KEY POINTS
- $ISLM users will have more flexibility to maximize the utility of their staked tokens
- $stISLM can be traded and can be used across various DeFi activities such as yield farming
- HAQQ pledged to stake 100 million $ISLM tokens through Stride
Ethics-first blockchain HAQQ Network recently announced a major partnership with leading multi-chain liquid staking protocol within the Cosmos ecosystem, Stride Zone. The partnership brings liquid staking capabilities into HAQQ's native cryptocurrency, $ISLM.
Through the partnership, $ISLM users can stake their tokens, earn rewards, and maintain liquidity through tradable staked tokens ($stISLM). HAQQ community members are expected to see increased incentives and engagement following the significant collaboration.
In traditional staking, users need to lock their tokens, making the tokens inaccessible for trading or other financial activities for a specific period. With Stride Zone, users have flexibility over the control of their assets.
$stISLM tokens can be traded or utilized in various decentralized finance (DeFi) activities, including providing liquidity on decentralized exchanges, participating in yield farming, and borrowing. The flexibility empowers users to maximize the utility of their staked tokens while still earning staking rewards.
Stride Zone specializes in liquid staking with the Cosmos ecosystem. It already supports various tokens, including $TIA, $OSMO, $INJ, and $ATOM. However, its partnership with HAQQ is expected to both enhance $ISLM liquidity and strengthen protocol's place in the emerging liquid staking subsector, the team told International Business Times in a statement.
HAQQ Network pledged to stake 100 million $ISLM tokens through Stride, a move expected to propel Stride's total value locked (TVL) by 4%, positioning HAQQ as a major contributor to Stride's liquid staking token (LST) liquidity.
Since HAQQ is committed to ethical DeFi practices, the collaboration with Stride only cements the HAQQ blockchain's work in ensuring the highest standards of security, efficiency, and ethical compliance for its fast-growing community. The community around $ISLM is bent on ensuring that Islamic finance principles and integrated into the HAQQ blockchain platform and activities within are compliant with Shariah law.
The ethics-first network also champions sustainability-centered development in the broader Web3 industry and welcomes validators and open source contributors focused on sustainable solutions. It is on a mission to make Web3 projects accessible to everyone, and its partnership with Stride supports this goal.
In an operational update for the community in April, HAQQ and $ISLM co-founder Alex Malkov revealed that the team is working on delivering new products that "advance the cause of Islamic finance in the Web3 space," including a non-custodial Haqq Wallet where $ISLM and other cryptocurrencies can be stored, traded and used to earn rewards.
Malkov also told IBT late in May that he believes tokenization can open many untapped opportunities for the crypto market, including Sukuk, or Shariah-compliant bonds, which is expected to expand further this year.
