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Assalamualaikum, I want to ask for this specific statement "Simple Earn (Permissible if lending is on Shariah-compliant cryptocurrency tokens that are not backed by ribawi items.) " . What does it mean by "not backed by ribawi items"?
Some tokens, such as stablecoins, are backed by ribawi items (assets that fall under the rulings of riba). Scholars differ in their explanations regarding the ‘illah (effective cause) of ribawi items. Examples include tokens backed by fiat currency or by physical gold.
so is this Simple Earn WCT in gate.io exchange count as syariah compliance?
Gate Token ($GT) is the utility and governance token powering GateChain, an EVM-compatible Layer-1 blockchain developed by the Gate Group. The token also serves as the backbone of the broader Gate.io ecosystem, one of the earliest and largest cryptocurrency platforms globally. While Gate.io is widely known for its centralized exchange services, it has evolved into a comprehensive crypto infrastructure provider. Gate.io now supports a broad array of services such as crypto-based payments (Gate Pay), digital commerce (Gate Life and Gate Shop), gift card purchases, auto-investment strategies, and enterprise solutions. GateChain, the underlying blockchain, is designed to support high-performance decentralized applications with near-zero gas fees and real-time transaction finality. $GT plays a vital role in maintaining the security and governance of GateChain through its Delegated Proof of Stake (DPoS) mechanism, allowing users to stake and vote for validator nodes. Beyond network security, holding or staking $GT unlocks access to exclusive privileges such as reduced trading fees, VIP levels, Launchpool participation, and premium customer service. This multi-utility token thus connects users to both the technical and lifestyle aspects of the Gate.io ecosystem, making it central to the platform's mission of driving mainstream crypto adoption across financial and real-world use cases.
Delegated Proof of Stake (DPoS)
Is this WCT SIMPLE EARN syariah? WCT itself is a syariah token, but how to know if its backed by Ribawi items?