Daily Finance
Crypto Overview
Daily Finance (DLY) is a decentralized finance (DeFi) project claiming to provide a decentralized lending and borrowing platform.
The token's primary purpose appears to be facilitating lending and borrowing services on their platform, where users can lend their crypto assets to earn yield or borrow against their crypto holdings.
From our research, the platform's core functionality revolves around interest-based lending services, which is fundamentally problematic from a Sharia perspective. The lending and borrowing operations are designed to generate profit through interest (riba), which is explicitly prohibited in Islamic finance.
While the project shows active development and has a functioning platform, the underlying business model is centered around interest-bearing loans, which cannot be reconciled with Islamic financial principles unless the lending is done purely as an act of charity without any expectation of additional returns.
The platform also includes yield farming features that are based on interest-bearing mechanisms, further complicating its Sharia compliance status.
Crypto Impact
To assign a comfort level investing in Daily Finance from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Daily Finance.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.