The idea of Velas are forking from Solana blockchain which Velas is the improvised version from Solana ecosystem. The overview of this asset is similar to Solanaâs status which is neutral and permissible to own and trade.
| 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 | Velas has a similar ecosystem with Solana. Velas is designed to be a blockchain platform suitable for thousands of applications and services to be built upon. Overall, the ecosystem does not offer any prohibited features that can trigger Shariah Issues. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | VLX has similar use with SOL coin. VLX is the coin that runs on the Velas network. Token is being used to pay for transaction execution and for staking reward (securing the network). | Passed |
| Staking Method | Staking VLX has a similar modhus with SOL staking. VLX has some changes compared to Solanaâs tokenomics regarding the amount of tokens participants. Contributing SOL and VLX to staking mechanism will earn staking rewards coming from transaction fees. The reward system is permissible as it does not contain Riba, Gharar, or Maisir. | Passed |
Read the source document and verify project fundamentals.