Is Ethereum Staking Fully Halal?

The current Ethereum staking setup has several problems for Muslims.

99.9% of blocks that Ethereum validators are pushing to the network include at least one interest-based transaction from Aave, Compound or other lending apps. The Ethereum that you stake with Lido, for example, powers the production of these blocks, so the rewards you earn are from the production of these blocks.

In short, the yield you’re earning on your staked ETH today is from validating interest-based transactions.

Goldsand is Halal Ethereum staking.

Goldsand is a halal Lido alternative. It is Ethereum staking that minimizes interest (riba) and maximizes yield.

With our first project, code-named Goldsand we’re building our own validator + staking network to earn stable ETH yield without compromising your values.

When you stake your ETH with Goldsand, it will only be used by validators that propose blocks without any interest-based transactions. All without losing any yield compared to other leading staking providers.

Our custom-built builder and validator networks will power interest-free blocks on Ethereum.

Is staking that important though?

Staking is one of the most stable forms of yield in the world.

Since its release in late 2021, it has yielded >3% day-in, day-out. Meanwhile, the S&P 500 dropped 20% in 2022, and even the 1-year treasury rate dropped to 0% in early 2021.

Unlike Treasury bills, where the stable yield comes from interest, Ethereum staking yield comes from partaking in the Ethereum validation and security service. At its core, it is a public good for the Ethereum blockchain.

So staking is critical means of stable, productive income. But as a Muslim user (or any that don’t partake in interest), you are left with one of two choices — stake with validators that make money from promoting interest or miss out on one of the most stable yields in crypto.

We’re here to lift this dilemma for you.

What’s next for Goldsand & inshAllah?

Goldsand (staking) is only the very beginning of the road for the inshAllah project. It is the foundation for building the Islamic DeFi (IslamFi?) universe and gateway in.

On top of it, we + world-class teams (from former leads at Anchorage, NASDAQ, and Square) are going to be building the most advanced Halal yield protocols for you to participate in the cutting edge of crypto DeFi while staying true to an ethical system that reaps rewards without unfairly preying on others’ wealth.

The inshAllah IslamFi universe is just beginning. Goldsand is ground zero where it’s all going to happen.

As with most crypto projects, the earlier you are to Goldsand, the more chances you’ll have to participate in its potential upside.

The first version of Goldsand is slated for release this summer with testnet coming well before then.

Are you sure it’s halal? (& 1000 more questions)

We’re sure you have many questions about Goldsand — which scholar approved it being halal? Can we trust them? And most importantly — wen??

Rest assured, we’ll answer those questions and others you have in the coming weeks in our Telegram community.

(https://t.me/+0zSYiJ5cgYswM2Ex)

inshAllah.

(Reposted; originally posted April 26, 2024.)