Reserve Rights
RSR#193Reserve is a platform for token baskets called DTFs; RSR is its governance token, staked as first-loss cover and burned with protocol fees.
- Market cap
- $104.7M
- Volume 24h
- $5.12M
- All-time high
- —
- Circulating supply
- 62.55B of 100B
Passes our 8 Shariah criteria. Needs caution: interest (riba) and business model.
- 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 Reserve Rights?8 Shariah criteria
6 pass · 2 caution · 0 failHolding RSR pays nothing, but staking it on a Yield DTF pays a share of yield that can come from lending.
Riba is interest or any guaranteed increase on a loan. RSR itself pays holders nothing, and staking is optional. But a core role of the token is staking on Yield DTFs, where stakers receive part of the revenue of the basket, and Reserve says that revenue can come from lending collateral tokens onchain. Stakers do carry real risk: their RSR is seized if collateral defaults, and rewards vary. Sharlife rates Reserve compliant, but this concrete link to lending yield in the token design puts the criterion at caution. CryptoUmmah finds minor riba (72.7/100).
RSR is a governance token with a working role in a live protocol.
This criterion asks whether the asset has real value as property (mal). RSR gives votes over DTFs, serves as first-loss cover and is removed from supply through fee burns. These are real functions in a working protocol. Sharlife, the first authoritative source that rates Reserve, lists it as compliant. The criterion is at the maximum.
No gambling or lottery mechanism was found in RSR or the Reserve protocol.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. Reserve builds asset-backed baskets, and RSR stakers take a defined insurance-like risk on collateral, not a wager. CryptoUmmah finds only incidental maysir (71/100). No gambling mechanism was found, so the criterion is at the maximum.
Protocol revenue mixes index fees with yield from interest-bearing collateral; the split is not published.
This criterion asks how the protocol earns and whether that income is impermissible. Index DTFs charge mint and TVL fees for managing a basket, which is service income. Yield DTFs earn from their collateral, which Reserve says can include lending yield and revenue shares with token issuers. Both streams reach RSR, through burns and staking rewards. Impermissible income is present, but its share is not published, so the criterion is at caution.
The protocol is documented and audited; holdings are concentrated.
Gharar is excessive uncertainty or hidden information. Reserve publishes detailed documentation, its code, audits and a risk statement, and the supply is fixed at 100 billion. A reduction reflects two concrete points: CoinMarketCap shows the top 10 addresses holding 63.29% of RSR, and about 37% of the supply is not yet circulating. CryptoUmmah scores gharar 69.7/100. The criterion passes with a reduced score.
RSR is used for governance, first-loss cover and fee burns.
This criterion looks at what the asset is actually used for. RSR is used to vote on baskets, to back Yield DTFs against collateral default and as the token burned with Index DTF fees. Governance and cover against loss are acceptable uses. A reduction reflects that some baskets it backs hold interest-bearing collateral.
Fully paid spot RSR is widely available and can be held in self-custody.
This criterion asks whether the asset can be owned in a permissible way. RSR trades spot with full payment and delivery on major exchanges and can be held in a self-custody wallet on Ethereum or Base. The criterion is at the maximum.
Reserve gives open access to diversified asset baskets; no concrete harm was found.
Maslahah weighs benefit against harm. Reserve lets people hold a diversified, asset-backed basket in one token and aims to protect savings from inflation. No specific harm to users, such as an exploit or loss of funds, was found in the sources collected. The criterion is at the maximum.
How you can use it
Tap a card for the ruling and sourcesBuying RSR with full payment and immediate delivery is widely available, and the tokens can be moved to a self-custody wallet.
No exchange-traded fund or product holding RSR was found in the sources collected. A product that held RSR would be judged like spot; its structure would need checking.
RSR is not used for payments; it is a governance token. Tier-1 bodies such as Indonesia’s MUI rule that using cryptocurrency as currency is not permissible.
RSR staking is not network validation. Stakers cover the first loss of a Yield DTF and receive part of its yield. Where that yield comes from lending collateral, the reward is interest-based and should be avoided; each DTF must be checked. Vote-locking on Index DTFs earns a share of basket fees, which is service income.
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 RSR through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Yield products on RSR outside the protocol get their return from lending or similar interest-like sources and fail. Yield DTFs whose collateral earns lending interest also fail.
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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