Is EigenCloud (prev. EigenLayer) halal?
EigenCloud (prev. EigenLayer) is a liquid staking token that represents staked coins plus their rewards. It is issued as a token on Ethereum.
EigenCloud (prev. EigenLayer) does not clear every threshold of our screen. Its weakest point is the Riba-free criterion (55 out of 100). A liquid staking or restaking token. Staking rewards can be permissible, but these tokens are often lent out or used in leveraged strategies.
Shariah screen result
mean of the five criteria
A liquid staking or restaking token. Staking rewards can be permissible, but these tokens are often lent out or used in leveraged strategies.
Fairly small (market value about $234 million). Smaller markets move more easily.
Nothing in its public tags points to gambling-style mechanics.
The token is used to pay for or secure a service people actually use.
Providing data, storage or computing services is a permissible purpose.
How this was made: we scored the coin's public category tags and market size against the same five criteria and thresholds we use in our reviewed screen. Nobody has yet read its whitepaper or checked its revenue. This is a screening result, not a fatwa. Scholars may reach different views, so check with a qualified scholar before relying on it.