Melbourne, Australia, December 22nd, 2021 — MRHB DeFi, the world’s first inclusive and ethical DeFi ecosystem platform, has announced today the IDO of its BEP-20 token $MRHB on launchpads, ZeroSwap and DODO. Upon IDO completion, immediate listings of the token on DODO and the ever popular PancakeSwap DEX will follow. This is exciting news for the loyal community of over 1000 investors and supporters of the project who will be able to publicly trade $MRHB for the very first time.
“We are thrilled to announce the upcoming IDO and TGE (Token Generation Event) of the $MRHB token, which is the culmination of all the dedication and hard work of the entire Marhaba team,” declared CEO and founder Naquib Mohammed.
“Likewise, we are indebted to our diverse and global family of partners and investors, as well as our loyal community, who have offered steadfast support for the project throughout. The $MRHB token will be the fuel that underpins our entire ethical ecosystem platform, driving our shared vision of an inclusive DeFi for a more sustainable cryptoverse,” he added.
The public sale price of the $MRHB token is USD 0.04 on both ZeeDO, the launchpad of multi-chain DEX aggregator ZeroSwap, and on the DODO BSC launchpad, whose whitelist for the IDO has reportedly already been filled, as of this morning. There will be zero lockup periods for these tokens, which will be 100% released at TGE.
Massive Community Interest for Ethical, Sustainable and Inclusive DeFi Offerings
The community-first project has already concluded two successful pre-launch sales on their website. Unlike many other projects, where only VCs and VIPs get priority, MRHB opened their early rounds to the community to help share the crypto-opportunity — a move celebrated by the now 70,000 strong supporters. For the team, this served as an importantvalidation of the interest for DeFi services rooted in ethics, sustainability and inclusion.
MRHB DeFi was founded with a vision of providing excluded and crypto-cautious communities greater access to the growing opportunities and utilities of the crypto sphere. The project is underpinned by offering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance — a sector valued at around USD 3 trillion of assets. Bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Business practices deemed ethical include those that avoid interest, usury, social exploitation as well as support sustainability, asset or utility backed financing, transparency and equitable risk-reward sharing. These principles have universal appeal far beyond the faith conscious community as evidenced by a large number of stakeholders beyond the halal-seeking population.
Many of the values upheld by the halal platform align with several of the United Nations Sustainable Development Goals and MRHB is also a signatory of the Crypto Climate Accords, a group that seeks to achieve net-zero emissions from electricity consumption by 2030 as well as develop standards and technologies to accelerate the progress toward 100% renewably powered blockchains by the 2025 UNFCCC COP30 conference.
To date, investors include Sheesha Finance, Blockchain Australia, Australian Gulf Capital, Mozaic, Contango Digital Assets, NewTribe Capital, Acreditus Partners, EMGS Group, Sinofy Group, MKD Capital and a grant from Polygon Technology.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” 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.
Another decentralized finance (DeFi) platform has fallen victim to a cyberattack, this time its Grim Finance. On Sunday, the Yield compounding tool was siphoned off $30 million worth of fantom tokens, the platform officially confirmed.
“The attackers’ address has been identified with over 30 million dollars worth of theft here,” Grim Finance developers tweeted on Sunday morning. “The exploit was found in the vault contract so all of the vaults and deposited funds are currently at risk.”
Hello Grim Community,
It is with heavy hearts that we inform you that our platform was exploited today by an external attacker roughly 6 hours ago. The attackers address has been identified with over 30 million dollars worth of theft here https://t.co/qA3iBTSepb
The developers detailed that the attack was an advanced one as the attacker exploited Grim’s vault strategy by entering a malicious token contract. It used five reentrancy loops to fake five deposits while the platform was still processing the first deposit.
As a measure of safety, the developers have paused all of the vaults to prevent any future funds from being placed at risk and also urged users to ‘IMMEDIATELY’ withdraw all funds.
“The exploit was found in the vault contract so all of the vaults and deposited funds are currently at risk,” the developers detailed.
They have also contacted and notified USD Coin issuer Circle, AnySwap, and Maker to block the hackers’ addresses and freeze the funds.
DeFi evolved from blockchain as the true challenger of the existing banking industry, but remains vulnerable to cyber-attacks. Most recently Vulcan Forged, which is a crypto gaming ecosystem, lost $140 million that already refunded most of the victims. Another platform Cream Finance suffered three attacks within months, losing more than $192 million worth of cryptocurrencies.
With native cross-chain trading and very attractive Bitcoin APYs, Thorwallet offers a user-friendly UI with all the trimmings this Christmas
As we near the end of a spectacularly explosive year for the growth of DeFi and blockchain technology in general, both interest and investment in the industry are at an all-time high. Institutions continue to explore the likes of Bitcoin and Ethereum as major investment assets, but decentralized finance solutions have also becoming major forces to be reckoned with; offering financial inclusion to millions of unbanked people around the world, DeFi products are enabling people everywhere to unlock new and independent sources of income as the global economy continues to struggle with the fallout from COVID-19.
Taking a look into blockchain infrastructure, several popular blockchains have grown both in terms of capabilities and ecosystem size in recent months; THORchain is one such example and, having steadily expanded its reach within the industry, the Cosmos-based blockchain protocol is today the home for an array of exciting projects offering a multitude of crypto and DeFi services.
THORWallet Pushes the Envelope for DeFi 2.0 Products
Amongst many innovative solutions being built on THORchain is THORWallet, a non-custodial wallet that looks to pander to both DeFi power users and mainstream consumers with 2 separate mobile applications available to the public. Both THORWallet products offer feature-rich user experiences and exposure to DeFi, with multi-chain savings accounts, liquidity provision capabilities and synthetic asset trading just some of the many things on offer; the retail targeted app strips away some of the more complex attributes of the THORWallet application but continues to extend access to a large majority of the benefits on offer.
THORWallet has been built to complement THORchain’s cross-chain functionality and users of the THORWallet app are able to swap Layer 1 tokens such as Bitcoin and Ethereum in a completely decentralized manner with no middlemen. This improves massively on swapping options available on many other popular blockchain platforms which offer only wrapped assets, keeping custody of the native assets. By doing this, THORWallet is also able to offer users a way to earn yield on their Bitcoin whilst keeping complete custody of their assets at all times.
Previous Funding and the Upcoming MISO IDO
The THORWallet team successfully raised over $3.4 million during private rounds led by THORchain, Fomocraft, Nine Realms, 0x Ventures and several other leading funds in the blockchain investment space. THORWallet’s native TGT multi-utility token serves a variety of purposes within the THORWallet ecosystem such as node operation and as a tool for gamification and community incentives such as airdrops, as well as unlocking premium features for holders.
Having already concluded the first phase of their public token sale on THORStarter, which sold out in just over one minute, phase 2 of the public token sale will take place on Sushi MISO on December 20th 2021. Token holders are currently able to stake their TGT, with rates for single-sided staking sitting at 800% and 1200% for eth-tgt pooling respectively.
“We are thankful to have received considerable interest and support from both reputable funds and the public and we are excited to open the doors to future THORWallet users with the upcoming MISO IDO. The THORchain ecosystem continues to grow rapidly and we’re proud to be one of the projects driving that growth.” – Marcel Harmann, THORWallet Co-Founder and CEO.
Melbourne, Australia, December 17th, 2021 — Community-focused platform MRHB DeFi has received an investment from Australian Gulf Capital, a global investment management company, as part of the strategic venture round of the world’s first inclusive and ethical DeFi ecosystem platform.
The funding from Australian Gulf (AG) Capital is not the first from the region, with the Islamic DeFi pioneer having received investments from institutions such as Blockchain Australia and other Aussie angel investors. The AG Capital investment presents further opportunity to expand MRHB DeFi’s presence and growth in this key market.
“We are pleased to have an early-stage opportunity to support first-mover Marhaba in the development of their high-growth, disruptive venture in ethical and halal DeFi,” commented CEO and founder of AG Capital, Salman Masaud. “Our investments are typically focused on a company’s early funding stages when the product is nascent and the upside potential is the greatest. We expect to support the project by bringing our legal, consulting and investment banking expertise to assist the Marhaba team in launching their socially impactful vision.”
The Australian PE/VC funds management company is also currently in the process of establishing a license under ADGM in the UAE, a key growth hub for MRHB DeFi, having recently signed a partnership with local partner Masary Capital to provide halal crypto solutions to the retail and institutional sectors in the UAE.
“Australia Gulf Capital’s ethos of actively supporting startups who align with their ambitious growth vision makes them a strong partner for us,” said MRHB DeFi CEO Naquib Mohammed. “As we continue on our journey of building the world’s first ethical DeFi platform, it is this shared vision and support from amongst our family of investors and partners that will help transform our dream into reality.”
MRHB DeFi: An Islamic Finance DeFi Pioneer
MRHB DeFi was created to bridge a perceived gap — by providing excluded and crypto-cautious communities greater access to the growing opportunities and utilities of the cryptosphere. The project is underpinned by faith-based DeFi offerings which adhere to the ethical investment and financing principles rooted in Islamic Finance. Many values upheld by the halal platform also align with the United Nations Sustainable Development Goals. Business practices deemed ethical include those that avoid interest, usury, social exploitation as well as support sustainability, asset or utility backed financing, transparency and equitable risk-reward sharing. These principles have universal appeal far beyond the faith conscious community.
With the Islamic Finance market sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” 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.
Australian Gulf Capital is a prominent global investment management company specializing in alternative investments and providing innovative world-class products and services. AG’s substantial and diversified investor base includes corporations, financial institutions, sovereign wealth funds, superannuation/pension funds, insurance companies, qualified high-net-worth investors, and family offices.
Australian Gulf Capital’s business activities are distinguished by exceptional vigor and a profound understanding of clients’ needs and risk profiles. They have become the company of choice because of their insightful approach to creating partnerships with clients for sourcing and investing in attractive investment opportunities. Australian Gulf Capital employs high-caliber teams with diverse expertise and extensive experience.
Dubai, UAE, December 14th, 2021 — MRHB (Marhaba) DeFi, the world’s first halal and ethical Decentralized Finance (DeFi) platform, is proud to announce their partnership with UAE-based crypto pioneer Masary Capital to bring DeFi opportunities to both retail and institutional clients in the United Arab Emirates and beyond, for the first time in the Islamic Finance space — a market estimated at around USD 3 trillion globally.
The agreement was signed between Masary CEO, Mr. Khalil Abdullah, and MRHB CEO & Founder, Mr. Naquib Mohammed, in Dubai, UAE, a fast emerging global crypto hub for the sector.
MRHB DeFi will be providing an entire ecosystem of eight innovative and shariah-compliant DeFi products for distribution through Masary Capital’s retail platform that provides easy access to crypto payments, investments, services and global remittance facilities. Together, they will encourage maximum UAE participation in the crypto space for those consumers who are focussed on halal services and opportunities.
“Our pioneering crypto platform will provide a seamless path for our businesses, institutions and consumers to participate. Our partnership with MRHB DeFi is aimed atgiving access to the full potential of DeFi to our Islamic customers,” said Masary Capital CEO, Mr. Khalil Abdullah.
Masary Islamic is one of the key product suites of Masary Capital that will be “Powered by MRHB”. Under the leadership of Mr. Khalil, Masary Capital aims to unlock transactional efficiencies of blockchain technology to shape a new financial system that is both highly efficient and productive.
“We are proud that Masary Capital has chosen us to be their preferred DeFi partner,” said MRHB DeFi CEO Naquib Mohammed. “This partnership will drive both retail and crucial institutional growth in the region and support our vision of providing DeFi to over 1 Billion people who find themselves excluded from the cryptosphere due to faith, lack of access and complexity.”
MRHB DeFi has a Shariah Board that vets all tokens and projects before acceptance on their halal-only platform. Users of the platform will have access to an ecosystem of products, including DeFi investments, interest-free financing and blockchain startup launchpads amongst others. All products operate in a completely transparent, decentralized and secure manner while following the ethical principles of Islamic Finance.
An Unprecedented Commitment to Community and Ethics
With a strong first mover advantage, MRHB DeFi has built an active community of more than 70,000 across Twitter, Telegram and more. Approximately 90% of the 1,000 members who participated in MRHB’s two public pre-launch token sales were first-time cryptocurrency investors across the globe — including non-Muslims with a strong interest in a more ethical approach to crypto opportunities.
The MRHB ecosystem avoids business practices, tokens, crypto assets and projects that include any form of gambling, social exploitation, pornography and usury of any kind amongst other prohibitions. Islamic Finance principles in general encourage projects that support asset or utility-backed financing, transparency, sustainability and equitable risk-reward sharing. These principles have universal appeal far beyond the faith-conscious community. The project is also aligned with a number of the Sustainable Development Goals set by the United Nations.
Masary Capital has now joined the host of institutional investors and partners in MRHB DeFi who are on board to bring DeFi innovation to the Islamic finance industry. To date, investors include Sheesha Finance, Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Acreditus Partners, EMGS Group, Sinofy Group, Australian Gulf Capital, MKD Capital and a grant from Polygon Technology.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” 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.
About Masary Capital
Masary aims to become a pioneer in providing state-of-the-art seamless blockchain and crypto solutions across all channels of customer interaction and to successfully establish the adoption of crypto-related activities, solutions, payment services and infrastructure in the UAE and GCC.
The innovative and diverse team have key strategic partnerships with industry leaders and is poised to offer the region’s first Emirati-owned crypto super-platform, offering solutions that empower users to harness the investment potential of crypto-assets.
Today we’re introducing a new way for Coinbase’s global customers to put their crypto to work and earn yield. We are making DeFi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of DeFi from their Dai with no fees, lockups, or set-up hassle.
Access DeFi from the comfort of your Coinbase account
Decentralized Finance (DeFi) is becoming one of the most popular use cases for blockchain technology and cryptocurrencies because it enables people to access crypto applications without the need for a centralized intermediary.
However, accessing DeFi protocols can require expensive network fees and involve a somewhat complex user experience. Coinbase is making DeFi more customer friendly and accessible. Eligible users will now be able to access the attractive yields of DeFi from the comfort of their Coinbase account with just a few taps and without the network fees.
Starting today, you’ll be able to earn DeFi yield on Dai, a stablecoin that is designed to be pegged to the US Dollar.
When you opt in to earn DeFi yield, your Dai is deposited into Compound Finance, an industry-leading DeFi protocol. The offered APY varies based on the rates from Compound and will automatically update to reflect changes in the market. Compound’s rates are variable — as an example, during the month of October, the APY for supplying DAI fluctuated between 2.83% and 5.39%.
These higher rates reflect both the unique access to global liquidity and increased risk that can come with DeFi. Though Coinbase monitors these protocols regularly, we cannot guarantee against potential losses. One way that DeFi protocols endeavor to mitigate risk of loss is to use overcollateralization, which means that they hold excess assets to cover potential losses. This is a unique form of investment, so it is always best to make an informed investment decision.
Even when deposited with Compound, your Dai remains available to you on Coinbase at all times, letting you continue to trade and spend as usual. Best of all, Coinbase covers the gas fees typically required to access DeFi protocols and their variable yields.
Get Started Today
DeFi has tremendous potential to help increase economic freedom, and we’re excited to be able to provide a trusted and accessible way to participate. Today’s launch is just the beginning — we are continuing to explore ways to allow our customers to use a wider variety of assets and a greater number of DeFi protocols.
Earning DeFi-powered yield on Dai is now available for eligible Coinbase users in over 70 countries, including the United Kingdom, Germany, and Spain. DeFi Yield is not currently available for customers in the United States. We will continue to work to bring DeFi Yield to more countries to reach more of our customers.
To get started, visit the Dai asset page in the Coinbase app or on Coinbase.com. In addition to being in an eligible jurisdiction, you must have Dai in your Coinbase wallet in order to enter the DeFi Yield experience. Once you have a Dai balance, go to the Dai asset page, choose the DeFi Yield tile to review, and accept the terms to start earning.
Coinbase makes it easy to earn yield with DeFi was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Be among the first to experience an ethical NFT marketplace with Souq NFT.
Kyiv, Ukraine, 8 Dec 2021 — MRHB DeFi, the first inclusive and ethical DeFi ecosystem platform is set to launch its NFT marketplace — Souq NFT. For its debut launch, MRHB DeFi is pleased to partner with DEV Challenge Season 18!
DEV Challenge is a Developer Championship thatholds the title for being the largest European IT competition since 2012. As the largest championship created for developers and designers in Ukraine, DEV Challenge has been supporting the technical potential of developers in Ukraine. To date, more than 20,000 developers have participated in this challenge.
Introducing Souq NFT an NFT marketplace powered by MRHB DeFi
Souq NFT is a marketplace for digital art and other halal NFT objects. Artists will participate in creating digital artwork for the first halal NFT marketplace in the world, following image, audio and video content guidelines such as: no nudity (ideally no body art at all), no hate speech, no racism and must be an original piece (no rip-offs of existing NFTs).
Perfect for Artists and Creators
Artists and Creators are invited to participate in an upcoming NFT competition set within the framework of the DEV Challenge Championship. This challenge is perfect for you if:
You have long wanted to figure out the best way to leverage NFTs and start selling your artwork.
You are a creator, with existing work on NFT marketplaces, and are currently looking for other options to monetize your art.
Kindly register for the competition and you will be sent detailed information about the launch of the Souq NFT platform and how best to start using it.
Attend the online or offline master class where you will be introduced to the platform. There are limited slots for participants, kindlyregister to join.
In order to properly guide and assist you during the competitive process, the organizers are implementing an online workshop, where you will be guided through the platform and taught how to correctly upload your artwork to the NFT Marketplace.
A tutorial guide to creators (digital artists, 2D, 3D designers, etc.) on how to mint your NFTs on the Souq NFT Marketplace will also be provided, where you will be assisted in setting up your accounts through which you can receive funds from NFT sales.
Please register for the Workshop.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” 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.
Further to a recent announcement, Rikkei Finance launched its dual IDO and IEO for its native governance token today, quickly selling out. Currently, Rikkei’s native token, $RIFI, is live trading on both Huobi and PancakeSwap.
Rikkei Finance is a metaverse DeFi protocol, built on Binance Smart Chain, that enables safe and secure open lending offering cross-chain support, NFT collateralization, and peer-to-peer insurance cover. The long-awaited IDO started alongside Rikkei Finance’s IEO, having previously been postponed since August.
It follows a successful $5.6 million fundraising round with investors including Signum Capital, X21 Digital, and Kyber Network, as well as the $RU token NFT project IDO for its RiFi United play-to-earn soccer manager simulator.
$RIFI IDO on RedKite Launchpad
RedKite is a cutting-edge launchpad powered by PolkaFoundry as part of the growing $PKF ecosystem. Projects are chosen carefully through a vetting procedure that analyzes the team and implementation capabilities.
Pool Details
Token ticker: $RIFI
Token type: BEP20
Price per token: $0.10
Vesting schedule: 20% released at launch, three months cliff, then unlock 20% quarterly
Network for IDO: BSC
Accepted currency for IDO: BUSD
Participants were able to register between December 3-6, with the IDO pool launching today, December 7. Phase 1 buying (guaranteed allocation) ran from 11:00 AM UTC to 12:00 PM UTC. Phase 2 (first come, first served) ran from 12:00 PM UTC to 12:15 PM UTC, and the community pool from 12:15 PM UTC to 12:30 PM UTC.
As previously mentioned, $RIFI is not live trading.
$RIFI IEO on Huobi Primelist
Regarded as a leading global digital asset exchange dedicated to providing secure and reliable digital asset trading, Huobi is listing $RIFI today on its brand new token listing platform, Primelist. The sale period runs from 10:00 AM UTC to 12:20 PM UTC, with trading time beginning at 1:00 PM UTC. Participants were offered two methods for registering for the sale: Queue or HT Holding.
Queue
To register via Queue, participants had to sign up on Huobi Global and complete the advanced verification process before 10:00 AM UTC on December 7, holding at least 50 USDT in their exchange account.
From 10:00 AM UTC to 11:00 AM UTC, eligible users register to participate in the event, with 5,000 lucky users randomly selected to qualify for the purchase and allocation of 50 USDT worth of $RIFI each.
HT Holding
To register via HT Holding, participants also had to sign up on Huobi Global and complete the advanced verification process before 10:00 AM UTC on December 7, having had 3-day minimum average holdings of 300 HT between December 3-6.
From 10:00 AM UTC to 11:00 AM UTC, eligible users register to participate in the event with the system automatically executing purchase orders for the maximum amount of USDT they could use for the order placement, allocating new tokens for each participant on a pro-rata basis.
Interested parties can now purchase $RIFI tokens on Huobi or PancakeSwap.
Melbourne, Australia, December 2nd, 2021 — The world’s first inclusive and ethical DeFi ecosystem platform MRHB DeFi has received a strategic investment from Sinofy Group, a tech consulting management firm headquartered in Shanghai. Sinofy supports revolutionary tech companies to help them gain prominence in the world’s most digitally connected regions — China and Southeast Asia.
A Partnership that goes beyond financial investment
The investment includes a strategic partnership which sees MRHB DeFi join hands with Sinofy to fulfil the former’s vision of bringing an ethical, community-first focus to the world of decentralized finance. Sinofy Co-founder and angel investor Amirsan Roberto has taken the partnership a step further and joined the halal DeFi ecosystem startup as the Head of Investments and Partnerships.
“Joining as Head of investments and Partnerships is a reflection of my commitment to and conviction in Marhaba’s vision,” explains Amirsan Roberto. “This is the first step we are taking in establishing our group venture fund and we are honored to have MRHB DeFi as our first institutional investment.”
“We welcome Amir and Sinofy Group as part of the Marhaba family of partners and investors,” says Naquib Mohammed, CEO and founder of MRHB DeFi. “Since our early beginnings, Sinofy has actively supported our marketing efforts and aligning Marhaba with Sinofy’s deep regional expertise will bring us more visibility across Asia and beyond.”
A Technical and Intellectual Collaboration
Indeed the partnership will also see the parties collaborating on Sinofy East European Division’s upcoming We_Challenge 2021 Hackathon in Ukraine. With a gathering of 1,500 participants, 50 global media partners, 20 IT communities and 10 strategic partners, the hackathon is gearing up to be one of the most anticipated developer conventions in the region.
MRHB DeFi will be coming on as an Official Sponsor at the event, with CTO Deniz Daikilic providing a keynote address as well as engaging in a panel discussion that includes CEO Naquib Mohammed and Head of Investments & Partnerships Amirsan Roberto.
The Focus on Community and Ethics
MRHB DeFi recently closed its Pre-Public Sale 2, an open, community-focussed offering to provide pre-IDO access and pricing to its loyal community members. The rousing success of the sale is further validation of the massive interest for DeFi services rooted in ethics and inclusion.
MRHB DeFi was founded with a vision of providing excluded and crypto-cautious communities greater access to the growing opportunities and utilities of the cryptoverse. The project is underpinned by offering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance, many values upheld by the halal platform also align with the United Nations Sustainable Development Goals. Business practices deemed ethical include those that avoid interest, usury, social exploitation as well as support sustainability, asset or utility backed financing, transparency and equitable risk-reward sharing. These principles have universal appeal far beyond the faith conscious community.
With the Islamic Finance market sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Sinofy Group has now joined the host of strategic investors in MRHB DeFi who are on board to bring DeFi innovation to the Islamic finance industry. To date, investors include Sheesha Finance, Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Acreditus Partners, EMGS Group, MKD Capital and a grant from Polygon Technology.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” 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.
Sinofy Group is an end-to-end tech consulting management firm headquartered in Shanghai, offering a range of services across blockchain, fintech, cybersecurity, robotics, medtech, gaming, AI/ML and AR/VR industries.
The company deals with customized solutions built to “Sinofy, Fund, and Empower” tech companies in the world`s most digitally connected region — China and Southeast Asia. To date, they have worked with innovative tech brands seeking to expand their digital reach and penetrate into new markets. Their vast global network brings a world-class blend of expertise and support.
Faith-based decentralized finance (DeFi) solutions are rare.
We had never come across a faith-based DeFi ecosystem until we discovered Marhaba DeFi.
The Shariah-compliant decentralized finance (DeFi) ecosystem caught our interest as another use-case scenario that holds the keys to unlocking liquidity.
We reached out to Deniz Dalkilic who is the CTO at MRHB (Marhaba) DeFi for more explanations on how this works.
Here is what he told us.
Deniz Dalkilic is the CTO of MRHB (Marhaba) DeFi and is an experienced Software Engineer with a decade of experience in developing small to large (distributed) systems, primarily focusing on backend development.
Deniz has been involved in the blockchain space for the past 5 years and has been building (and co-founding) decentralized platforms. He is interested in expanding blockchain (and decentralization) ideas beyond its boundaries and always looking out for opportunities to offer cryptocurrencies to the masses.
Deniz has earlier co-founded Bounty0x, which is an automated cryptocurrency bounty hunting platform. The platform now has distributed assets, across borders, close to $5m notional-value to its end-users.
E-Crypto News:
Please, can you tell us more about the general concept behind MRHB DeFi (pronounced ‘Marhaba’)?
Marhaba is built around the foundational concept of promoting ethical finance in the cryptocurrency space. We are building a platform where Muslims and other faith constrained people can be assured they are using only ethical, Sharia-compliant products and services. It will also be a platform that promotes equality by bringing unbanked, under-represented populations, primarily from poorer countries, into the empowering world of decentralized finance.
E-Crypto News:
How does the Halal concept work in finance?
Sharia law prohibits Muslims from using unethical products or services. So, for example, the buying and selling (and consumption) of alcohol is deemed “haram”, or sinful and against Sharia law.
Specifically, concerning finance, Islam has strict injunctions against usury — interest is considered to be an inequitable, exploitative form of financial conduct that only serves to spread the state of indebtedness and inequality at the socio-economic level.
E-Crypto News:
What are the basic elements of Islamic finance? Please, can you tell us more about this?
The basic elements of Islamic finance revolve primarily around making sure one’s investments and financial activities only promote ethical, Sharia-compliant businesses, people and products. As usury is considered unethical, Islamic finance bans interest on loans. Furthermore, Islamic finance requires that ambiguity and deception should be avoided at all costs. Blockchain is truly the perfect tool for Islamic finance to ensure transparency and fairness for all.
E-Crypto News:
What are Halal crypto assets? Please, can you tell us more about this?
“Halal” crypto assets are those that have been determined to be Sharia-compliant. The process of determining whether an asset is halal or not requires an intermediary, in many cases, as the judgement requires a deep knowledge and understanding of both theology and the financial industry.
E-Crypto News:
How does the Shariah validator work?
Marhaba employs a team of finance experts and a team of theology experts to deliberate and vote on every single asset or service we intend to include on our platform. In order to be deemed Sharia compliant, and therefore permissible to include under Islamic finance, both our finance and theology teams must have consensus amongst them that the product or service is halal. The team is independent from the inner-workings of Marhaba in order to stay objective and get rid of any bias. The Shariah team has their own dashboard they review, scrutinize and make decisions on. The rest of the applications within MRHB Network simply consume a list of coins that are deemed to be Shariah compliant and allow our end users to trade and/or interact with these coins.
E-Crypto News:
Can you tell us more about the Souq NFT Platform?
The Souq NFT Platform (sNFT for short) will be an open, “no-code” marketplace hosted by Marhaba where individual creators can mint their own NFTs. The platform will make use of AI to detect and filter out non-Shariah compliant content i.e. NSFW content such as nudity, adult content, hate speech and racism. Aside from NSFW filtering, the marketplace place will be cross-chain (EVM based chains initially) and will have a built-in “uniqueness” checker to ensure no copyrighted or already existing NFTs can be re-minted. sNFT will also team up with orphanages and special schools to teach kids how to mint and sell their own NFT artworks, with the proceeds of these sales going directly to the participating institutions.
E-Crypto News:
Can you tell us more about the liquidity harvester?
The liquidity harvester will be a cross-chain liquidity harvesting protocol hosted in the MRHB ecosystem. It will essentially operate similar to a Savings Accounts whereby users will generate passive income 5–15% EAPR/annum*** (on stablecoins initially).
The idea at a bird’s eye view is simple; the tool will scan the crypto universe and find the most lucrative liquidity pools across chains and protocols and offer it as an option to the end-user.
V2 of the dApp will behave similarly to a fund where we move users funds on their behalf to most lucrative pools periodically to maximize their gains as well as open the doors to beyond stablecoins where returns can range from 30–60% EAPR whilst of course increased risk due to volatility of altcoins and impermanent loss.
In order to remain Sharia-compliant, liquidity harvesting will be focused on profit sharing and joint ventures under a contract called Mudarabah and will only allow users to deposit Shariah-compliant tokens as well as only utilize Shariah-compliant methods such as liquidity mining as opposed to interest gains via lending, etc.
In short, users will be able to deposit their supported Sharia-compliant tokens into supported DEX liquidity trading pools and earn returns through trading fees.
E-Crypto News:
How much money is locked within the Islamic financial ecosystem? How can the cryptocurrency space help unlock this liquidity?
Total liquidity/assets locked in the Islamic finance sector are around USD 3 trillion in value, which is around 20 times the total value of assets locked in DeFi. Currently, $0 of this Islamic liquidity is locked in DeFi, showing an enormous potential for growth once halal DeFi options are made available. MRHB aims to capture just 1% of this total liquidity which will set it at $30B TVL, larger than any major player like Compound or AAVE TVL.
E-Crypto News:
Please, can you tell us more about governance within the MRHB DeFi ecosystem?
It is our hope that in the future MRHB will completely decentralize and be governed entirely by its community. If you hold MRHB you can raise proposals and allow other MRHB holders to vote on protocol level changes such as fee mechanism, burn rates, buy-backs, integration of chains or pools and so on. Until DAO governance is released, we have two governance boards — one group that governs the protocol and one group that ensures Sharia compliance — to guide MRHB’s evolution.
E-Crypto News:
Tell us more about your cross-chain DEX aggregator.
Our DEX aggregator, or ‘The Dexregator’ as we like to call it, will be a hybrid platform that uses both on and off-chain methods for connecting to and analyzing several approved DEXes. It also works across blockchains, so our users will not be stuck within any single ecosystem. Idea of the Dexregator is to provide users with a single point of entry to the entire liquidity available across all chains thus get the best rates with minimal slippage. Dexregator will only charge a small fee if POSITIVE slippage is achieved otherwise completely feeless.
E-Crypto News:
Can you tell us more about the concept behind decentralized philanthropy (De-Phi)?
Our vision is to build the world’s first dedicated protocol for decentralized philanthropy. MRHB DeFi Platform users will have the option to send a portion of their crypto portfolios to approved charity organizations with full traceability and transparency while preserving donors data. In addition to voluntary donations and general philanthropy, we will include a system to help users make automated donations at set intervals — this is useful for Muslims to fulfill their “Zakat” obligations but at the same time help non-Muslims to fulfill their obligations as a human to help one another without compromising their privacy.
E-Crypto News:
More about the $MRHB token?
$MRHB is a digital utility token with a total supply of 1 billion. In addition to having monetary value when traded on exchanges, $MRHB has many uses on our platform (check our whitepaper for full list), and will have many further uses added as Marhaba grows.
E-Crypto News:
What are the various functions of the $MRHB token within the Marhaba DeFi ecosystem?
Intended uses include:
A $MRHB fee must be paid for a project to apply for Sharia approval
Fees for minting NFTs on our marketplace
Buying and selling NFTs on our marketplace with lower transaction fees than other cryptocurrencies
Fees for use of the liquidity harvester
Fees paid to boost a cryptoasset’s exposure in the Sahal wallet
Paid to users who opt in to view advertisements
Fees for DApps to go public on our Launchpad
Transaction fees on the MRHB DEX
Incentivization strategies to promote $MRHB on other Shariah approved projects
People who hold 10,000 $MRHB or more will have voting rights on our DAO
MRHB will be compulsory for API integrations with B-2-B customers and any payments to utilise any MRJB product
E-Crypto News:
What is the general idea behind your decentralized autonomous organization (DAO)?
DAO
All products will have a fee that can only be paid in $MRHB. Our DAO will include a smart contract holding a pool of all fees paid.
Our community of token holders will have voting rights on proposals, which will all be regulated through smart contracts and automatically paid out from the pool. It will be a truly automated blockchain-based system — no human interaction involved.
E-Crypto News:
What are the para-chain capabilities within the MRHB DeFi ecosystem? Can you tell us more about this?
The final phase of our platform rollout will be to migrate to the Polkadot ecosystem as a parachain.
We are aiming to do this in order to become a truly frictionless platform bridging across a range of networks.
E-Crypto News:
What is the DAO Treasury? How does it work?
All products will have a fee that can only be paid in $MRHB.
Our DAO Treasury which is a chain of Smart contracts will be holding a pool of all fees paid across all our products. The pooled funds will be utilized for many things including buy-back, marketing, burns, subsidization of TX fees where possible, and more.
E-Crypto News:
Please, can you tell us more about the entrepreneur launchpad?
The launchpad will be an initiative to help fund entrepreneurial dreams and goals in a Shariah compliant manner whilst utilising Quadratic Funding model. We aim to finance entrepreneurs from around the world, regardless of their backgrounds, to onboard Shariah approved projects to our platform. The projects have to be cryptocurrency-focussed. The launchpad will have built-in features to deter bots, “sniping” and any other exploit that puts “whales” at an advantage and will set a fair playing field for all.
E-Crypto News:
How do you think MRHB DeFi will change the world?
First and foremost, we will bring DeFi to the Islamic Finance community, representing USD 3 trillion in value. This will undoubtedly make the DeFi and cryptocurrency industry, in general, grow rapidly.
Secondly, our hope is that the ethical, moral standards of Shariah-approved finance will be recognized by an even larger demographic, and thereby help to reposition the financial industry in many ways to become more ethical itself and not make the same mistakes fuelled by greed we see in Wall St today.
Through blockchain technology, we can fight against injustices such as money laundering, human trafficking, excessive fees, and the opaqueness of the financial world.
E-Crypto News:
Please, can you tell us more about your tokenomics?
From a total supply of 1 billion tokens, our tokenomics break down thus:
Seed: 30%
Treasury: 20%
Team: 15%
Platform rewards: 10%
Strategic partnerships: 7%
Advisors: 5%
Private whitelist: 5%
Exclusive entry sale: 5%
Public sale: 3%
Notably, we have chosen to implement a long vesting schedule to all but the public sale tokens. We are committed to building a platform that brings value to the Muslim community and the world at large. We are steadfastly against ‘pump and dump’ schemes!
