halal-crypto

Stablecoin DAI is not Shariah compliant: 

DAI is a decentralized, crypto-collateralized stablecoin developed by the MakerDAO organization. As a stablecoin, DAI is designed to maintain a stable value relative to a specific asset or a pool of assets. In DAI’s case, its value is pegged to the U.S. dollar, with each DAI token intended to be equivalent to one USD.

Given that DAI is created exclusively as a result of a loan and is collateralised on a Riba-based debt, DAI is not Shariah compliant. DAI is created by depositing collateral into smart contracts on MakerDAO, and the platform then creates DAI. Borrowers of DAI must pay a stability fee, which is essentially an interest fee, or Riba. The DAI Savings Rate is also another Shariah non-compliant feature of MakerDAO.

Source:

Stablecoin DAI is not Shariah compliant: 

DAI is a decentralized, crypto-collateralized stablecoin developed by the MakerDAO organization. As a stablecoin, DAI is designed to maintain a stable value relative to a specific asset or a pool of assets. In DAI’s case, its value is pegged to the U.S. dollar, with each DAI token intended to be equivalent to one USD.

Given that DAI is created exclusively as a result of a loan and is collateralised on a Riba-based debt, DAI is not Shariah compliant. DAI is created by depositing collateral into smart contracts on MakerDAO, and the platform then creates DAI. Borrowers of DAI must pay a stability fee, which is essentially an interest fee, or Riba. The DAI Savings Rate is also another Shariah non-compliant feature of MakerDAO.

Source: https://shariyah.net/cryptocurrencies/dai/