KLAYTN is a network built by KAKAO Company based in South Korea. Too many features are offered in their ecosystem including a swap exchanges platform that looks neutral with no conventional lending and borrowing activities involved. We classify this token and the whole system as 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 | Klytn is a blockchain service provider and multi-chain solution to build and deploy blockchain applications. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | KLAY is used for staking on Klaytnâs PoS chain and paying transaction fees. It is also used as a medium of exchange across in Klaytn ecosystem. | Passed |
| Staking Method | Klay is being staked and method of producing new blocks like traditional staking system which aligned with Shariah. | Passed |
Read the source document and verify project fundamentals.