Injective
INJ#74INJ is the coin of Injective, a proof-of-stake blockchain for trading apps, used to pay fees, secure the chain and fund token buybacks.
- Market cap
- $769.32M
- Volume 24h
- $128.73M
- All-time high
- —
- Circulating supply
- 99.97M
Passes our Shariah screening. Needs caution: usage and benefit and harm (maslahah). Fails: business model.
- 5 pass
- 2 caution
- 1 fail
Verdict history
- HalalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Injective?8 Shariah criteria
5 pass · 2 caution · 1 failHolding INJ pays nothing; staking rewards are new INJ and fees paid for validating the network, with slashing live.
Riba means interest or any guaranteed increase on a loan. Simply holding INJ earns nothing. The native return is staking: validators earn newly minted INJ and part of transaction fees, and delegators receive a share minus the validator's commission. Issuance moves between 2.2% and 4.4% a year depending on how much INJ is staked, and staked INJ of validators and delegators can be slashed for misbehaviour, so the reward is variable, carries real risk and pays for validation work, which is not riba. Sharlife rates INJ permissible, so the criterion gets the maximum score.
Lending markets on Injective, such as Neptune Finance, are judged under trading mechanisms, and the Community BuyBack (a sale of INJ for a share of revenue) under business model.
Injective is a working network and INJ has clear uses, but official religious bodies disagree on whether cryptocurrency is property (mal).
Mal is property that Islamic law recognises as having value and that can be owned and traded. Injective has run a live mainnet since November 2021, and INJ is needed to pay fees, stake for consensus, vote on governance and take part in buyback rounds. Sharlife, the first authoritative source in Liberandum's list to rate INJ, calls it permissible, and CryptoUmmah agrees. Some tier-1 bodies (Egypt, Turkey, the UAE, Indonesia's MUI) doubt cryptocurrency in general, but none names Injective, so that general dispute is reflected in confidence and the 'disputed' flag rather than in this score.
- Resolutions of the Shariah Advisory Council of the SC - Securities Commission Malaysia
- Ruling on trading and dealing in Bitcoin - Dar al-Ifta al-Misriyyah
- Kripto paraların kullanımının dini hükmü nedir? - Din İşleri Yüksek Kurulu (Diyanet)
- Keputusan Ijtima' Ulama Komisi Fatwa se-Indonesia VII tentang Hukum Cryptocurrency - Majelis Ulama Indonesia
INJ is not a gambling token, but in one-day snapshots trading around it and on its chain was dominated by leveraged perpetual futures, and the chain supports binary options markets.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and INJ itself has no chance-based payout; it secures and governs the network, and the chain hosts spot markets, tokenised assets and payments. The score is lowered within the pass band because the market around INJ is dominated by derivatives: on 27 September 2026 Binance INJUSDT perpetual futures were about 85% of that pair's volume, and Helix perpetuals were roughly 79% of on-chain trading.
Injective's exchange module also supports binary options markets, which pay all or nothing on an outcome; they are small, and the revenue they generate is assessed under business model.
The protocol's distinctive income is trading fees from its own exchange module, which runs perpetuals, futures and binary options alongside spot; by design 60% of those fees go to buy back and burn INJ.
This criterion asks how the issuer or protocol earns, and whether any of that income is impermissible. Injective's distinctive revenue is exchange-module trading fees: 40% goes to the app that sourced the order and 60% is designated for an on-chain buy-back-and-burn, run since November 2025 as a monthly Community BuyBack funded by ecosystem revenue that Injective does not break down. Injective's documentation shows the exchange module is built for perpetual and expiry futures and binary options as well as spot, and futures, perpetuals and options are impermissible.
In a one-day snapshot on 27 September 2026 (CoinGecko, DefiLlama), perpetuals were roughly 79% of on-chain trading volume, far above the 5% threshold, so the status is fail, although the exact share is an estimate. Sharlife rates INJ permissible but does not publish its reasons; this criterion departs from it because the derivatives revenue is documented by Injective itself. ShariaQuant reaches the same concern. Gas fees for ordinary transactions are permissible service fees.
Supply rules, burns and code are public and enforced on-chain, though aggregators misreport supply and governance can change key parameters.
Gharar is excessive uncertainty or hidden information in a deal. Injective's issuance rules are on-chain and public: inflation between 2.2% and 4.4% a year, adjusted toward a 60% staking goal, and burns are recorded on-chain; the chain software is published on GitHub with tagged mainnet releases. The score is lowered slightly for two concrete points: on 27 September 2026 the on-chain supply was about 123.04 million INJ while CoinGecko still showed 100 million, so holders relying on aggregators may be misinformed, and the revenue behind each BuyBack round is not broken down.
Derivatives trading is a large, possibly the largest, measured use of the chain, but that rests on one day of secondary data; spot, tokenisation and payments are real permissible uses.
This criterion looks at what the network is actually used for. Injective is designed around a built-in exchange whose documented market types include perpetual and expiry futures and binary options as well as spot. In a single-day snapshot on 27 September 2026, Helix perpetuals traded about $67 million against about $18 million of spot DEX volume on the chain, roughly 79% derivatives, and a small lending market (Neptune Finance) adds another impermissible use.
Permissible uses exist: spot markets, tokenised stocks (Stockdrop), mortgage data records for Pineapple Financial, stablecoin payments through Bitrefill and an SEC-registered transfer agent. Sharlife rates INJ permissible, but the derivatives-heavy use is a concrete, measured concern, so the status stays caution.
Fully paid spot INJ is available on major exchanges and can be held in one's own wallet.
This criterion asks whether the asset can be owned in a permissible way. INJ trades spot, with full payment and delivery, on major exchanges such as Binance, and it can be withdrawn to a self-custody wallet on Injective. In Europe, 21Shares offers an Injective exchange-traded product. Ownership does not depend on derivatives or leveraged wrappers, so the criterion gets the maximum score; the dominance of derivatives in trading volume is weighed under maysir.
Injective offers open financial infrastructure and new tokenisation uses, but its flagship use is leveraged derivatives trading open to retail users.
Maslahah weighs public benefit against harm. The benefit is real: an open, fast settlement layer with on-chain order books, cross-chain stablecoins, early tokenisation of stocks and mortgage data, and an SEC-registered transfer agent. The harm is also concrete: the chain's flagship use is leveraged perpetual futures, which expose retail traders to liquidation losses, and binary options markets resemble betting. Activity has also shrunk: Helix TVL fell from about $36 million in October 2024 to under $1 million in September 2026.
How you can use it
Tap a card for the ruling and sourcesBuying INJ with full payment and immediate delivery is available on major exchanges, and coins can be moved to a self-custody wallet. Spot is acceptable for a HALAL asset.
There is no approved US fund: Canary Capital's Staked INJ ETF, which would stake at least 90% of its INJ, was still pending. In Europe, 21Shares offers an Injective exchange-traded product; its terms, including any staking or lending of the underlying INJ, were not verified.
Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible, and paying with crypto is restricted in several countries. Payments on Injective, such as through Bitrefill, are mostly made in stablecoins rather than INJ.
Native staking, where you delegate INJ to a working validator, pays newly issued INJ and fees for validation work. You keep ownership, stake can be slashed for validator misbehaviour and unbonding takes 21 days, so the reward is not a guaranteed return. Liquid staking and exchange staking pool stake through an intermediary and should be checked product by product.
Margin trading in INJ is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
INJ perpetual futures dominate its trading volume, and Injective's own exchange module runs perpetuals, futures and binary options. Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending INJ on platforms such as Neptune Finance, or through exchange lending programmes, pays depositors interest from borrowers. This is riba.
INJ yield products built on lending or leveraged strategies pay interest or interest-like returns and fail. Returns from the Community BuyBack are paid from ecosystem revenue that Injective does not break down and that likely includes fees from its derivatives markets, so they are not a clean alternative. Native staking is assessed separately above.
Scholars quotes
The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.As I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.Injective receives a Doubtful verdict primarily due to its revenue model and how that revenue structurally benefits token holders.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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