The Shiba Inu token is a decentralized cryptocurrency established in August 2020 by an anonymous individual or group referred to as "Ryoshi". Prior to this, the Shiba Inu token had been classified as non-compliant with Shariah principles due to the offerings of various DeFi products, including yield farming, which are in opposition to Shariah rulings in previous Shariah status. Upon review and re-evaluation of the latest version of the Shiba Inu Woofpaper (V2), it has been determined that there are no elements present that contravene Shariah principles. Despite being classified as a "meme coin," the ShibaSwap project and its associated ecosystem have been deemed Shariah-compliant.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear whitepaper and genuine project; ShibaSwap. | Grey |
| Project | ShibaSwap is the main project in this ecosystem. In swapping activity, user will be charged transaction fees as a charged using this platform. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | ShibaSwap highlighted three flagship tokens; SHIB, LEASH and BONES. these tokens are used for utility and reward system in the Shiba Inu ecosystem. | Passed |
| Staking Method | Before this Shiba Inu used PoW, but through staking, users will gain rewards in a form of transaction fees. By contributing to the liquidity pool, users are qualified to earn a governance token | Passed |
Read the source document and verify project fundamentals.