Dubai, U.A.E., March 10, 2022 â MRHB DeFi Network, the worldâs first decentralized finance (DeFi) platform focused solely on providing ethical and halal crypto opportunities, is listing its $MRHB token on BitMart, a global centralized cryptocurrency exchange (CEX). This follows its current listing on LBank Global Exchange as well as popular DEX, Pancakeswap.
According to famed decentralized finance, or DeFi, detective zachxbt, 31 nonfungible-tokens, or NFTs, projects may be at risk due to “suspicious code.” In a lengthy Twitter thread published Tuesday, the DeFi detective first raised the issue of NFTs project Thestarlab â which was allegedly compromised for 197.175 Ether (ETH), worth $580,325 USD at time of publication. Zachxbt quoted fellow blockchain investigator _MouseDev, who came to the following conclusion after reviewing the code behind Thestarlab:Â
“The smart contract [for this project] can never truly be renounced or transferredâonly an additional owner. The original deployer will always be considered the owner. This means if they still have the private key of the deployer, they can pull the money, even though the owner is the null address.”
_MouseDev claimed that when the projects’ developers deployed their contract, they stored two variables as the owner. “Then they later changed one of them to the null address to appear as though they relinquished but kept another unchanged variable,” says _MouseDev.
Based on this information, zachxbt claimed to have uncovered 31 NFTs projects that all contracted the same Fiverr developer to deploy the allegedly problematic smart contract. Additionally, the DeFi detective had the following remarks:
“Please do proper due diligence. Always review the contract beforehand, especially if outsourced. Luckily, since then a few of the projects were able migrate contracts and confront the Fiver dev. After reviewing internally, a few found other red flags as well.”
1/ Recently a NFT project was compromised rugging the team of 197 ETH. Interestingly enough, suspicious code lay within the smart contract potentially putting 31 other NFT projects at risk. How is this possible you ask? Well let’s dive in. pic.twitter.com/NelTIkoNVm
MRHB DeFi recently announced a new strategic partnership with Sukhavati Labs, a decentralized cloud network service focused on storage. Now all NFTs minted on the MRHB DeFi network â such as on the SouqNFT Marketplace â will be stored in a secure and permissionless manner at a low cost on the decentralized Sukhavati network.
By Sonia Pinto, Senior Product Marketing Manager and Alexis Hamel, Product Manager, Custody
Coinbase Prime offers custody and trading for more than 50 DeFi coins and tokens, across a wide range of segments, including DEXs, lend, and borrow.We facilitate governance for a growing number of tokens including UNI, COMP, and MKR. This gives our customers the opportunity to directly participate in the governance of DeFi projects.
Asset managers, like Grayscale and Bitwise, are increasingly stepping into DeFi beyond Bitcoin and Ethereum. FinTechs are also expanding their DeFi offerings to cater to growing demand. Venture capital funding for blockchain startups reached $25 billion last year, up 713% from $3.1 billion in 2020. Coinbase Ventures, A16Z and Paradigm are some of the VCs doubling down on DeFi.
As one of the most trusted names in the industry, Coinbase offers access to a broad range of assets, customized account support, and a rapidly growing number of capabilities for our clients to participate in DeFi.
DeFi Opportunities
While Bitcoin or Ethereum are the currency of the blockchains, Defi tokens are built on top of the blockchain and represent a wide range of new opportunities for institutions. As of January 2022, nearly $200 Billion was deposited through smart contracts across major blockchains. This measure is referred to as the Total Value Locked (TVL). Ethereum-based projects alone account for 60% of DeFi TVL.
Defi offers a global, open alternative to financial services consumers utilize today â including savings, loans, trading, and insurance â creating a financial system that is automated, accessible 24/7, permissionless and more transparent. DeFi protocols with the highest adoption rates include Compound and Aave for lending, Curve for stablecoins swap, Uniswap for token swaps, or DYDX for derivatives.
Where do I start?
Gain access to our prime broker by navigating to coinbase.com/prime. Click âGet startedâ and fill in the required information to apply for a Coinbase Prime account. For our existing clients who have a Coinbase Custody, or Coinbase Exchange account, please contact your account manager or PrimeOps@coinbase.com.
Dubai, U.A.E., February 22nd, 2022 â MRHB DeFi, the worldâs first ethics-based decentralized finance (DeFi) platform, is announcing the 22.2.22 launch of Sahal Wallet, a non-custodial cryptocurrency wallet that functions as a gateway to the entire MRHB ecosystem of ethical DeFi products.
Recently we sat down with Matas Sauciunas, CEO of one of the most exciting DeFi projects of the year: ALF Protocol. Matas and his team have already secured significant Venture Capital funding which they have used to develop a protocol for capital deployment on Solana for the purposes of liquidity provision and yield farming. Alf aims to become the go-to place for blockchain liquidity, initially launching on Solana and then potentially expanding to other chains.
Matas is passionate about the Solana ecosystem and how its low fees and extremely high speed give it the potential to be the leading Layer 1 solution, and his team is building out a core piece of the Solana native Decentralized Financial services. I trust you enjoy this conversation as much as I did and I look forward to watching this dynamic team and project go from strength to strength in 2022.
Interviewer: Hi Matas, thank you for setting aside the time for this interview. I can imagine how busy everything is at your side, knowing that the development of the protocol is well underway. Please, could you explain in a simple way what is Alfprotocol?
Matas: Hi there. Yes, everything is super busy on our side, but anyway itâs great meeting you and speaking with you today. I get this question quite often because of the complexity of the project so my usual reply is that Alfprotocol is a decentralized application built on the Solana blockchain that lets the user supply their tokens to earn interest, borrow some funds for outside use by providing collateral, use our in-house built decentralized exchange & become liquidity providers by supplying tokens to the farms and earn yield rewards and token rewards. Whatâs unique is that Alfprotocol will provide leverage for users to use to increase their position size while investing in the liquidity provision.
Interviewer: The idea that you and your team are building sounds complex but exciting! Could you tell me a bit more about Decentralised Finance (DeFi)? Why is DeFi getting so much hype and what is your personal opinion on the future of DeFi?
Matas: Decentralized Finance lets users use financial services like lending and borrowing without centralized intermediaries, it also provides endless opportunities to create different protocols that are providing unique use cases of the decentralized money market. Whatâs important is that DeFi had a growth of 88x last year and is expected to grow by another 10x this year. Also, DeFi comprises only around 5-6% of the entire cryptocurrency market cap. That statistic alone gives me the insight that weâre still in the early stages of DeFi, and we can lock a decent spot within the ecosystem itself.
Interviewer: Thank you for such an explanation. Alfprotocol has chosen the Solana blockchain to work on. Why Solana?
Matas: First of all, Solana is experiencing tremendous growth in attention from developers and investors. And that attention comes for a reason. Solana blockchain is super fast and super cheap and next to that the whole ecosystem of Solana is growing rapidly. We chose Solana because weâre building a leveraged protocol, so we need a blockchain that is super fast with the transactions and also cheap to use. Solana can provide that. Also, the DeFi protocols within the Solana are still at the early stages. So we do have a great opportunity to lock a decent spot for the future of Solana and aim to become a homepage for DeFi on Solana.
Interviewer: Thank you. Solana is definitely on a massive growth trend as you said. Your and your teamâs decision to build on this fast and inexpensive blockchain does make sense. Could you provide the top three advantages of the Alfprotocol?
Matas: Certainly. The first advantage would be that users will have an all-in-one place, (a âone-stop shopâ)Â for all DeFi services which at the moment isnât widely available in the ecosystem, meaning users need to move between different protocols. The second advantage is that those who are risk-seeking investors will have an opportunity to use higher leverage (in some cases up to 200x)Â for liquidity provision. Of course, the use of high leverage will be highly monitored and will be available for limited farms and users. And lastly, the third advantage is that the entire team building and collaborating on the protocol is transparent and provides regular updates on the development status, educational material, etc. So having a strong and transparent team behind the protocol is a very important aspect.
Interviewer: Absolutely. Transparency and regular communication with the community is always necessary. Just a few more questions Matas, at what stage is your project now and who are the backers of the Alfprotocol right now?
Matas: At the moment Alfprotocol is at the early development stage. We aim to have our public IDO within Q2 of 2022 and aim to launch a fully working protocol in late Q3, 2022. The MVP release of the protocol is expected to take place in early Q2, 2022. The current backers of the project are Zen Capital, Dust Ventures, DIB Ventures, SRT Ventures, Alpha Hunt and Scorpio VC.
Interviewer: Last question for you Matas: how can users participate in the early stage of the Alfprotocol?
Matas: Users do have an opportunity to apply an allocation of Alfprotocol tokens at this early stage of the protocol just like Venture Capital firms do. We cal this round a Pre-IDO round and it is available on our website. Alternatively, users can send us an email via [email protected] with the headline of âPre-IDO roundâ and our dedicated person will reply and help with the allocation process.
Interviewer: Thank you for answering all of the questions! Itâs been a great time speaking with you and I would like to wish you all the best for the future of Alfprotocol!
 Matas: Itâs been a great talk with you as well â thank you for your time.
MRHB DeFi follows the successful DEX (decentralized exchange) listing on Pancakeswap with its first CEX (centralized exchange) listing on LBank as it continues to bring DeFi opportunities to communities previously discouraged or excluded from the cryptoverse.
Dubai, UAE, Jan 31st, 2022 â MRHB DeFi, the worldâs first decentralized finance ecosystem platform focused on ethical, sustainable and halal crypto opportunities, has successfully raised a total of USD 5.5 million through a series of private and public funding rounds which culminated in an initial DEX offering (IDO) that was oversubscribed on the DODO and ZeeDO launchpads.
Prior to its IDO, the startup gave the community direct access through two public sales on its official website, which saw tremendous support from its community of over 50,000 members.
âOur fundingrounds have surpassed our expectations and prove beyond doubt the huge demand for ethics in the cryptoverse,â said MRHB DeFi CEO Naquib Mohammed. âWe want to take the opportunity to express our heartfelt appreciation for our valued partners and loyal supporters, without whom we would not have made it this far. These are just the first steps of our ambitious multi-year journey that we have begun, together with our community, to ensure that everyone can participate in building an ecosystem where trust and values matter â hence giving access to the growing opportunities of the crypto-economy.â
The ethical startup is also backed by investors and partners which include Polygon Technology, Sheesha Finance, Australian Gulf Capital, Mozaic, NewTribe Capital, Blockchain Australia, Contango Digital Assets, Masary Capital, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, Sukhavati Protocol and MKD Capital amongst others.
âIt always seems impossible until itâs done.â â Nelson Mandela
MRHB began as an idea 15 months ago, when Naquib, who was at that time working on Enterprise Blockchain use cases, was interviewed by a crypto news agency about the general trends of DLT.
The questions came around to the acceptance of crypto within the muslim communities in the Middle East, an interesting angle which led Naquib to delve further into the DeFi world, where he noticed the absence of halal projects. Understanding that there was a gap, he started putting down ideas and developing conversations with tech friends and like-minded connections, all of whom saw the immense possibilities with crypto but were disheartened by the absence of projects and protocols that were halal and consistent with their financial and ethical principles. The immense complexity of the cryptoverse as a whole also stood out as a further deterrent.
Resident in Saudi Arabia, he soon realised through various community discussions â both in the middle east and farther afield â that many fellow Millennials and Gen Zâers were facing the same challenges and were hence avoiding the entire cryptoverse. This meant that many communities â especially Muslims â were excluded from the opportunities in this new tech frontier. Thus began his journey of taking on the challenge and goal of building a landmark halal project in the DeFi ecosystem.
Over the course of six months, Naquib assembled a team that included not just developers but reputable industry professionals and Shariah experts, all of whom shared his vision of creating an ethical DeFi ecosystem that reflects community values and beliefs. It would be the first to fill a major gap in the crypto space and address the needs of communities that number more than a billion, who have all thus far been excluded due to ethics, faith, fear and complexity.
While the DeFi offerings were aimed at adhering to ethical investment and financing principles rooted in Islamic Finance (primarily the prohibition on interest-based lending and income, and sectors deemed unethical or exploitative like gambling, pornography etc), MRHB would also be focused on removing technological complexity. Thus the overall objective was to build a more empowering and ethical community-focused platform that would also cater to those new to crypto while addressing the negative perception created by extensive instances of fraud, risk and opacity in the crypto space.
The Islamic Finance sector is the first target and is the largest and most active faith-based market. It is currently sized at around USD 3 trillion â attracting even a small portion of Islamic liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Community Focused and Community Supported
Approximately 85% of the funds raised came from the MRHB global community which spans from Canada to Australia â all of whom are looking for an ethical and halal entry into the cryptoverse. The inclusive startup is aptly named, with MRHB being short for âMarhabaâ, which means âwelcomeâ in Arabic, as the project ushers in entire crypto newbie communities.
The platformâs $MRHB token is now available for trades on PancakeSwap, one of the leading decentralized exchanges on the Binance Smart Chain (BSC) network and remains above the launch price in spite of overall bearish markets.
To reward the community and encourage more market liquidity, a 5 million pool of MRHB token rewards has been set aside for token holders who provide liquidity to the MRHB/BNB pool on PancakeSwap. These rewards are for the next two months and apply on top of their share of trading fees earned. Token lockups for early project supporters will begin soon, allowing liquidity providers to invest their $MRHB tokens and receive additional rewards.
MRHB DeFi is already moving forward with their production roadmap, having recently launched its Souq NFT Marketplace, the first NFT marketplace guaranteed to contain halal-only content. The launch of Sahal Wallet, a non-custodial mobile wallet featuring filtering technology that will allow for frictionless access to halal tokens, is slated for the middle of next month. The pioneering Liquidity Harvester, MRHBâs passive and stable crypto income product, will be launching in Q2 and the project is currently in advanced discussions with pioneering regulated institutional partners to offer halal crypto-wealth products. More decentralized and centralized exchange listings are also coming up in the near future, welcome news for the MRHB community.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an âEthical and Inclusive DeFiâ by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Melbourne, Australia, December 31st, 2021 â The worldâs first ethical and halal DeFi ecosystem platform MRHB DeFi officially concluded its successful fundraising with its final public IDO rounds on DODO and ZeeDO launchpads, altogether raising a total of US$5.5 million with around 85% coming from a global community of investors looking for an ethical and halal entry into the cryptoverse.
Immediately following the close of the IDO, the MRHB token was listed on the popular DEX PancakeSwap, a leading decentralized exchange on Binance Smart Chain (BSC). For the very first time, early supporters of the project were able to trade and swap their MRHB tokens.
5 Million Pool of $MRHB Token Rewards for Liquidity Providers
Instead of standard buy/sell order books, Pancakeswap uses the Automated Market Maker (AMM) model where trades are done through a âLiquidity Poolâ whereby users invest funds (become Liquidity Providers or LPâs) to the pools to facilitate swaps.
MRHB DeFi has now announced that over the next three months, $MRHB token holders can become Liquidity Providers on PancakeSwap and earn their share of the pool of 5,000,000 MRHB token rewards.
The following MRHB/USDT liquidity pool has been set up on PancakeSwap, and MRHB Rewards will only apply to this pool:
Liquidity Providers to the pool can earn in two ways:
1. By supplying liquidity to the pool, the liquidity providers earn transaction fees on PancakeSwap as profit. The total trading profits made will be divided among the LPs, proportional to the amount of funds contributed and the amount of time funds are invested in the pool.
2. In addition, MRHB DeFi will offer a reward to the LP investors on condition that they invest funds into the pool at any point during the three month loyalty period. The $MRHB token reward pool will initially begin at 5,000,000 to be shared among the LP token holders. The number of tokens awarded will change over time but will be visible on the MRHB Reward Dashboard (https://rewards.mrhb.network/). Investors can withdraw their funds at any time.
As an extra incentive for LPs, MRHB DeFi has announced that LPâs who lock their tokens for the full 90 days in the pool will have the right to claim an NFT from the first collection at their Souq NFT marketplace. Souq NFT is the first anti-NSFW NFT marketplace in the world that is focussed on creating an ethical and halal marketplace for digital art and other NFT assets.
MRHB DeFi has provided more detailed instructions on how to be Liquidity Providers in the following videos:
A Conditional âHibahâ Gift
The LP token rewards are defined as a conditional gift (âhibah muallaqah bi al-sharthâ) that is provided by a third party, permissible according to the Islamic Fiqh. Since there is no (bilateral) exchange contract or transaction between MRHB DeFi and LPs (liquidity providers), MRHB DeFi is considered a third party and is providing the rewards as a gesture of appreciation to their loyal supporters.
As the share of rewards depends on various factors such as the number of providers and amount of time invested, such LP rewards are not fixed, although they will be stated at the time the tokens are invested into the liquidity pool.
Such rewards must also be considered together with the price movements (Impermanent Loss) of the MRHB token to assess the overall return to the token holder should they withdraw their funds from the liquidity pool.
Reminder for Vigilance
The correct MRHB DeFi contract address for the $MRHB BEP20 Token is as follows:
MRHB token holders are reminded to be vigilant against scammers and fake addresses and should exercise caution whenever participating in transactions. Only the following official channels contain the most current and accurate information about the developments of $MRHB.
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an âEthical and Inclusive DeFiâ by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team comprises researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Melbourne, Australia, December 23rd, 2021 â The worldâs first ethical and inclusive DeFi ecosystem platform MRHB DeFihas launched its highly anticipated Souq NFT marketplace. Partnering with Gachyi Land, the first blockchain gaming gacha-launchpad ecosystem, the two parties will mint and issue Hallal Gachyi, a unique Gachyi Land-themed NFT collection created for Souq NFT.
Souq NFT is the first NFT marketplace in the world focussed on creating an ethical and halal marketplace for digital art and other NFT assets. Artists on the platform follow image, audio and video content guidelines such as no hate speech, racism or nudity, and must verify that the artworks are original pieces (no rip-offs of existing NFTs).
The MRHB DeFi collaboration with Gachyi Land will see the latter create 1,410 Hallal Gachyi NFTs (otherwise known as âRimosâ). MRHB DeFi will create and deploy the smart contract for these NFTs and Hallal Gachyi will be sold on Souq NFT marketplace.
âOur vision to create an inclusive, ethical DeFi and NFT ecosystem continues to take shape,â says Deniz Dalkilic, CTO of MRHB DeFi. âThe Hallal Gachyi collection is the result of a unique collaboration with Gachyi Land and demonstrates our commitment to launching quality crypto products that meet and hopefully exceed community expectations.â
âNFTs are the building blocks of our digital future â they allow us to own digital items in ways we have never been able to before,â comments May Wong, founder of Gachyi Land. âWe wanted to provide a colorful and cute entry point into the NFT space for the Islamic community, in the form of a âRimoâ. The NFT space has shown us that early adoption of NFTs that gain value over time represents opportunity. We are excited to release Hallal Gachyi with MRHB and provide value to their community!â
Hallal Gachyi NFTs will be issued on the BSC blockchain using the ERC-721 token standard. NFT owners will be able to play a mini-game at a future date where they can earn rewards such as $MRHB tokens and $Polymer tokens. The NFTs will also receive utility in Gachyi Landâs MMO RPG (Massively Multiplayer Online Role-Playing Game), expected to be released in 2023.
Both parties will promote the new venture together on their respective platforms and are exploring future plans for MRHB to create other gamification models that integrate with the MRHB ecosystem.
A Shared Vision to Empower Communities
The Gachyi Land platform was created with the desire to empower artists with its disruptive NFT ecosystem. Gachyi Land provides artists with the platform, community, technology and tools they need to display and sell their work, and further explore the possibilities of the digital realm.
Similarly, MRHB DeFi was conceived with the goal of giving excluded and crypto-cautious communities better access to cryptoverse opportunities with a key focus on the provision of decentralized financial services that avoid interest-based profits and lending. MRHB DeFi bridges the existing gap between crypto offerings and the ethical faith-based community.
The journey to an inclusive, ethical DeFi cryptoverse has not been a lonely one for MRHB DeFi. The halal project is currently backed by investors and partners which include Polygon Technology, Sheesha Finance, Blockchain Australia, Australian Gulf Capital, Mozaic, Contango Digital Assets, NewTribe Capital, Masary Capital, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, MKD Capital and others.
In collaboration with management consulting group, Sinofy, MRHB DeFi has also organized an NFT art competition, designed for creators and artists, within the framework of the DEV Challenge Season 18 championships in Ukraine. More information on how to participate can be found in the MRHB DeFi Medium blog.
December is turning out to be a very exciting and busy month for MRHB DeFi, having launched their IDO yesterday on December 22nd. The $MRHB tokens were sold out on the DODO launchpad in half a day, with the second launchpad ZeeDO catching up. Upon completion of IDO, TGE (Token Generation Event) will take place on December 24th 1PM UTC/GMT, which will then be closely followed by its listing on the popular DEX Pancakeswap.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an âEthical and Inclusive DeFiâ by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team comprises researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Gachyi Land is building an ecosystem that consists of an NFT Launchpad and Play-To-Earn MMORPG. NFTS issued on their platform will be incorporated within the ecosystem to serve either an in-game functionality such as boosts or exclusive pre-sale access, or their utility can be built into future games.
With its disruptive Play2Earn MMORPG, Gachyi is providing artists with the platform, community, technology, and tools they need to unleash their creativity and gain the exposure they deserve. NFTs will be minted via Gachyiâs interactive gachapon machines on the Polygon blockchain based on the ERC-721 token standard, priced in MATIC.