Plume
PLUME#183Plume is a blockchain and vault platform for tokenized real-world assets such as credit and Treasuries; PLUME pays gas and is staked.
- Market cap
- $119.61M
- Volume 24h
- $20.09M
- All-time high
- —
- Circulating supply
- 6.61B of 10B
Does not clear all 8 Shariah criteria. Needs caution: interest (riba), excessive uncertainty (gharar), and usage. Fails: business model.
- 4 pass
- 3 caution
- 1 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Plume?8 Shariah criteria
4 pass · 3 caution · 1 failPLUME pays no interest itself, but the ecosystem it powers is built on interest-bearing credit products.
Riba is interest or any guaranteed increase on a loan. Holding PLUME pays nothing, and staking rewards are variable pay for securing the chain. But Plume’s main product, Plume Vaults, passes yield from home equity loans, invoice financing, bonds and credit funds to depositors, and the documentation says stakers may later receive a share of ecosystem revenue. CryptoUmmah scores riba 44.5/100 for this exposure and Sharlife rates Plume Grey. The token is one step removed from the interest, so the criterion is at caution, near the bottom.
PLUME is the gas, staking and governance token of a working blockchain.
This criterion asks whether the asset has real value as property (mal). PLUME pays network fees, secures the chain through staking and gives votes, so it has a real function. Sharlife lists Plume as Grey without public reasons; the documented concerns are about what the ecosystem does, weighed under other criteria. No defect in the nature of the token itself was found, so the criterion is at the maximum.
PLUME has no gambling mechanics, but the project names speculation and looping among its target uses.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. PLUME is a utility token with no lottery or betting mechanics. Plume’s own tokenomics post, however, lists yield farming, looping and speculation, including speculating on collectibles, among the uses it wants to enable. This is a concrete but secondary feature, so the criterion is at pass, below the maximum.
Plume’s core business is distributing yield from loans, bonds and credit funds.
This criterion asks how the ecosystem earns and whether that income is impermissible. Plume’s website advertises vaults "from Treasuries to private credit" with up to 18.9% APY, and its recent launches finance home equity loans, invoice factoring and credit card receivables. Plume says the vaults have processed more than $900M in deposits. Network gas fees are permissible, but the business the token serves is built on interest-based lending, so the criterion fails.
- Plume: official website
- Plume blog: Plume and Bybit Expand Access to $3 Trillion Brazilian Credit Card Financing Market Through nOPAL
- Plume blog: Plume Vaults Expands Access to Figure’s $30B Home Equity Ecosystem Through nPRIME
- Plume blog: Plume Introduces FACTOR, A Book of Working Capital Finance Onchain
Allocation is published, but insiders hold 41%, top addresses are concentrated and on-chain activity is far below headline figures.
Gharar is excessive uncertainty or hidden information. The allocation and audits are public. Concrete concerns: early backers and core contributors hold 41% on a release schedule; CoinMarketCap shows the top 10 addresses holding 66.08% of the Ethereum token; and DefiLlama shows about $2.97 million locked on the Plume chain while the project cites over $115M of RWA value. CryptoUmmah scores gharar 57.3/100 and notes disputed revenue mechanics. The criterion is at caution.
PLUME is gas and stake for a chain whose main use is interest-bearing vaults, lending and looping.
This criterion looks at what the asset is actually used for. PLUME pays fees and secures a network whose documentation promotes lending, borrowing and looping of real-world assets, and whose flagship use is depositing into credit vaults. Paying gas is neutral, but the activity it supports is mostly interest-based. The criterion is at caution.
Fully paid spot PLUME is available on exchanges and can be held in self-custody.
This criterion asks whether the asset can be owned in a permissible way. PLUME trades spot with full payment and delivery on major exchanges and can be held in a self-custody wallet on Plume, Ethereum or BNB Chain. The criterion is at the maximum.
No fraud or documented harm to holders was found.
Maslahah weighs benefit against harm. Plume widens access to financial assets and works with regulators, including an in-principle licence in Bermuda. No fraud, hack or documented harm to holders was found in the sources collected, so the criterion is at the maximum; the nature of the yield is weighed under riba and business model.
How you can use it
Tap a card for the ruling and sourcesBuying PLUME with full payment and immediate delivery is available on exchanges. The token is rated DOUBTFUL because the ecosystem it serves is built on interest-bearing products, so caution is advised.
No exchange-traded fund or product holding PLUME was found in the sources collected. A product that held PLUME would be judged like spot; its structure would need checking.
PLUME pays gas fees on the Plume network and is not used as a general means of payment. Tier-1 bodies such as Indonesia’s MUI rule that using cryptocurrency as currency is not permissible.
Delegating PLUME to validators earns variable rewards for securing the network, which is not a loan. But Plume is exploring paying stakers a share of ecosystem revenue, which comes largely from interest-based products; check the source of rewards before staking.
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 PLUME through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Plume Vaults and similar products pay yield from loans, bonds and credit funds, which is interest. Lending markets and looping built on them also fail.
Scholars quotes
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.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.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs 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.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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