1INCH is a platform that filters over 33 different liquidity protocols in order to discover the most efficient swap route. With this platform, users can save money and time. Liquidity protocols are also involved in contributing to pooling assets to a lending platform such as Aave, and Synthetix which are non-Shariah. We concluded 1INCH as Non-Shariah Compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal" | Passed |
| Project | 1Inch is a liquidity pool exchange on the Ethereum platform like Uniswap. Lending activity is also available in this project. Thus, this project involved impermissible activity. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The token functions as a governance and utility token which contributes to lending activity. | Failed |
| Staking Method | Rewards from staking are gained from trading fees which align with the Shariahâs rulings. | Passed |
Read the source document and verify project fundamentals.