastructure alongside remaining centralization concerns. This is a 2-point moderate concern deduction.

The codebase is open-source and auditable. The Alpenglow governance process demonstrating 98.27% validator approval shows meaningful community participation. Firedancer's mainnet deployment provides a second independent validator client, reducing single-implementation dependency risk.

The 2-point moderate concern deduction reflects two remaining governance concerns through distinct pathways. The first is ETF-driven validator concentration: per Solana Compass research and CryptoBriefing, Bitwise's BSOL ETF has driven the Bitwise Onchain Solutions validator to approximately 9.455 million SOL in active stake as of end-August 2026, making it Solana's 5th largest validator. The mechanism is direct: every dollar of ETF inflow converts into that validator's stake weight, meaning a single fund's investment decisions materially influence validator rankings. BSOL captured approximately 79 to 80% of cumulative US spot Solana ETF inflows per CryptoBriefing, making this a documented structural concentration risk not present before the October 2025 US ETF launches. The second is development centralization: core protocol direction is driven primarily by Solana Labs and Anza rather than through fully decentralized community governance, creating a dependency on specific development organizations.

Overall HCS Score: 22 + 13 + 11 + 15 + 10 + 8 + 8 = 87 out of 100 : Halal ✅

Chairman Ruling

CoinStudy's Chairman, Dr. Usman Quddus, PhD in Islamic Studies & Finance, reviewed the CoinStudy HCS analysis of Solana and provided the following direct ruling:

"Solana works as a technology for transactions in which there is no objection. Using its network is halal. Its coin SOL is working in the crypto market like other cryptocurrencies. In itself it does not contain interest or Gharar. Therefore working with this currency is also correct."

CoinStudy's assessment of this ruling:

Dr. Usman Quddus's ruling addresses Solana across three distinct dimensions and confirms permissibility at each level separately.

On the network itself, the Chairman confirmed there is no objection to Solana as a transaction technology.

On using the network, the Chairman confirmed explicitly that using Solana's network is halal, providing a direct ruling relevant to Muslim developers building on Solana, Muslim investors using Solana-based applications for permissible purposes, and Muslim users transacting on Solana.

On the SOL coin specifically, the Chairman's finding that SOL in itself does not contain interest or Gharar is a token-level ruling consistent with CoinStudy's analysis that variable inflation-funded staking rewards constitute service compensation for network security. Muslim investors should understand that the Chairman's ruling addresses the SOL token and core network at Levels 1 and 2. Liquid-staking products, custodial staking services, and third-party yield products built on top of staking require separate individual assessment before any conclusion about their permissibility can be drawn.

The Chairman's ruling does not extend to every application built on Solana. PumpFun-style speculation platforms and DeFi lending protocols on Solana require separate assessment. The network passes. Each application creates its own compliance question.

Anticipated Scholarly Questions

Is staking SOL permissible given that it earns rewards through inflation?

SOL staking rewards are variable inflation-based emission for genuine network security services. Validators stake SOL and provide computational security, earning newly minted SOL as compensation. This is not a lending relationship. CoinStudy's framework treats this as a service-compensation relationship rather than Riba, and the Chairman's ruling that SOL in itself does not contain interest is consistent with this conclusion at the token level. The separate Tokenomics deduction for inflationary dilution addresses supply-side economics rather than the permissibility of the staking relationship itself. Muslim investors should independently review the specific terms of any staking service or liquid-staking product and consult a qualified Islamic scholar if individual guidance is needed.

Does Solana's association with meme coin activity make it impermissible?

CoinStudy's HCS Ecosystem Contamination Rule establishes that Level 3 application behavior does not automatically contaminate Level 1 and Level 2 token classification unless the prohibited activity is demonstrably material to the native economic architecture. PumpFun's $124.7 million Q1 2026 revenue is material to ecosystem economic activity but not to Solana's native protocol architecture at Level 1 and Level 2. This produces the 4-point Maysir deduction reflecting the ecosystem-level concern while maintaining the Halal classification at the core protocol scope.

Do Level 3 DeFi lending protocols create a compliance problem for SOL holders?

Third-party DeFi lending protocols at Level 3 do not contaminate SOL at Level 1 and Level 2 under the HCS Ecosystem Contamination Rule. This produces the 3-point Financial Exposure deduction reflecting indirect ecosystem-level exposure without triggering the red line. Muslim investors should not interact with DeFi lending protocols on Solana. CoinStudy has separately classified Kamino Finance as Haram based on its specific lending mechanism.

CoinStudy HCS Screening Results

Layer 1: Sharia Red Line Screening

Ecosystem Riba Exposure: ✅ Passed at the native protocol level under the HCS Ecosystem Contamination Rule. Core economic model is transaction fees for computational execution and variable inflation-based staking rewards for network security. No interest-bearing lending mechanism in the core protocol. Third-party DeFi lending applications at Level 3 are assessed separately and do not affect this classification.

Gambling and Betting: ✅ Passed at the native protocol level. No wagering mechanism in core protocol design. Third-party meme coin platforms at Level 3 are assessed separately in the Maysir dimension.

Haram Industry: ✅ Passed at the native protocol level.

Guaranteed / Contractual Interest Return: ✅ Passed.

Synthetic Interest Products: ✅ Passed at the native protocol level.

Layer 2: HCS Score Breakdown

Financial Exposure Risk 22/25: Three-point moderate concern deduction for indirect ecosystem-level financial exposure from DeFi lending protocols at Level 3 including Kamino Finance, separately classified as Haram by CoinStudy. Core protocol is clean at Level 1 and Level 2 under the Ecosystem Contamination Rule.

Gharar 13/15: Two-point moderate concern deduction for technical transition uncertainty from Alpenglow Phase 1 (SIMD-0326), which introduces Votor, removes Proof of History from consensus, and targets approximately 150ms finality per the Solana Foundation's official upgrade page. Meme coin concern is assessed solely in Maysir.

Maysir 11/15: Four-point significant concern deduction representing CoinStudy's methodology-based assessment of material ecosystem exposure to speculation-driven economic activity. PumpFun's $124.7 million Q1 2026 Chain GDP per KuCoin research is the primary documented basis. This is the sole analytical home for this concern. The deduction does not constitute a universal ruling on all meme coin or launchpad activity.

Underlying Business Activity 15/15: Clean score. High-performance blockchain infrastructure enabling payments, digital asset ownership, RWA tokenization, gaming, and Web3 services is permissible economic activity.

Utility and Real Use 10/10: Clean score. RWA market cap $3.62 billion July 2026 growing to $4 billion by August 2026 per KuCoin research, $3.47 billion tokenized equity trading volume June 2026 per Solana Compass, $16 billion stablecoin supply, Circle's gross $11 billion August USDC minting on Solana per Solana Compass and CryptoBriefing, Western Union USDPT announced, Samsung Galaxy USDC transfer support planned October 2026, Securitize RWA tokenization, cumulative ETF inflows $1.22 billion record August 2026 per KuCoin research, Q1 2026 Chain GDP $342.2 million per KuCoin research.

Tokenomics Fairness 8/10: Two-point moderate concern deduction for historical initial token distribution concentration per CoinMarketCap documentation, and ongoing inflationary emission without maximum supply cap as a supply-side dilution concern. Inflation is not classified as Riba under CoinStudy's framework. Open delegation partially mitigates by making staking rewards accessible to all SOL holders.

Transparency and Governance 8/10: Two-point moderate concern deduction through two distinct pathways: ETF-driven validator concentration with Bitwise Onchain Solutions holding approximately 9.455 million SOL in active stake as Solana's 5th largest validator per Solana Compass and CryptoBriefing, driven by BSOL's direct ETF-to-validator staking mechanism; and development centralization in Solana Labs and Anza for core protocol direction.

Overall HCS Score: 22 + 13 + 11 + 15 + 10 + 8 + 8 = 87 out of 100 : Halal ✅

Activity Matrix for Muslim Investors

Halal at the Level 1 and Level 2 protocol level:

Holding SOL on a spot basis as a utility and staking token ✅

Buying and selling SOL on spot markets ✅

Paying SOL as gas fees for genuine permissible transactions on the Solana network ✅

Staking SOL to validators or delegating to validator operators for network security participation and earning variable inflation-based rewards ✅ per CoinStudy's analysis that the staking mechanism constitutes service compensation for genuine network security rather than a lending relationship. Muslim investors should review specific validator and platform terms before delegating. Liquid-staking tokens and custodial staking products require separate individual assessment.

Deploying or using permissible applications on the Solana network ✅ each application must be individually assessed

Participating in Solana governance through validator voting and community proposals ✅

Using Solana for permissible payment transfers and settlement ✅

Require separate Shariah assessment:

SOL perpetual futures and leveraged derivative products ⚠️ These products may raise concerns where their specific contractual structure involves prohibited elements such as interest-bearing funding arrangements. Classification must be based on actual product terms.

Liquid-staking tokens and custodial staking services built on top of SOL staking ⚠️ These require separate assessment as their specific contract structures, yield mechanisms, and terms may differ materially from direct validator staking.

Require careful individual scholarly assessment:

Participating in speculation-driven token launches and trading activities where the economic design structurally resembles gambling-adjacent zero-sum wealth transfer, such as platforms whose primary function is facilitating speculative token launches rather than genuine economic activity. Muslim investors should seek individual scholarly guidance and actively avoid activities where wealth transfer relies on chance-based speculation.

Haram based on specific prohibited mechanisms:

Interacting with DeFi lending protocols on Solana where lenders earn interest from borrowers ❌ Each protocol's specific mechanism must be assessed. Kamino Finance is separately classified as Haram by CoinStudy.

Participating in perpetual futures or leveraged trading products on Solana-based DEXes where the mechanism contains prohibited funding arrangements ❌

Final Verdict

Solana (SOL) is classified as Halal under the CoinStudy Halal Crypto Standard with a score of 87 out of 100.

All five Layer 1 red-line checks pass at the native protocol level under the HCS Ecosystem Contamination Rule. Solana operates as genuinely permissible high-performance blockchain infrastructure. The Chairman of CoinStudy's Shariah Board, Dr. Usman Quddus, PhD in Islamic Studies & Finance, has confirmed directly that Solana's network raises no objection, that using its network is halal, and that SOL in itself does not contain interest or Gharar.

The 87 score reflects specific and honest documented concerns with non-overlapping analytical pathways. The Maysir dimension carries a 4-point deduction representing CoinStudy's methodology-based assessment of material ecosystem exposure to speculation-driven economic activity, evidenced by PumpFun's $124.7 million Q1 2026 Chain GDP position per KuCoin research. The Financial Exposure dimension carries a 3-point deduction for indirect ecosystem exposure to DeFi lending protocols. The Gharar dimension carries a 2-point deduction for Alpenglow Phase 1 technical transition uncertainty per the Solana Foundation's official upgrade page. The Tokenomics dimension carries a 2-point deduction for initial allocation concentration and inflationary dilution, with inflation assessed as a supply-side concern rather than a Riba concern. The Governance dimension carries a 2-point deduction for ETF-driven validator concentration (Bitwise Onchain Solutions holding approximately 9.455 million SOL as Solana's 5th largest validator) and development centralization.

Muslim investors who hold SOL with the discipline to avoid speculation-driven token launch platforms, DeFi lending protocols, and leveraged derivative products within the Solana ecosystem are participating in a permissible Layer 1 blockchain infrastructure token that serves genuine and documented economic purposes.

Read detailed analysis and concepts here:

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Is Bitcoin Halal?

Are Meme Coins Halal?

Is Crypto Staking Halal?

Understanding Maysir in Crypto

Disclaimer: This analysis is provided for educational and research purposes only based on guidance from CoinStudy's HCS Shariah Board. The 87 out of 100 Halal classification applies to SOL at Levels 1 and 2 as documented in the activity matrix under the HCS Ecosystem Contamination Rule. The Chairman's ruling was issued in the context of the core SOL token and Solana network and is consistent with CoinStudy's token-level analysis. It does not extend to specific applications built on Solana, to every staking arrangement or liquid-staking product, or to derivative instruments. DeFi lending protocols and derivative products on Solana require separate individual assessment. CoinStudy does not issue personal fatwas or financial advice. Please consult a qualified Islamic scholar for individual guidance.

Our Shariah Board Chairman Dr. Usman Quddus, PhD in Islamic Studies and Finance, reviewed the CoinStudy HCS analysis of Solana and provided the following direct ruling.

"Solana works as a technology for transactions in which there is no objection. Using its network is halal. Its coin SOL is working in the crypto market like other cryptocurrencies. In itself it does not contain interest or Gharar. Therefore working with this currency is also correct."

CoinStudy's assessment based on this ruling:

Dr. Usman Quddus's ruling on Solana is notable for its clarity and directness. The chairman examined Solana across three distinct dimensions and confirmed permissibility at each level separately, providing a more structured ruling than a simple blanket endorsement.

On the network itself, the chairman confirmed there is no objection to Solana as a transaction technology. This addresses the fundamental question of whether a high-performance blockchain designed primarily for speed and throughput serves a permissible purpose. The chairman confirmed it does. Solana's architecture enabling fast and cheap transactions for developers and users represents genuine technological infrastructure for legitimate commerce without prohibited purpose at the protocol level.

On using the network, the chairman confirmed explicitly that using Solana's network is halal. This is a direct ruling for Muslim developers building on Solana, Muslim investors using Solana-based applications, and Muslim users transacting on the Solana network for permissible purposes. The network infrastructure itself is permissible to use.

On the SOL coin specifically, the chairman made the most precise and technically important statement in the ruling: in itself it does not contain interest or Gharar. This directly addresses the two most common compliance concerns raised about Solana. The interest question relates to Solana's Proof of Stake staking mechanism where validators and delegators earn variable rewards for network security service. The chairman's assessment that SOL in itself does not contain interest is consistent with CoinStudy's Ijarah-adjacent framework where variable rewards from genuine network security participation are distinguished from predetermined capital-based interest returns. The Gharar question relates to the uncertainty inherent in Solana's network performance and the volatility of its market position. The chairman's finding that SOL does not contain Gharar in the prohibited sense confirms that the uncertainty Muslim investors face with SOL is normal commercial uncertainty rather than the prohibited contractual ambiguity Islamic finance targets.

The chairman's conclusion that working with this currency is correct covers both holding and transacting in SOL for permissible purposes.

Muslim investors must understand, as the chairman's ruling framework consistently implies across all network-level rulings, that Solana's permissibility as infrastructure does not extend to every application built on it. The meme coin speculation ecosystem on Solana, Pump.fun which CoinStudy classifies as Haram, JLP vaults earning perpetual futures funding rates, and DeFi lending protocols built on Solana all require individual assessment. The network passes. Each application creates its own compliance question that must be answered separately.

CoinStudy classifies SOL at 87 out of 100 Halal, confirmed by the chairman's direct ruling.