Onyxcoin
XCN#147Onyxcoin (XCN) is the native coin of Onyx, a Layer-1 blockchain aimed at banks and financial institutions, launched in March 2026.
- Market cap
- $192.31M
- Volume 24h
- $10.26M
- All-time high
- —
- Circulating supply
- 39.58B of 68.89B
Passes our 8 Shariah criteria. Needs caution: interest (riba) and excessive uncertainty (gharar).
- 6 pass
- 2 caution
- 0 fail
Verdict history
- HalalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Onyxcoin?8 Shariah criteria
6 pass · 2 caution · 0 failHolding XCN pays nothing, but its main staking product pays an owner-set rate that is separate from validator work.
Riba is interest or any guaranteed increase on a loan. XCN itself pays holders nothing. But Onyx's liquid staking contract pays stXCN holders a reward rate the contract owner can adjust, about 30% APR on 1 October 2026, and Onyx says this is separate from validator rewards, so the return is passive rather than payment for validation work. CryptoUmmah rates riba 37/100, citing fixed-looking staking yields and an interest-bearing lending market in the Onyx Protocol.
Sharlife lists XCN as permissible; this criterion departs from it to caution because the staking return is a concrete, passive, owner-set yield, although it is not a loan and is not guaranteed.
XCN is the native gas, staking and governance coin of a working Layer-1 network.
This criterion asks whether the asset has real value as property (mal). XCN pays for gas and transfers on Onyx Mainnet, secures validator selection through staking, and gives votes in the Onyx DAO. Sharlife, the first authoritative source that rates it, lists it as permissible; the general scholarly dispute about crypto is reflected in confidence. The criterion is at the maximum.
XCN is not built around chance; its role is network gas and governance.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. XCN is a network coin, not a meme or game-of-chance token, and no gambling mechanism in the protocol was found. CryptoUmmah scores maysir 46.4/100 but gives no concrete gambling mechanism, so the criterion is at the maximum.
Onyx earns from network fees and is building payments and banking infrastructure; no impermissible income is documented.
This criterion asks how the issuer or ecosystem earns and whether any of that income is impermissible. The network charges gas fees in XCN, and the ecosystem is adding Onyx Mesh for institutions and Onyx Card for spending. CryptoUmmah refers to a lending money market in the older Onyx Protocol, but the current Onyx documentation lists swap, bridge, staking and farming and no lending market, so no impermissible income in the current product set is documented. The criterion is at the maximum; the open question is recorded in data gaps.
The staking owner can change rates and pause or upgrade contracts, supply totals are not published, and insider allocations are large.
Gharar is excessive uncertainty or hidden information. Onyx's documentation says the staking contract owner can adjust reward rates and fees, pause staking or upgrade contracts, and that supply changes through issuance and burns without a published total. CryptoUmmah notes audit findings on centralisation that are only acknowledged and insider (18.7%) and foundation (about 37%) allocations vesting to 2030. These are concrete uncertainties, so the criterion is at caution, although Sharlife lists XCN as permissible.
XCN is used for gas, staking, governance and planned card payments.
This criterion looks at what the asset is actually used for. XCN pays for transactions on Onyx Mainnet, is staked and used for DAO votes, and is one of the assets spendable through the planned Onyx Card. These uses are permissible, so the criterion is at the maximum.
Fully paid spot XCN is available on Coinbase, Kraken, Upbit and other exchanges, and it can be self-custodied.
This criterion asks whether the asset can be owned in a permissible way. XCN trades spot with full payment and delivery on many exchanges and DEXs and can be held in self-custody on Ethereum or Onyx Mainnet. The criterion is at the maximum.
Onyx targets payments and institutional settlement; no fraud is documented in the sources collected.
Maslahah weighs benefit against harm. Onyx aims to provide settlement infrastructure for financial institutions and everyday payments through Onyx Card. No source collected documents fraud involving XCN; earlier exploits of the Onyx Protocol were not confirmed from a primary source and are recorded as a data gap. The criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying XCN with full payment and immediate delivery is available on Coinbase, Kraken, Upbit and other exchanges, and the coins can be held in self-custody.
No exchange-traded fund or product holding XCN was found in the sources collected. A product that held XCN would be judged like spot; its structure would need checking.
XCN pays for gas on Onyx and is planned to be spendable through Onyx Card. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible.
Onyx liquid staking pays stXCN holders an owner-adjustable rate (about 30% APR in October 2026) that Onyx says is separate from validator rewards. Because the return is passive and set by the contract owner rather than earned by validation work, it is doubtful; validator rewards for operators who run nodes are a different case.
Margin trading is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending XCN through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Onyx farming pays XCN rewards to XCN/USDC liquidity providers, a variable return for providing liquidity. Yield products that lend XCN fail; check each product’s source of return.
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.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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