The analysis of this coin and its protocol is there are many issues with the products offered. One of the issues is the perpetual contract. A perpetual contract is a derivative that allows traders to speculate an asset's price movement without holding the asset itself. This feature has been highlighted in the Shariah ruling as prohibited. Buy and sell contract must adhere to shariah ruling, in which the subject of sale must be in the ownership of the seller at the time of sale. Basically, there are many features that are based on DeFi that are built on riba' system. We concluded that Perpetual Protocol is 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 | Perpetual Protocol uses a streamlined system to allow traders to gain the benefits of xDai scaling without having to set up your wallet. A perpetual contract is a derivative that allows traders to speculate an asset's price movement without holding the asset itself. This feature has been highlighted in the Shariah ruling as prohibited. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The token's utility is to be a medium of reward system. | Passed |
| Staking Method | Staking in Perpetual Protocol will receive rewards in PERP and a portion of transaction fees from the exchange. Sources of reward from transaction fees activity from asset exchange are permissible. | Passed |
Read the source document and verify project fundamentals.