Quick Verdict
Solana (SOL) is DOUBTFUL for Muslim investors — essentially the same classification as Ethereum. The technology itself is permissible, but the ecosystem of applications built on Solana includes riba-based lending, gambling-adjacent NFT speculation, and derivatives trading.
Solana's Proof-of-History/Stake Model
Solana uses a combination of Proof-of-History and Proof-of-Stake. Like Ethereum staking, SOL validators earn staking rewards for securing the network. The halal status of these rewards is debated — some scholars view them as network service fees (halal), others as guaranteed yield (riba-like).
Meme Coin Ecosystem
Solana became infamous in 2023-2024 as the home of meme coins — speculative tokens with no underlying value. This culture of pure speculation (maysir/gharar) is something Muslim investors should actively avoid, even if they hold SOL itself.
NFT Market
Solana hosted a massive NFT market. NFTs themselves can be permissible (as digital ownership certificates) or impermissible (if used purely for speculative flipping without underlying value). The line isn't always clear.
Practical Guidance
If you hold SOL, treat it as a utility token for the network and avoid using it to participate in meme coin speculation, leveraged trading, or DeFi lending. Hold spot SOL only if you're comfortable with the doubtful classification and have consulted a scholar.
Bottom Line
Solana's fundamental technology is neutral, but its association with speculative meme coins and DeFi lending makes it even more contested than Ethereum for strict Muslim investors. Approach with caution and scholarly guidance.
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