Every week Muslim investors send us questions about crypto, halal investing, and Islamic finance. We answer every question. The most important ones are published here permanently for the entire community. 90 questions published so far.
90 total
Following the widely shared fatwa attributed to Mufti Taqi Usmani ruling cryptocurrency impermissible, many Muslim investors in Pakistan, India, Bangladesh, and beyond stopped or hesitated their crypto activity. Community members asked CoinStudy directly whether this fatwa settles the question and whether all cryptocurrency investment must stop.
The Artificial Superintelligence Alliance is the merger of Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS into a unified FET token ecosystem. The merger created the largest token merger in crypto history at $7.5 billion combined valuation. In 2026 the Alliance shipped ASI:One agentic platform, ASI-1 language models, ASI:Cloud decentralized compute, and ASI:Chain blockDAG Layer-1 with mainnet targeting late 2026. TRNR on Nasdaq announced up to $500 million FET treasury position. Circulating supply 2.26 billion tokens. Market cap approximately $333 million.
EdgeX is a high-performance decentralized exchange backed by Circle Ventures and incubated by Amber Group with Morgan Stanley and Goldman Sachs veterans on the team. EDGE TGE launched March 31, 2026. EdgeX V2 launched May 28, 2026 on dedicated EDGE Chain adding prediction markets and US stock perpetuals alongside existing perpetual futures with 100x leverage. Surpassed Tron and Hyperliquid in daily fee generation in early 2026. $13 million in EDGE buybacks since April 2026. September 2027 brings 300 million token unlock representing 30% of supply.
PancakeSwap is one of the largest decentralized exchanges on BNB Chain operating across 8 blockchains with PancakeSwap Infinity v4. Products include token swaps, yield farming, Syrup Pools, prediction markets, perpetual futures, NFT marketplace, and 260 plus tokenized RWA products including stocks and bond ETFs added April 2026. CAKE Tokenomics 3.0 retired veCAKE staking and revenue sharing in 2025. Maximum supply reduced to 400 million January 2026. Market cap approximately $504.9 million. AI Skills launched March 2026 across 8 chains.
Ducat Protocol is a Bitcoin Layer-1 native credit protocol where users deposit BTC into non-custodial Taproot vaults and mint UNIT, a dollar-pegged stablecoin. UNIT is backed exclusively by overcollateralised Bitcoin with a minimum 135% collateralisation ratio and target of 160%. A one-time 1% Minting Service Charge is applied at the minting event only. No ongoing interest, no compounding, no hidden charges. CoinStudy's Shariah Board Chairman Dr. Usman Quddus formally certified UNIT as halal on August 18, 2026 following a 13-day scholarly review process.
NFTs are Non-Fungible Tokens representing unique digital assets on a blockchain. They can represent digital artwork, gaming items, music rights, real-world assets, event tickets, and more. The questioner specifically raises the Islamic prohibition on creating images of living beings as a concern about NFT artwork. The global NFT market is expected to surpass $31 billion by 2026.
Zebec Network is a real-time payroll streaming protocol where employees receive wages continuously per second as they work rather than waiting for monthly or fortnightly paydays. Joined Nacha Payments Innovation Alliance in December 2025 governing the $85 trillion US ACH network. Processes $170 billion annually through payroll partners. 250 plus enterprise clients. Final token unlock completed March 2026 with mint authority revoked. USD1 stablecoin became core settlement asset for payroll and yield on July 6, 2026. Users can stake ZBCN to earn yield and cashback.
Starknet is an Ethereum Layer-2 ZK-rollup using STARK proofs to provide mathematical validity guarantees for every transaction batch. As of v0.14.0 released September 2025 all transaction fees must be paid in STRK only. TVL approximately $601 million. Monthly token unlocks of up to 127 million STRK continue through March 2027. Liquid staking went live July 29, 2026. Private swaps enabled on AVNU DEX July 21, 2026. RWA platform launched July 31, 2026. Centralized sequencer pending decentralization. Total supply 10 billion with 65.84% unlocked.
Ribbita by Virtuals TIBBIR is a stealth-launched AI-themed meme token on Base blockchain within the Virtuals Protocol ecosystem. Ranked second by market cap at $183 million in the Virtuals ecosystem in March 2026. Market cap approximately $114 million as of August 2026. The dominant community narrative associates TIBBIR with Ribbit Capital, a top-tier VC with $15 billion AUM, but this association is officially unconfirmed. No whitepaper, no named team, no confirmed tokenomics, no confirmed roadmap. Launched on Base July 2026.
Axis Robotics is a decentralized Physical AI data collection platform where contributors teleoperate simulated robots through a browser to generate training data for robotics AI systems. As of July 31, 2026 the platform has 94,000 plus global contributors, 2.1 million plus trajectories collected, and 2.1 million plus on-chain records on Base blockchain. Contributors earn rewards for verified completed teleoperation demonstrations. Partners include Geely, Lotus, StepFun, and Booster. Team from Berkeley, CMU, UCLA, and NTU. No token confirmed yet.
Kaia is a Layer-1 blockchain formed from the August 2024 merger of Klaytn (Kakao) and Finschia (LINE), connected to KakaoTalk and LINE messaging apps with 250 million combined users. One million plus monthly active wallets acquired through LINE Mini-dApp integration. The ecosystem includes USDT-enabled wallet, savings accounts, an on-chain DEX, and staking. Kaia aims to lead KRW and JPY stablecoin markets via partnership with Tether and KakaoPay. Over 420 dApps and 45 governance partners. TVL peaked at $126 million.
EUR CoinVertible is a MiCA-compliant euro stablecoin issued by Societe Generale-FORGE, backed 1:1 by euro cash deposits and high-quality securities at Societe Generale. MiCA regulation prohibits distributing yield to token holders. Deployed on Ethereum, Solana, XRP Ledger, and Stellar by March 2026. Integrated with Morpho for yield vaults and deployed on Canton for repo financing workflows. Market cap grew 200% year-over-year to May 2026.
Compound Finance is an algorithmic DeFi lending protocol with $2.8 to $3.15 billion TVL in 2026. Users deposit crypto assets and earn algorithmically determined interest paid by borrowers. Borrowers post collateral and pay interest on outstanding loan balances. Revenue is the spread between borrow interest and supply interest. COMP is the governance token. Proposal 289 transferred 499,000 COMP to yield-bearing treasury strategies. Tokenized US Treasuries accepted as collateral with 11.5% of TVL from institutional participants.
Real World Asset crypto involves tokenizing real-world assets on blockchain including government bonds, stocks, commodities, real estate, and private credit. The RWA market holds $37.89 billion in distributed asset value as of August 2026, up 9x from January 2025. US Treasuries dominate at 45% of the market. BlackRock BUIDL, Ondo Finance OUSG, and Franklin Templeton BENJI are major tokenized Treasury products. xStocks has facilitated over $250 million in tokenized stock volume on Solana. Tokenized gold products include PAXG and XAUT.
Ethereum Name Service is a decentralized naming protocol on Ethereum translating wallet addresses like 0x71C7... into readable names like sufwan.eth. Revenue comes from domain registration fees of $5 per year for 5-letter plus names and annual renewal fees. ENS governance token allows DAO voting on protocol upgrades and treasury management. ENSv2 is a major architectural upgrade with Namechain Layer-2 rollup cancelled February 2026 in favour of Ethereum mainnet deployment. Over 2 million .eth names registered. Total supply 100 million with 94.16% already unlocked.
Trust Wallet is a free self-custodial multi-chain cryptocurrency wallet serving tens of millions of users across 100 plus blockchains. TWT is a BEP-20 utility token providing governance voting, in-app discounts, FlexGas fee payment, Trust Premium tiered access, and Layer 3 utility including staking and lending with boosted yields for TWT holders per the official Litepaper. Ondo Finance partnership bringing tokenized US Treasury bonds to Trust Wallet launched early 2026. CZ endorsed TWT in September 2025 triggering a 50% price surge.
Injective is a Layer 1 blockchain purpose-built for on-chain financial markets recording $34.4 billion in derivatives trading since January 2025. The November 2025 native EVM launch created a MultiVM environment. Injective Mint launched July 22, 2026 enabling institutions to issue tokenized stocks, bonds, and ETFs. CFTC-regulated INJ futures launched on Bitnomial April 15, 2026. Community BuyBack distributes ecosystem revenue to INJ holders who lock tokens. MiCA white paper published July 2026 for European compliance.
NFTs are Non-Fungible Tokens, unique digital assets stored on a blockchain proving ownership of a specific item. They can represent digital art, gaming items, music rights, real-world assets, event tickets, and more. The global NFT market was valued at $25.3 billion in 2024 and is expected to surpass $31 billion by 2026. The SEC and CFTC issued a joint binding classification of NFTs as digital collectibles in March 2026. NFT-native yield and NFT-backed lending have emerged as new DeFi integrations in 2026.
Prop trading firms like FTMO and Funding Pips charge a fee of $100 to $500 for access to a demo account challenge worth $10,000 to $200,000. Traders must hit a profit target without breaching drawdown limits. If they fail the challenge fee is lost. If they pass they receive a funded account with real capital and earn 80% of profits. The firm's primary revenue is from failed challenge fees. All challenge trading is on demo accounts. Some firms offer swap-free Islamic accounts removing overnight interest.
Arcus offers tokenized stock tokens including Apple AAPL, NVIDIA NVDA, Amazon AMZN, Google GOOGL, and others as spot trading pairs with zero commission fees. The same platform also offers perpetual futures. Muslim investors want to know whether spot trading individual halal company tokens on a platform that also hosts perps is permissible.
Arcus has confirmed a future token with allocation reserved for the dYdX community. Airdrop eligibility is weighted by prior perpetual futures trading history on dYdX, Hyperliquid, and Lighter, plus referrals. Spot trading builds on-platform activity that may contribute to allocation. Joining the perps waitlist and trading perps gives higher eligibility weight than spot trading alone. No token supply, distribution mechanics, or launch date have been published. Any specific airdrop numbers circulating are speculation.
Arcus is a decentralized exchange built by the dYdX Labs team on Robinhood Chain, launched July 1, 2026, backed by Robinhood Crypto. It offers 95 tokenized stock tokens with zero spot commission fees and 35 RWA perpetual futures markets with up to 50x leverage. A future Arcus token is confirmed with allocation reserved for dYdX community members. USDG by Paxos serves as the primary settlement and collateral asset.
WeFi is a decentralized neobank platform co-founded by Reeve Collins, co-founder of Tether. It describes itself as a Deobank offering high-yield savings of approximately 18% on stablecoins, lending and borrowing services, a composable leverage investment vault allowing up to 3x leverage for yield farming, loans for leveraged staking pools, and perpetual futures access. The WEFI token is used for governance, fee payments, and collateral. The platform won a Guinness World Record for blockchain live streaming viewers in Dubai in May 2025.
USAT is Tether's US-regulated dollar stablecoin launched January 27, 2026, issued by Anchorage Digital Bank under the GENIUS Act framework. The GENIUS Act mandates 100% reserves in cash, Treasury bills, repos, or central bank deposits and explicitly prohibits stablecoin issuers from offering yield to users. Cantor Fitzgerald acts as reserve custodian. USAT is separate from USDT with separate reserves and separate issuance. Available on Bybit, Crypto.com, Kraken, OKX, and MoonPay.
Cysic is a full-stack ZK proof generation Layer-1 blockchain that launched its mainnet December 11, 2025. Node operators contribute GPU and ASIC hardware to generate zero-knowledge proofs for blockchain networks and earn CYS tokens through a Proof-of-Compute consensus mechanism. The ComputeFi framework tokenizes computing hardware into yield-generating on-chain assets. Digital Compute Cube NFTs offer ongoing yield from hardware contributing to ZK proof tasks. Backed by Polychain Capital, OKX Ventures, and HashKey Capital. Only 16% of 1 billion CYS supply is currently circulating.
Chiliz is a sports and entertainment Layer-1 blockchain powering the Socios.com fan engagement platform with 170 plus sports organization partnerships. CHZ is the gateway currency for purchasing fan tokens that give holders voting rights in club polls and exclusive access to experiences. The 2026 FIFA World Cup drove significant fan token activity. Q1 2026 omnichain expansion allows fan tokens to interact with external DeFi protocols. SEC and CFTC issued joint guidance in March 2026 classifying fan tokens as digital tools.
Binance Alpha awards points based on token purchase volume only, not sales. Certain tokens get 2x to 4x boosts for 30 days from listing. The strategy involves buying and selling within the same minute repeatedly to register volume using the same capital. Each purchase is a genuine spot purchase with no leverage. Real cost is gas plus slippage. Points are spent to claim airdrops. Some boosted tokens belong to interest-based lending projects. The questioner follows the Hanafi school, spot only.
QXMP Labs operates QELT, a Layer-1 blockchain for tokenizing in-ground mineral reserves with $1.1 trillion in registered assets as of January 2026. The user previously asked about spot trading QXMP and QELT and was told spot trading profit is permissible regardless of background prime broker liquidity infrastructure. The user now asks specifically about the Liquidity Providers Program on qxmp.ai and whether participating in it or holding QXMP constitutes Riba.
Ducat Protocol is a Bitcoin Layer 1 credit protocol where users lock BTC in non-custodial vaults and mint UNIT, a dollar stablecoin backed exclusively by BTC with zero ongoing interest and fixed non-growing debt. CoinStudy initially gave Ducat 88/100 Halal. After a scholarly challenge from Mohammad Wais of ShariaQuant about the 1% origination fee, CoinStudy submitted the question to Chairman Dr. Usman Quddus who issued a formal ruling revising the classification to Haram.
Pieverse is an AI agentic neobank on BNB Chain backed by Animoca Brands with $10 million raised and Binance MVB Season 9 participation. The platform provides gasless AI agent payments through x402b protocol with BNB Greenfield compliance receipts. It also has a Prediction Arena where AI models including GPT, Claude, and Grok compete in prediction markets with real stakes, and a yield optimization feature routing agent assets to high-yield DeFi strategies automatically.
Bonk is Solana's oldest community meme coin launched via airdrop in December 2022 with no VC allocation. In 2026 the BONK ecosystem launched LetsBonk.fun which surpassed Pump.fun for daily tokens created on Solana in February 2026. The ecosystem also includes BONKbot generating $4.8 million weekly in trading fees, BonkSOL liquid staking token, and validator partnerships with TenX Protocols and DeFi Development Corp. CoinStudy classifies Pump.fun as Haram. The user wants to know if BONK's connection to LetsBonk changes its compliance status.
QXMP Labs operates QELT, a Layer-1 blockchain for tokenizing in-ground mineral reserves. The platform registered $1.1 trillion in certified real-world assets in January 2026. The liquidity structure routes 30% of tokenization proceeds into the ecosystem. Tokens are assigned to prime-broker leverage, multiplying the reserve base into greater deployable capital. Tier-1 market makers deploy that capital on exchanges to create liquidity. The user holds QXMP and QELT tokens and wants to know if spot trading profit is halal given this background liquidity structure.
Catapult Trade is running a trading competition using demo accounts with no real money involved. The $10,000 prize pool is funded by the platform's marketing budget, not participant entry fees. Prizes are distributed as PULT tokens worth guaranteed dollar amounts at token launch. No entry fee is required. The competition involves trading meme tokens on a simulated balance. The platform is audited by Hashlock and Halborn and backed by KuCoin Ventures with TGE expected Q3 to Q4 2026.
AUSD is a US dollar stablecoin issued by Agora Finance, backed 1:1 by cash, US Treasury bills, and overnight reverse repurchase agreements managed by VanEck and custodied by State Street. Unlike USDT which keeps all reserve interest income, Agora shares the T-Bill yield with ecosystem partners including exchanges, wallets, and DeFi protocols. AUSD itself is explicitly non-yield-bearing for end users. Agora raised $50 million from Paradigm and processed over $20 billion in Q1 2026 transfer volume.
Kaito is an AI-powered InfoFi platform classified as Haram by CoinStudy because it is building Kaito Markets, its own prediction market product, as its primary 2026 strategic direction. However many halal projects run awareness and engagement campaigns on Kaito's platform offering points for tasks like following accounts, sharing content, and community engagement. Muslim investors ask whether participating in these campaigns is permissible given Kaito's Haram classification.
Pendle Finance splits yield-bearing assets into Principal Tokens and Yield Tokens. Yield Tokens capture all yield generated by the underlying position until maturity. Some Muslim investors are buying YT tokens on halal company xStocks like SpaceX on Pendle specifically to earn xPoints leaderboard multipliers for a potential airdrop, arguing that since SpaceX pays no dividends the YT generates no yield and is therefore just a points-farming instrument rather than a synthetic interest product.
Unus Sed LEO is the native utility token of Bitfinex, one of the oldest crypto exchanges. LEO was created in 2019 to raise capital after Bitfinex lost $850 million through Crypto Capital Corp. Bitfinex uses platform revenues including lending interest income to buy back and burn LEO monthly. Bitfinex operates peer-to-peer lending, margin trading, and derivatives products. The chairman previously ruled that BNB spot trading personal profit is halal for the individual. The question is whether the same applies to LEO.
Prophet Market is an AI-native prediction market platform launched in May 2026. Instead of matching human buyers and sellers, an AI model funded with USDC automatically takes the opposing side of every user trade. The AI uses ensemble probability pricing from OpenAI, Anthropic, Google, xAI, DeepSeek and Meta to price and resolve markets. Users deposit USDC and bet on uncertain future outcomes directly against the AI. No native token exists yet but community members are farming the platform hoping for a future airdrop.
Kaito Pro is Kaito's professional AI intelligence subscription that aggregates and analyzes information from social media, news, and research to help investors navigate crypto markets. It is separate from Kaito's prediction market products. Muslim investors who use Kaito Pro for research are asking whether the Haram classification of the KAITO token means the research service itself is also impermissible.
Some tokens are classified as Haram because holders directly receive distributions from prohibited activities. For example NEXO holders receive 30% annual dividends directly from lending profits. KAITO holders receive no direct distributions from Attention Markets betting volume. sKAITO staking earns governance voting rights only. Muslim investors are asking whether holding KAITO is impermissible if there is no direct financial benefit from the prediction market.
Polymarket's smart contracts run on Ethereum. Every Polymarket bet is settled on Ethereum's blockchain. Ethereum validators process every Polymarket transaction and earn fees from it. Yet CoinStudy classifies Ethereum as Halal. Kaito only provides AI data that Polymarket uses for Attention Markets outcomes, yet CoinStudy classifies Kaito as Haram.
Kaito provides AI-quantified social media mindshare and sentiment data that Polymarket uses to settle Attention Market prediction contracts. Chainlink provides price oracle data that Aave, Compound, and other DeFi lending protocols use to manage collateral and liquidations. CoinStudy classifies Chainlink as Halal despite its oracle data being used by platforms CoinStudy classifies as Haram.
Dash is a twelve-year-old payment cryptocurrency that launched its biggest upgrade in history in May 2026, called Evolution, adding smart contract functionality and Web3 capabilities to what was previously a pure payment network. It also has an optional privacy feature called PrivateSend and a self-funded treasury governance system controlled by masternode operators. In January 2026 AEON Pay brought Dash acceptance to 50 million merchants across Southeast Asia, Africa, and Latin America.
Zcash is a privacy-focused cryptocurrency that offers optional shielded transactions using zero-knowledge proof technology called zk-SNARKs. When using shielded addresses, transaction amounts, sender, and recipient details are hidden from external observers on the blockchain while both parties to the transaction retain full knowledge of what is being exchanged. Transparent transactions are also available making privacy fully optional.
Midnight is a programmable privacy blockchain developed by Input Output Global, the organization behind Cardano. It launched its mainnet genesis block on March 30, 2026 with Google Cloud, MoneyGram, and Vodafone as federated node operators. NIGHT is the governance token distributed through the Glacier Drop to 170,000 addresses. The network uses zero-knowledge proofs to enable selective data disclosure rather than all-or-nothing privacy.
Allbridge is a cross-chain bridge protocol with three products: Allbridge Core for stablecoin swaps with liquidity pools showing 9.48% average APR, Allbridge Next for universal cross-chain bridging at 0.1% fees, and Allbridge Classic for wrapped token transfers. The Ambassador Program contest offers a $3,000 monthly prize pool distributed through a leaderboard based on content creation on X and referral volume generated.
Pendle is a DeFi protocol that splits yield-bearing assets into two separate tokens: a Principal Token representing the underlying asset and a Yield Token representing only the yield stream. Some platforms offer XPoints rewards for holding Yield Tokens. Muslim investors are asking whether buying Yield Tokens of halal companies like SpaceX xStock purely for point accumulation rather than yield collection changes the compliance ruling.
JasmyCoin is Japan's first JFSA-approved cryptocurrency, built by former Sony executives for IoT data sovereignty. Users store personal data in Personal Data Lockers and receive JASMY tokens when businesses purchase access to their data. JasmyChain, a Layer 2 built on Arbitrum Orbit, launched in January 2026 making JASMY the native gas token of an entire blockchain. The project has a Panasonic partnership and My Number digital identity integration in Japan.
Nexo is a centralized crypto lending and savings platform managing $11-15 billion in assets. It relaunched in the US in February 2026 through a Bakkt partnership after a $45 million SEC settlement. NEXO token holders receive 30% annual dividends from platform profits. Nexo has Fidelity Digital Assets as a custody partner and is pursuing MiCA compliance for EU operations.
The CMC20 is a tradable index token launched by CoinMarketCap and Reserve Protocol on BNB Chain in November 2025. It tracks the top 20 cryptocurrencies by market cap excluding stablecoins and wrapped tokens. The basket is rebalanced monthly and is weighted by market capitalization. Many Muslim investors see it as a simple way to get broad crypto market exposure without researching individual coins.
A Muslim investor traded on Yoso prediction markets before becoming aware that prediction market trading is classified as Haram under Islamic finance principles. He earned profit from these trades and has already spent that money. He is now asking what his religious obligation is regarding past earnings from an activity he did not know was prohibited.
Dogecoin is one of the most recognized cryptocurrencies globally and is particularly popular among retail investors. CoinStudy's Shariah Board Chairman provided a conditional ruling on Dogecoin that differs from his more straightforward rulings on Bitcoin, Ethereum, and Solana, introducing a two-path framework based on whether genuine utility develops.
Many Muslim investors face pressure from scholars and community members who argue that the safest approach to cryptocurrency is complete avoidance. They want to understand whether there is a principled scholarly case for engagement rather than avoidance, beyond simply wanting to participate in market gains.
Muslim investors often ask whether CoinStudy's HCS methodology is grounded in genuine Islamic scholarship or simply a checklist. They want to understand the jurisprudential reasoning behind why some coins pass and others fail before trusting the results.
Maple Finance is an institutional on-chain credit marketplace with $3.6 billion TVL. It lends USDC and USDT to institutional borrowers including trading firms and market makers. SYRUP is its governance token. SyrupUSDC is a yield-bearing stablecoin that distributes institutional lending income to holders. The platform was named to Fortune's Crypto Innovators List in June 2026 and recently partnered with Kraken for institutional lending.
VeChain is an enterprise blockchain platform for supply chain management and product authentication. VET holders can stake their tokens and earn VTHO through a Delegated Proof-of-Stake mechanism introduced in December 2025. Muslim investors want to know if VET is halal and whether the VTHO staking rewards constitute interest income.
Pixie Chess is a blockchain chess game combining NFT collectibles, ETH tournament wagering, and free-to-play modes. There is a long-standing scholarly debate about whether chess is permissible in Islam. Muslim investors want clarity on both the chess question and the platform's specific features before engaging.
Pixie Chess is a Web3 chess game on Base blockchain backed by $5.2 million from Paradigm. It has NFT chess pieces, ETH tournament prize pools, and a free-to-play mode. Many Muslim investors are farming its potential airdrop through daily gameplay and quests.
Muslim investors conducting due diligence on CoinStudy want to verify the credentials and authenticity of the Shariah Board before relying on its rulings for investment decisions. They are asking for contact details, social media profiles, university information, and other verifiable credentials for the board members.
Ritual is a decentralized AI infrastructure project building an AI-native Layer 1 blockchain. It raised $25 million in a Series A and has attracted significant community participation through its Ambassador Program and Ritual Trials ahead of an expected future tokenlaunch. Many Muslim investors are actively farming the anticipated airdrop by completing community tasks.
Muslim investors frequently ask for a simple shortlist of cryptocurrencies that are confirmed halal rather than having to research each coin individually. With thousands of coins available and most platforms giving generic advice without proper Islamic finance methodology, Muslim investors need a reliable ranked list from a credible source with a named scholar behind it.
Decred is a hybrid Proof-of-Work and Proof-of-Stake cryptocurrency launched in 2016 with community governance built directly into its blockchain. DCR holders can lock their tokens as voting tickets to participate in consensus and earn variable block rewards. It also has an optional privacy mixing feature called CoinShuffle++.
Pump.fun is a meme coin launch platform on Solana that allows anyone to create and trade speculative tokens instantly using a bonding curve mechanism. PUMP is its governance token. The platform has generated $935.6 million in revenue and is one of the most used applications in crypto.
Following Mufti Taqi Usmani's widely circulated fatwa ruling cryptocurrency impermissible on the basis that it does not qualify as mal in Islamic jurisprudence, many Muslim investors treated this as a final and settled ruling. Community members asked CoinStudy whether this fatwa settles the question definitively and whether all crypto investment must stop based on this specific argument.
A community member provided a detailed analysis of QXMP Labs and QELT blockchain, explaining that QELT presale funds go into infrastructure and development costs, that no yield is generated before launch, that after launch reserve yield goes only to QXMP Labs and not to holders, that QXMP is designed as a GENIUS Act compliant enterprise utility stablecoin rather than a yield coin, that QELT's value grows from market demand and blockchain adoption rather than reserve interest, that 30% of all RWA tokenisation proceeds are programmatically routed through QELT's blockchain as a built-in mechanism, and that QXMP launches at $1 per token with intrinsic value backed by physical assets. The question is whether holding QELT and converting to QXMP is permissible given that interest income goes to QXMP Labs not to holders.
A community member asked about QXMP Labs, a real-world asset tokenisation platform backed by JORC-certified geological reserves including gold, diamonds, and uranium. The specific concern was whether QXMP Labs earning yield on reserves makes the token haram for individual holders, even though holders do not personally receive interest income.
A community member saw Nado.xyz mentioned in connection with xStocks and tokenized equities and asked whether buying stocks through that platform is permissible.
A project offered CoinStudy payment to tweet about their prediction market platform with the suggestion that the fee could be donated to charity, making the promotion permissible.
MicroStrategy became one of the most discussed investment vehicles during the 2024 to 2026 Bitcoin bull cycle. Community members asked whether MSTRx tokenized shares are permissible since MicroStrategy holds Bitcoin.
Conflux Network is positioned as China's only regulatory-compliant public blockchain. Community members asked whether government regulatory compliance with China's oversight framework creates a specific Islamic finance concern.
New Muslim crypto investors frequently ask for a single ruling on DeFi as a whole, not understanding that DeFi encompasses hundreds of structurally different protocols with different compliance profiles.
Backpack Securities launched in June 2026 as one of the first SEC-registered tokenized stock platforms. Community members asked whether it is more or less permissible than xStocks and what specific account configurations are required for compliance.
Meteora is one of Solana's largest DEXs with a significant airdrop campaign. Community members asked whether participating in Meteora's various liquidity products is permissible given the different pool types available.
BULK Exchange's pre-deposit campaign was heavily promoted on crypto social media with projections of 100% or higher APY. Muslim investors asked whether participating to earn the airdrop is permissible since they are not actively trading perpetual futures during the pre-deposit phase.
Yield farming became one of the most popular DeFi activities during the 2020 to 2021 DeFi summer. Muslim investors asked whether any form of yield farming is permissible given the high returns available.
A community member asked whether holding BNB or other exchange tokens is haram even if they personally only use the token for spot trading and never engage with the exchange's prohibited financial products.
A Muslim developer asked whether they could write educational content about Fermah's technical architecture while deliberately avoiding any promotion of Flashcast, Fermah's prediction market application.
Hyperliquid's HYPE airdrop made early participants wealthy and many Muslim investors asked whether the platform could be permissible since it is blockchain-based trading infrastructure rather than a traditional financial product.
Crypto lending is one of the most widely used DeFi activities. Community members asked whether depositing assets to earn yield is permissible since the returns are variable rather than fixed.
Community members asked whether providing liquidity to DEX pools like Uniswap, Raydium, and Meteora is permissible, and how it differs from crypto lending.
Ethereum is the second largest cryptocurrency and the foundation of most DeFi activity. Community members asked for a direct scholarly ruling on ETH's permissibility.
XRP is one of the most widely held cryptocurrencies among Muslim investors. Community members asked for direct scholarly confirmation of CoinStudy's 86/100 Halal classification.
Community members asked about TRON specifically given its widespread use for USDT transfers and its association with Justin Sun and JustLend.
Community members asked for a direct scholarly ruling on SOL specifically, as the fifth largest cryptocurrency by market cap with a large Muslim investor following.
Community members asked whether earning referral commissions from cryptocurrency exchanges is permissible under Islamic finance principles, particularly when those exchanges offer both permissible and impermissible financial products.
Multiple community members asked about the compliance of xStocks activity across four specific scenarios including buying and holding, DeFi lending, liquidity provision, and referral commissions.
A Muslim contributor in the UAE had invested significant time contributing to Fermah's Discord server. He was specifically avoiding promoting Flashcast, the prediction market application, but was uncertain whether working on infrastructure content was permissible given the platform's overall profile.
A community member facing a genuine financial emergency asked whether the principle of necessity in Islamic jurisprudence could permit using prohibited financial instruments when no halal alternative exists.
A community member asked whether the Haram classification of BNB prevents them from buying and selling BNB through spot trading only, without using any other Binance financial products.
A community member asked whether the structural Haram classification of USDT prevents them from using it as a payment tool for halal transactions.
