Solana
SOL#7SOL is the native coin of Solana, a fast blockchain for payments, trading and apps.
- Market cap
- $70B
- Volume 24h
- $4.75B
- All-time high
- —
- Circulating supply
- 588.15M
Passes our 8 Shariah criteria. Needs caution: usage and benefit and harm (maslahah).
- 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 Solana?8 Shariah criteria
6 pass · 2 caution · 0 failHolding SOL pays nothing; staking rewards are paid for validating the network, not as interest on a loan.
Riba means interest or any guaranteed increase on a loan. Simply holding SOL earns nothing. The only native return is staking: newly issued SOL is paid to stake in proportion to its weight, and validators that go offline or fail to participate earn less. Holders who stake usually delegate to a validator they do not run, keep control of their SOL in a stake account whose authorities they hold, and pay the validator a commission; this is ordinary proof-of-stake delegation to a working validator.
Some scholars see delegation as borderline because the delegator does no work himself, and slashing (a protocol penalty that destroys stake for misbehaviour) is not live on Solana, so the principal is not at protocol risk. Most of the reward is new issuance (about 60,000 SOL a day in early August 2026, as reported by CoinDesk) rather than fee income, but it is still variable and tied to validation, not a lending return. It is not riba, but because delegators earn passively and their principal faces no slashing, the score sits just below the maximum.
Solana is a busy working network and SOL has clear uses; Islamic Finance Guru rates it permissible.
Mal is property that Islamic law recognises as having value and that can be owned and traded. Solana clearly works: by 16 September 2026 it had processed about 549 billion transactions, and in August 2026 it set a record of 216 million non-vote transactions in one day. SOL is needed to pay transaction fees, to stake for consensus and to pay storage deposits (rent).
Islamic Finance Guru, the first-priority authoritative source, rates Solana permissible, and Malaysia's Securities Commission Shariah Advisory Council (2020) treats digital currency without an underlying asset as goods ('urudh) tradable on registered exchanges. Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit cryptocurrencies in general without naming Solana; that dispute is reflected in confidence, so the score is the maximum.
- Halal crypto list (Islamic Finance Guru)
- Resolutions of the Shariah Advisory Council of the SC - Securities Commission Malaysia
- Ruling on trading and dealing in Bitcoin - Dar al-Ifta al-Misriyyah
- Shariah rules and crypto disputes: UAE court judgment and official Fatwa invalidate cryptocurrency transaction - Wasel & Wasel
SOL is not a gambling token, but its trading is dominated by futures and much on-chain trading is memecoin speculation.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and SOL has no chance-based payout of its own. The market around it is heavily speculative, though. On 16 September 2026, perpetual futures made up about 90% of SOL/USDT trading volume on Binance, Bybit and OKX (a single-day snapshot). On the network itself, pump.fun's memecoin exchange and launchpad handled about 27% of the roughly $80 billion of DEX volume over 30 days, and this is a lower bound because memecoins also trade elsewhere.
A real function exists alongside this: about $15 billion of stablecoins circulate on Solana and are used for payments and settlement, so SOL itself is not built for gambling. The futures dominance and memecoin trading on the network are concrete speculative patterns that put the score at the bottom of pass; derivatives are assessed under trading mechanisms and memecoin use under usage.
There is no issuer earning for holders: fees go to validators or are burned, and the foundation takes no share of inflation.
This criterion asks how the issuer or protocol earns, and whether any of that income is impermissible. Solana has no company that collects revenue on behalf of SOL holders. Half of each base transaction fee is burned and half goes to the validator; priority fees go entirely to the validator, and MEV tips (payments traders make for transaction ordering) are shared with validators and their stakers. These are service fees for processing transactions.
Malaysia's SC Shariah Advisory Council resolved in November 2023 that burning transaction fees paid in a digital currency without an underlying is permissible when fully disclosed, as Solana's fee burn is in its docs; that resolution covers the burn mechanism only, not holding SOL. The on-chain inflation governor gives 0% of issuance to the foundation, so no protocol treasury receives fees or inflation. The Solana Foundation describes its role as supporting development and validator decentralisation, but its website does not publish its funding or treasury management, which is recorded as a data gap rather than evidence of impermissible income. With no concrete problem found, the score is the maximum.
Supply, code and governance are public and enforced on-chain, though stake is fairly concentrated and discounted FTX-estate SOL is still unlocking.
Gharar is excessive uncertainty or hidden information in a deal. Solana's supply rules are public and enforced by the network: inflation started at 8%, falls 15% a year toward 1.5%, and was 3.644% on 16 September 2026, with total supply about 634.2 million SOL. The validator software is open source, with two independent client teams (Anza's Agave and Jump's Firedancer), and protocol changes go through public proposals and on-chain validator votes.
On 28 August 2026 validators passed SGP-0002 with 67.001% (just above the two-thirds threshold) to double the pace of inflation cuts, but it was not yet active on 16 September. Two concrete, disclosed concerns lower the score within pass: the 18 largest validators hold more than one third of stake, and locked SOL sold by the FTX bankruptcy estate in 2024 at $64 keeps unlocking monthly until 2028.
Solana carries large payment and stablecoin use, but interest-based lending and memecoin launchpads are a notable share of its activity.
This criterion looks at what the network is actually used for. Much of it is permissible: about $15.4 billion of stablecoins circulate on Solana, Visa settles USDC on it, PayPal issues PYUSD on it, and in August 2026 Western Union launched a stablecoin card and MoneyGram connected Solana apps to cash locations. Tokenised real-world assets reached about $4 billion. A notable share is disputed or impermissible: interest-based lending protocols such as Kamino Lend and Jupiter Lend held about $2.64 billion, roughly 18% of non-exchange DeFi deposits, or about 30% if liquid staking is left out.
Memecoin launchpads and trading apps are among the largest sources of on-chain volume and fees. None of these is shown to be the main purpose of the network, so the status is caution rather than fail.
Fully paid spot SOL is widely available, and it can be held in one's own wallet.
This criterion asks whether the asset can be owned in a permissible way. SOL trades spot, with full payment and delivery, on major exchanges such as Binance, Bybit and OKX, and it can be withdrawn to a self-custody wallet where the owner controls it directly. It is also held by regulated funds: the Bitwise Solana Staking ETF began trading in the US on 28 October 2025 and holds SOL itself. Permissible ownership is fully available, so the score is the maximum; it does not depend on derivatives or leveraged wrappers.
How specific funds are structured is assessed separately under trading mechanisms.
Solana brings real payment benefits, but large-scale memecoin pump-and-dump abuse and a history of outages weigh against them.
Maslahah weighs public benefit against harm. The benefit is real: Solana is a cheap, fast settlement rail for stablecoins and is used by Visa, PayPal, Western Union and MoneyGram. The harm is also significant. A May 2025 study by the compliance firm Solidus Labs found that 98.6% of tokens on pump.fun (January 2024 to March 2025) collapsed into worthless pump-and-dump schemes and that about 93% of Raydium liquidity pools showed soft rug-pull traits, which means large losses for retail buyers; no fresher study was found.
The network has also halted several times, most recently for about five hours on 6 February 2024, with no full outage on its status page since. Speculative trading losses are counted under maysir, not again here.
How you can use it
Tap a card for the ruling and sourcesBuying SOL with full payment and immediate delivery is widely available on major exchanges, and coins can be moved to a self-custody wallet. Spot is acceptable for a HALAL asset.
US spot Solana funds hold SOL itself, but their structure needs checking. The Bitwise Solana Staking ETF (BSOL) stakes its SOL and books the rewards as income, and its quarterly report for the period to 30 June 2026 says it may borrow SOL or cash short-term from Coinbase Credit under a trade credit facility. Borrowing is one of the fund features that Shariah screening checks for, and whether it has been used was not verified. The terms of other issuers' funds 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 not allowed in Indonesia (Bank Indonesia) and is banned in Turkey (central bank regulation of April 2021). Most payments on Solana are made in stablecoins rather than SOL.
Native staking, where you delegate SOL from your own stake account to a working validator, pays rewards for validation work and keeps ownership with you, so it is rated pass. Slashing is not live, which some scholars see as making the return closer to risk-free. Liquid staking tokens (such as JitoSOL or mSOL) and exchange staking are caution: they pool stake through an intermediary, and the receipt tokens are often deposited into interest-based lending markets.
Margin trading in SOL is widely offered but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
SOL futures and perpetual contracts are the largest part of its trading volume, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending SOL on platforms such as Kamino Lend or Jupiter Lend, or through exchange lending programmes, pays depositors interest from borrowers. This is riba.
SOL yield products built on lending, leveraged looping or basis trading pay interest or interest-like returns and fail. Native staking is assessed separately above; products that only pass on staking rewards are closer to the staking assessment, but their source must be checked product by product.
Scholars quotes
Both holding the token and participating in its native staking mechanism are considered Halal, as the protocol does not rely on interest or gambling.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.Solana's status is neutral and permissible to own and trade.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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