Is Ethena halal?
Ethena is a governance token that gives holders a vote in a crypto protocol. It is issued as a token on Ethereum.
Ethena does not clear every threshold of our screen. Its weakest point is the Asset-backing criterion (60 out of 100). Its tags do not describe a clear asset or service underneath the token.
Shariah screen result
mean of the five criteria
Nothing in its public tags points to an interest-based mechanism.
Large and widely traded (market value about $2.5 billion).
Nothing in its public tags points to gambling-style mechanics.
Its tags do not describe a clear asset or service underneath the token.
Its purpose is not clear from public data.
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.