Kaspa

Holding KAS pays nothing; new coins go only to miners as payment for proof-of-work, and there is no staking.

Riba means interest or any guaranteed increase on a loan. Simply holding KAS earns nothing. Kaspa is proof-of-work: new KAS is created only as the block reward, which goes with transaction fees to the miner who produces a block. The reward is payment for real work (computing power and electricity) and is never guaranteed, because it depends on the miner finding blocks. There is no staking, no delegation and no protocol treasury that takes a share of issuance.

There is no issuer earning from KAS: rewards and fees go to miners, and no treasury takes a share of issuance.

This criterion asks how the issuer or protocol earns, and whether any of that income is impermissible. Kaspa has no issuing company. The protocol pays the whole block reward and all transaction fees to the miner who produces the block, which is a service fee for processing transactions. The coin launched with no premine or allocation, so no company or foundation holds a reserve created by the protocol. Development is funded by the community, for example a 100 million KAS grant for the Rust node, and the protocol research came from DAGLabs, a company that no longer controls the project.

Supply rules and code are public and enforced by the network, though mining runs through large pools and hard forks come often.

Gharar is excessive uncertainty or hidden information in a deal. Kaspa's supply rules are fixed in open-source code: a cap of about 28.7 billion KAS, of which 96.6% was already mined on 27 September 2026, and a reward that halves every year, falling by about 5.6% every month. No one can mint coins outside this schedule. Protocol changes are public proposals (KIPs) on GitHub, written by named researchers and developers. Two concerns are disclosed but real.

KAS is used to send value and pay network fees; lending and token speculation exist on layers built on top, but they are not its main use.

This criterion looks at what the network is actually used for. Kaspa's base layer is built for fast peer-to-peer transfers of KAS, and fees are paid in KAS. Since June 2026, covenants allow tokens and other applications directly on the base layer. Some activity around Kaspa is disputed or impermissible: the Igra layer, launched in March 2026, includes Kaskad, an interest-based lending market in the style of Aave, and KRC-20 token launches drew heavy speculative trading.

Fully paid spot KAS is available on several exchanges and can be held in one's own wallet.

This criterion asks whether the asset can be owned in a permissible way. KAS trades spot, with full payment and delivery, on exchanges such as Bybit, Gate, KuCoin and Kraken, and it can be withdrawn to a self-custody wallet where the owner holds the keys. It can also be earned directly by mining. The two largest exchanges do not list spot KAS: Binance offers only perpetual futures and OKX does not list it. Ownership therefore does not depend on derivatives or leveraged wrappers, although the choice of spot venues is narrower than for the largest coins.

Kaspa offers an open, fairly launched payment network; mining uses energy, but no dominant misuse was found.

Maslahah weighs public benefit against harm. The benefit is an open payment network that anyone can use or mine, launched without insiders receiving coins, and a research effort to make proof-of-work faster. The harm is moderate: proof-of-work mining uses electricity (the network ran at about 360 PH/s on 27 September 2026, mostly on dedicated ASIC machines), and mining runs through a few large pools. We found no evidence that Kaspa is mainly used for fraud or sanctions evasion. Speculative trading losses are counted under maysir, not again here.